Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Stock Options, Stock Purchase Plan and Warrants (Tables)

v3.3.1.900
Stock Options, Stock Purchase Plan and Warrants (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value of Each Stock Option Award Granted

The fair value of each stock option award granted during the years ended December 31, 2015, 2014 and 2013 was estimated as of the grant date using a trinomial lattice model with the following weighted average assumptions:

 

 

 

2015

 

 

2014

 

 

2013

 

Expected term (in years)

 

2.5 – 4.6

 

 

3.0 – 4.6

 

 

2.5 – 4.5

 

Risk-free interest rate (%)

 

 

1.2

%

 

 

1.0

%

 

 

0.7

%

Expected volatility (%)

 

 

51

%

 

 

50

%

 

 

46

%

Dividend yield (%)

 

 

0.0

%

 

 

0

%

 

 

0

%

Weighted average fair value/share at grant date

 

$

1.84

 

 

$

1.50

 

 

$

1.19

 

 

Status of Our Stock Options and Stock Awards

The status of our stock options and stock awards are summarized as follows: 

 

 

 

Number

Of

Shares

 

 

Weighted

Average

Exercise

Price

 

Outstanding at December 31, 2012

 

 

5,777,212

 

 

$

1.02

 

 

 

 

 

 

 

 

 

 

Granted

 

 

416,000

 

 

 

3.66

 

Exercised

 

 

(438,998

)

 

 

0.85

 

Canceled

 

 

(28,916

)

 

 

1.47

 

Outstanding at December 31, 2013

 

 

5,725,298

 

 

 

1.22

 

 

 

 

 

 

 

 

 

 

Granted

 

 

760,500

 

 

 

4.21

 

Exercised

 

 

(2,387,327

)

 

 

0.76

 

Canceled

 

 

(86,375

)

 

 

2.39

 

Outstanding at December 31, 2014

 

 

4,012,096

 

 

 

2.04

 

 

 

 

 

 

 

 

 

 

Granted

 

 

1,819,000

 

 

 

4.90

 

Exercised

 

 

(492,091

)

 

 

1.45

 

Canceled

 

 

(12,500

)

 

 

3.19

 

Outstanding at December 31, 2015

 

 

5,326,505

 

 

 

3.07

 

Exercisable at December 31, 2015

 

 

2,608,284

 

 

 

1.69

 

 

Roll Forward of Non-Vested Stock Options Activity

The number and weighted average grant-date fair values of options non-vested at the beginning and end of 2015, as well as options granted, vested and forfeited during the year was as follows:

 

 

 

Number of

Options

 

 

Weighted

Average

Grant Date

Fair Value

 

Non-vested at December 31, 2014

 

 

1,627,718

 

 

$

1.35

 

Granted in 2015

 

 

1,765,500

 

 

 

2.55

 

Vested in 2015

 

 

(667,497

)

 

 

0.57

 

Forfeited in 2015

 

 

(7,500

)

 

 

1.39

 

Non-vested at December 31, 2015

 

 

2,718,221

 

 

 

2.22

 

 

Summary of Information about our Options Outstanding

 

The following table summarizes information about our options outstanding at December 31, 2015:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of

Exercise

Prices ($)

 

Number

Outstanding

 

 

Weighted

Average

Remaining

Contractual

Life (Years)

 

 

Weighted

Average

Exercise

Price

 

 

Number

Exercisable

 

 

Weighted

Average

Remaining

Contractual

Life (Years)

 

 

Weighted

Average

Exercise

Price

 

0.31 – 1.00

 

 

1,010,503

 

 

 

0.22

 

 

$

0.80

 

 

 

1,010,503

 

 

 

0.22

 

 

$

0.80

 

1.01 – 1.50

 

 

572,170

 

 

 

0.73

 

 

 

1.43

 

 

 

509,670

 

 

 

0.70

 

 

 

1.43

 

1.51 – 3.00

 

 

881,500

 

 

 

1.17

 

 

 

1.74

 

 

 

664,832

 

 

 

1.16

 

 

 

1.73

 

3.01 – 4.00

 

 

640,835

 

 

 

2.79

 

 

 

3.66

 

 

 

264,863

 

 

 

2.65

 

 

 

3.71

 

4.01 – 5.00

 

 

2,060,997

 

 

 

4.24

 

 

 

4.76

 

 

 

148,416

 

 

 

3.88

 

 

 

4.56

 

5.01 – 7.85

 

 

160,500

 

 

 

4.48

 

 

 

6.54

 

 

 

10,000

 

 

 

3.69

 

 

 

5.44

 

 

 

 

5,326,505

 

 

 

2.42

 

 

 

3.07

 

 

 

2,608,284

 

 

 

1.02

 

 

 

1.69

 

 

Valuation of Warrants under Trinomial Lattice Model

On December 31, 2015 the Albitar Warrants were valued at approximately $920,000 based on a trinomial lattice model with the following terms:

 

Expected term in years

 

 

2.3

 

Risk-free interest rate (%)

 

 

0.5

%

Weighted average expected volatility (%)

 

 

51.8

%

Dividend yield (%)

 

 

0

%

 

Summary of Warrant Activity

Warrant activity is summarized as follows:

 

 

 

Shares

 

 

Weighted Average

Exercise Price

 

Warrants outstanding, December 31, 2012

 

 

1,358,333

 

 

$

1.24

 

Granted

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

Expired

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

Warrants outstanding, December 31, 2013

 

 

1,358,333

 

 

 

1.24

 

Granted

 

 

 

 

 

 

Exercised

 

 

(458,333

)

 

 

 

Expired

 

 

(250,000

)

 

 

 

Cancelled

 

 

 

 

 

 

Warrants outstanding, December 31, 2014

 

 

650,000

 

 

 

1.48

 

Granted

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

Expired

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

Warrants outstanding, December 31, 2015

 

 

650,000

 

 

$

1.48

 

Warrants exercisable at December 31, 2015

 

 

530,000

 

 

$

1.49

 

 

Summary of Information on Warrants Outstanding

The following table summarizes information on warrants outstanding at December 31, 2015:

 

Number outstanding

 

 

Exercise

price

 

 

Issued

 

Expired

 

450,000

 

 

$

1.50

 

 

5/3/2010

 

5/2/2017

 

200,000

 

 

$

1.43

 

 

1/12/2012

 

1/12/2017

 

650,000

 

 

$

1.48

 

 

 

 

 

 

Warrant [Member]  
Roll Forward of Non-Vested Stock Options Activity

The number and weighted average grant-date fair values of warrants non-vested at the beginning and end of 2015, as well as options granted, vested and forfeited during the year was as follows:

 

 

 

Number of

Warrants

 

 

Weighted

Average

Grant Date

Fair Value

 

Non-vested at December 31, 2014

 

 

120,000

 

 

$

1.43

 

Granted in 2015

 

 

 

 

 

 

Vested in 2015

 

 

 

 

 

 

Forfeited in 2015

 

 

 

 

 

 

Non-vested at December 31, 2015

 

 

120,000

 

 

$

1.43