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SHARE BASED COMPENSATION (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2015

Dec. 31, 2014

Our Board granted the following incentive stock option awards to executives or employees and nonstatutory stock option awards to directors or non-employees for the three and nine months ended September 30:

		Three Months Ended September 30,		Nine months Ended September 30,
		2015	2014	2015	2014
Incentive Stock Options (1)
	Quantity	---	125,000	---	125,000
	Weighted average fair value per share	---	$ 0.81	---	$ 0.81
	Fair value	---	$ 101,171	---	$ 101,171

Nonstatutory Stock Options (2)
	Quantity	---	560,000	---	560,000
	Weighted average fair value per share	---	$ 0.81	---	$ 0.81
	Fair value	---	$ 453,250	---	$ 453,250

	(1)	The Company did not award any incentive stock options for the three and nine months ended September 30, 2015.
	(2)	The Company did not award any nonstatutory stock options for the three and nine months ended September 30, 2015.

Our Board of Directors granted the following incentive stock option awards to executives or employees and nonstatutory stock option awards to directors or non-employees for the years ended December 31:

		2014	2013
Incentive Stock Options
	Quantity	125,000	232,500
	Weighted average fair value per share	$ 0.81	$ 0.24
	Fair value	$ 101,171	$ 56,112

Nonstatutory Stock Options
	Quantity	560,000	735,000
	Weighted average fair value per share	$ 0.81	$ 0.24
	Fair value	$ 453,250	$ 177,388

Weighted average assumptions to estimate the fair value of share-based awards

We use the Black-Scholes option-pricing model to estimate the fair value of share-based awards with the following weighted average assumptions:

		Nine Months Ended September 30,
		2015	2014
Incentive Stock Options
	Expected volatility (1)	---	107.66%
	Risk-free interest rate % (2)	---	1.75%
	Expected term (in years)	---	5.0
	Dividend yield (3)	---	---
	Forfeiture rate	---	---

Nonstatutory Stock Options
	Expected volatility (1)	---	107.66%
	Risk-free interest rate % (2)	---	1.75%
	Expected term (in years)	---	5.0
	Dividend yield (3)	---	---
	Forfeiture rate	---	---

	(1)	Expected volatility assumption was based upon a combination of historical stock price volatility measured on a daily basis and an estimate of expected future stock price volatility
	(2)	Risk-free interest rate assumption is based upon U.S. Treasury bond interest rates appropriate for the term of the stock options.
	(3)	The Company does not currently intend to pay cash dividends, thus has assumed a 0% dividend yield.

We use the Black-Scholes option-pricing model to estimate the fair value of share-based awards with the following weighted average assumptions for the years ended December 31:

		2014	2013
Incentive Stock Options
	Expected volatility (1)	107.66%	103.55%
	Risk-fee interest rate % (2)	1.75%	0.81%
	Expected term (in years)	5.0	5.0
	Dividend yield (3)	---	---

Nonstatutory Stock Options
	Expected volatility (1)	107.66%	103.55%
	Risk-fee interest rate % (2)	1.75%	0.81%
	Expected term (in years)	5.0	5.0
	Dividend yield (3)	---	---

(1)	Expected volatility assumption was based upon a combination of historical stock price volatility measured on a daily basis and an estimate of expected future stock price volatility.
(2)	Risk-free interest rate assumption is based upon U.S. Treasury bond interest rates appropriate for the term of the stock options.
(3)	The Company does not currently intend to pay cash dividends, thus has assumed a 0% dividend yield.

Allocated share-based compensation expense

The following table summarizes share-based compensation related to stock options for the three and nine months ended September 30:

	Three Months Ended September 30,		Nine months Ended September 30,
	2015	2014	2015	2014
Research and development	$ 18,692	$ 6,164	$ 56,123	$ 16,836
Selling, general and administrative	52,115	18,316	159,870	54,567
Total share-based compensation expense	$ 70,807	$ 24,480	$ 215,993	$ 71,403

The following table summarizes share-based compensation related to stock options for the years ended December 31:

	2014	2013
Research and development	$ 35,861	$ 16,863
Selling, general and administrative	113,309	64,076
Total share-based compensation expense	$ 149,170	$ 80,939

The following table summarizes share-based compensation related to restricted stock awards for the years ended December 31:

	2014	2013
Research and development	$ ---	$ 444
Selling, general and administrative	---	547
Total share-based compensation expense	$ ---	$ 991

Stock option activity

The following table summarizes the stock options outstanding and the number of shares of Common Stock subject to exercise as of September 30, 2015 and the changes therein during the nine months then ended:

		Stock Options	Weighted Average Exercise Price per Share
Outstanding as of December 31, 2014		1,699,907	$ 1.73
	Granted	---	---
	Forfeited/cancelled	(35,334)	$ 1.77
	Exercised	---	---
Outstanding as of September 30, 2015		1,664,573	$ 1.73

The following table summarizes the stock options outstanding and the number of shares of common stock subject to exercise as of December 31, 2014 and the changes therein during the two years then ended:

		Stock Options	Weighted Average Exercise Price per Share
Outstanding as of December 31, 2012		158,409	12.32

	Granted	967,500	0.33
	Forfeited/cancelled	(111,002)	1.03
	Exercised	---	---
Outstanding as of December 31, 2013		1,014,907	$ 2.12

	Granted	685,000	1.15
	Forfeited/cancelled	---	---
	Exercised	---	---
Outstanding as of December 31, 2014		1,699,907	$ 1.73

Stock option grants outstanding and exercisable

The following table presents the stock option grants outstanding and exercisable as of September 30, 2015:

Options Outstanding			Options Exercisable
Stock Options Outstanding	Weighted Average Exercise Price per Share	Weighted Average Remaining Contractual Life in Years	Stock Options Exercisable	Weighted Average Exercise Price per Share
882,500	$ 0.33	7.5	640,000	$ 0.33
680,000	1.15	7.2	155,000	1.15
33,334	2.55	4.6	33,334	2.55
68,739	25.07	1.8	68,739	25.07
1,664,573	$ 1.73	7.1	897,073	$ 2.45

The following table presents the stock option grants outstanding and exercisable as of December 31, 2014:

Options Outstanding			Options Exercisable
Stock Options Outstanding	Weighted Average Exercise Price per Share	Weighted Average Remaining Contractual Life in Years	Stock Options Exercisable	Weighted Average Exercise Price per Share
892,500	$ 0.33	8.2	595,000	$ 0.33
685,000	1.15	7.9	15,000	1.15
53,334	2.38	3.5	53,334	2.38
69,073	25.12	2.6	69,073	25.12
1,699,907	$ 1.73	7.7	732,407	$ 2.83