Restructuring charges

12 Months Ended

Dec. 31, 2014

7. Restructuring Charges

In 2014, the Company initiated a realignment of its workforce aimed at achieving greater operational efficiencies. The Company reduced its workforce by 30 people, or 17% of its total employees, including senior-level positions. As a result of the realignment, the Company incurred total restructuring charges during the year ended December 31, 2014 of approximately $1.2 million, of which $1.0 million relates to cash expenditures.

The table below sets forth the cash components and activity associated with the realignment of the workforce and business for the year ended December 31, 2014:

	Balance as of January 1, 2014		Charges		Cash Payment		Balance as of December 31, 2014
Severance and benefits	$	—	$	987,994	$	792,221	$	195,773
Legal expenses and other	$	—		54,373		54,373		—

Total restructuring charges	$	—	$	1,042,367	$	846,594	$	195,773

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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