Annual report pursuant to Section 13 and 15(d)

NOTE 11 - OPTIONS AND WARRANTS (Tables)

v2.4.1.9
NOTE 11 - OPTIONS AND WARRANTS (Tables)
12 Months Ended
Dec. 31, 2014
NOTE 11 - OPTIONS AND WARRANTS (Tables) [Line Items]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] A summary of the stock option activity and related information for the 2012 Plan for the year ended December 31, 2014 and 2013 is as follows:

               
Weighted-Average
       
         
Weighted-Average
   
Remaining
   
Aggregate
 
   
Shares
   
Exercise Price
   
Contractual Term
   
Intrinsic Value
 
Outstanding at January 1, 2013
   
1,298,927
   
$
2.04
     
6.85
     
-
 
Grants
   
1,692,050
     
2.09
     
7.00
     
-
 
Exercised
                               
Canceled
                               
Outstanding at December 31, 2013
   
2,990,977
   
$
2.05
     
6.02
   
$
-
 
Grants
   
3,478,498
   
$
2.39
     
8.10
   
$
-
 
Exercised
   
-
                         
Canceled
   
(479,285
)
   
(2.00
)
               
Outstanding at December 31,2014
   
5,990,190
   
$
2.25
     
6.65
   
$
3,267,692
 
                                 
Vested and expected to vest at December 31, 2014
   
5,990,190
   
$
2.25
     
6.65
   
$
3,267,692
 
Exercisable at December 31, 2014
   
3,799,559
   
$
2.24
     
5.91
   
$
2,111,368
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
Dividend yield:
 
-0-
%
Volatility
 
110.70% to 115.03
%
Risk free rate:
 
1.07% to 3.04
%
Expected life:
 
7 to 10 years
 
Estimated fair value of the Company’s common stock
 
$2.09
 
Dividend yield:
 
-0-
%
Volatility
 
119.43% to 129.88
%
Risk free rate:
 
0.48% to 2.53
%
Expected life:
 
7 to 10 years
 
Estimated fair value of the Company’s common stock
 
$2.21 to $2.50
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] The following table presents information related to stock options at December 31, 2014:

Options Outstanding
   
Options Exercisable
 
           
Weighted
       
           
Average
   
Exercisable
 
Exercise
   
Number of
   
Remaining Life
   
Number of
 
Price
   
Options
   
In Years
   
Options
 
$
1.01-2.00
     
819,642
     
4.7
     
526,642
 
 
2.01-2.50
     
5,170,548
     
7.0
     
3,272,917
 
         
5,990,190
     
6.7
     
3,799,559
 
Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Table Text Block] The following table summarizes information with respect to outstanding warrants to purchase common stock of the Company, all of which were exercisable, at December 31, 2014:

Exercise
 
Number
 
Expiration
Price
 
Outstanding
 
Date
$
0.001
 
383,320
  January 2020
$
1.50
 
3,721,518
  February 2018 to September 2018
$
1.84
 
35,076
  January 2020
$
2.02
 
30,755
  January 2020
$
2.50
 
204,840
  July 2015
$
2.75
 
228,720
  August 2019 to September 2019
$
3.67
 
218,275
  December 2018 to January 2019
$
3.75
 
291,486
  April 2019 to March 2020
     
5,113,990
   
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] A summary of the warrant activity for the years ended December 31, 2014 and 2013 is as follows:

               
Weighted-Average
       
         
Weighted-Average
   
Remaining
   
Aggregate
 
   
Shares
   
Exercise Price
   
Contractual Term
   
Intrinsic Value
 
Outstanding at January 1, 2013
   
-
   
$
-
     
-
     
-
 
Grants
   
2,717,258
     
2.28
     
7.00
     
-
 
Exercised
                               
Canceled
                               
Outstanding at December 31, 2013
   
2,717,258
   
$
2.28
     
6.02
   
$
-
 
Grants
   
2,396,732
   
$
4.64
     
2.05
   
$
-
 
Exercised
   
-
                         
Canceled
   
-
     
-
                 
Outstanding at December 31,2014
   
5,113,990
   
$
1.71
     
3.6
   
$
6,041,436
 
                                 
Vested and expected to vest at December 31, 2014
   
5,113,990
   
$
1.71
     
3.6
   
$
6,041,436
 
Exercisable at December 31, 2014
   
5,113,990
   
$
1.71
     
3.6
   
$
6,041,436
 
Series C Preferred Stock [Member] | Warrant [Member]  
NOTE 11 - OPTIONS AND WARRANTS (Tables) [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] The fair value of the issued warrants were determined using the Black Scholes option pricing model with the following assumptions:

Dividend yield:
 
 
-0-
%
Volatility
 
 
125.33
%
Risk free rate:
 
 
1.40
%
Expected life:
 
5 years
 
Estimated fair value of the Company’s common stock
 
$
2.09
 
Private Placement [Member] | Warrant [Member]  
NOTE 11 - OPTIONS AND WARRANTS (Tables) [Line Items]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] The fair value of the issued warrants were determined using the Black Scholes option pricing model with the following assumptions:

Dividend yield:
 
 
-0-
%
Volatility
 
 
123.30
%
Risk free rate:
 
 
0.72
%
Expected life:
 
5 years
 
Estimated fair value of the Company’s common stock
 
$
2.09