2.4.0.8106 - Disclosure - Stock-Based Compensationtruefalsefalse1false falsefalsefrom-2013-01-01-to-2013-06-30.2949.0.0.0.0.0.0.0http://www.sec.gov/CIK0001476963duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Stock-Based Compensation [Abstract]2false 2us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div> 6. Stock-Based Compensation Restricted Stock A summary of the Company's unvested restricted stock as of June 30, 2013 and changes during the six months ended June 30, 2013 is as follows: <table style="FONT-SIZE: 10pt; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE: 0px"> <td> </td> <td width="7"> </td> <td width="7"> </td> <td width="69"> </td> <td width="7"> </td> <td width="7"> </td> <td width="8"> </td> <td width="69"> </td> <td width="7"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76" colspan="2"> Shares </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="77" colspan="2"> Weighted- Average Grant Date Fair Value </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom"> Unvested at December 31, 2012 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="69"> 2,899 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="8"> $ </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="69"> 2.23 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom"> Vested </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="69"> (2,899 </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="7"> ) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="69"> 2.09 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom"> Unvested at June 30, 2013 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="69"> - </td> <td style="BORDER-BOTTOM: #ffffff 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="8"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="69"> - </td> <td style="BORDER-BOTTOM: #ffffff 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> </tr> </table> As of June 30, 2013, all restricted stock has vested and accordingly all stock-based compensation expense related to vested restricted stock has been recognized. Stock Options The following is a summary of the stock option activity for the six months ended June 30, 2013: <table style="FONT-SIZE: 10pt; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE: 0px"> <td> </td> <td width="7"> </td> <td width="7"> </td> <td width="69"> </td> <td width="7"> </td> <td width="7"> </td> <td width="8"> </td> <td width="69"> </td> <td width="7"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76" colspan="2"> Shares </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="77" colspan="2"> Weighted Average Exercise Price </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom"> Outstanding, December 31, 2012 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="69"> 590,047 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="8"> $ </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="69"> 0.71 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom"> Granted </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="69"> 72,496 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="8"> $ </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="69"> 8.81 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom"> Forfeited </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="69"> (18,263 </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7"> ) </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="8"> $ </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="69"> 0.59 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="7">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom"> Outstanding, June 30, 2013 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="69">  644,280 </td> <td style="BORDER-BOTTOM: #ffffff 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="8"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="69"> 1.63 </td> <td style="BORDER-BOTTOM: #ffffff 3px double; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="7">   </td> </tr> </table> The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2013 was $7.26. The total fair value of stock options that vested during the six months ended June 30, 2013 was approximately $158,000. The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions for stock options granted during the six months ended June 30, 2013: <table style="FONT-SIZE: 10pt; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE: 0px"> <td> </td> <td width="6"> </td> <td width="6"> </td> <td width="66"> </td> <td width="13"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom"> Dividend yield </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="6">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="6">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="66"> 0.0 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="13"> % </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom"> Expected volatility </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="6">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="6">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="66"> 90 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="13"> % </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom"> Risk-free interest rate </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="6">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="6">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="66"> 1.39-1.5 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="13"> % </td> </tr> <tr> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom"> Expected lives (years) </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="6">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="6">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="66"> 5-6 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff" valign="bottom" width="13">   </td> </tr> </table> The risk-free interest rate is based on U.S. Treasury interest rates at the time of the grant whose term is consistent with the expected life of the stock options. The Company used an average historical stock price volatility based on an analysis of reported data for a peer group of comparable companies that have issued stock options with substantially similar terms, as the Company did not have any trading history for its common stock. Expected term represents the period that the Company's stock option grants are expected to be outstanding. The Company elected to utilize the "simplified" method to value stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. Expected dividend yield was considered to be 0% in the option pricing formula since the Company had not paid any dividends and had no plans to do so in the future. The forfeiture rate was considered to be none insofar as the historical experience of the Company is very limited. As required by ASC 718, the Company will adjust the estimated forfeiture rate based upon actual experience. The Company recognized $183,575 and $100,079 in stock-based compensation expense for the six months ended June 30, 2013 and 2012, respectively for the Company's stock option awards. The following table summarizes information about stock options outstanding at June 30, 2013: <table style="FONT-SIZE: 10pt; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="63"> </td> <td width="3"> </td> <td width="3"> </td> <td width="63"> </td> <td width="3"> </td> <td width="3"> </td> <td width="63"> </td> <td width="3"> </td> <td width="3"> </td> <td width="63"> </td> <td width="3"> </td> <td width="3"> </td> <td width="63"> </td> <td width="3"> </td> <td width="3"> </td> <td width="63"> </td> <td width="3"> </td> <td width="3"> </td> <td width="63"> </td> <td width="3"> </td> <td width="3"> </td> <td width="63"> </td> <td width="3"> </td> <td width="3"> </td> <td width="63"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="203" colspan="7"> Options Outstanding </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="203" colspan="7"> Options Exercisable </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="203" colspan="7"> Options Vested or Expected to Vest </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Balance as of 6/30/2013 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Weighted Average Remaining Contractual Life (Years) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Weighted Average Exercise Price </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Balance as of 6/30/2013 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Weighted Average Remaining Contractual Life (Years) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Weighted Average Exercise Price </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Balance as of 6/30/2013 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Weighted Average Remaining Contractual Life (Years) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="63"> Weighted Average Exercise Price </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> 644,280 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> 8.08 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> $1.63 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> 457,823 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> 7.62 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> $0.76 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> 457,823 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> 7.62 </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="3">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ccffcc" valign="bottom" width="63"> $0.76 </td> </tr> </table> As of June 30, 2013, the unrecognized stock-based compensation expense related to unvested stock options was approximately $949,000, which is expected to be recognized over a weighted average period of approximately 28 months. Series B Financing In March 2013, we sold an aggregate of 1,891,419 shares of our Series B-1 Preferred Stock for gross proceeds of $5,050,090 in our Series B Preferred Stock private placement. All shares of the Series B Preferred Stock, together with accrued dividends, automatically were to convert into shares of our common stock upon the consummation of a firm commitment underwritten public offering resulting in aggregate net cash proceeds to us of at least $15,000,000 (a "Qualified Public Offering"). In addition, upon consummation of a Qualified Public Offering, the investors in our Series B-1 Preferred Stock were to be issued shares of our common stock having a value based upon the initial public offering price of $361,668 and our obligation to issue, and the investors, obligation to purchase, Series B-2 Preferred Stock and warrants upon fulfillment of certain conditions specified in our stock purchase agreement dated as of March 25, 2013 entered into in connection with such private placement (the "Stock Purchase Agreement") will terminate.  See Note 7- "Subsequent Events" below with respect to the stock issuances that occurred upon consummation of the Qualified Public Offering on July 29, 2013. </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 false0Stock-Based CompensationfalseStock-Based CompensationUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.heatbio.com/role/StockbasedCompensation12