|
Stockholders' equity (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
|
Tecogen
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Stock Option Activity |
Stock option activity for the years ended December 31, 2013 and 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Options |
Number of
Options
|
|
Exercise
Price
Per
Share
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Life
|
|
Aggregate
Intrinsic
Value
|
Outstanding, December 31, 2011 |
1,095,250 |
|
|
$0.12-$2.80 |
|
|
$ |
1.92 |
|
|
5.53 years |
|
$ |
1,387,150 |
|
Granted |
17,500 |
|
|
3.20 |
|
|
3.20 |
|
|
|
|
|
|
Exercised |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Canceled and forfeited |
(15,938 |
) |
|
1.20 - 2.60 |
|
|
1.28 |
|
|
|
|
|
|
Expired |
(313 |
) |
|
2.60 |
|
|
2.60 |
|
|
|
|
|
|
Outstanding, December 31, 2012 |
1,096,500 |
|
|
$0.12-$3.20 |
|
|
$ |
1.96 |
|
|
4.66 years |
|
$ |
1,356,400 |
|
Exercisable, December 31, 2012 |
662,563 |
|
|
|
|
|
$ |
1.56 |
|
|
|
|
$ |
1,096,225 |
|
Vested and expected to vest, December 31, 2012 |
1,096,500 |
|
|
|
|
|
$ |
1.96 |
|
|
|
|
$ |
1,356,400 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding, December 31, 2012 |
1,096,500 |
|
|
$0.12-$3.20 |
|
|
$ |
1.96 |
|
|
4.66 years |
|
$ |
1,356,400 |
|
Granted |
76,500 |
|
|
3.20-4.50 |
|
|
3.86 |
|
|
|
|
|
|
Exercised |
(25,000 |
) |
|
0.12 |
|
|
0.12 |
|
|
|
|
|
|
Canceled and forfeited |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Expired |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Outstanding, December 31, 2013 |
1,148,000 |
|
|
$1.20-$4.50 |
|
|
$ |
2.13 |
|
|
5.80 years |
|
$ |
2,721,100 |
|
Exercisable, December 31, 2013 |
799,500 |
|
|
|
|
|
$ |
1.79 |
|
|
|
|
$ |
2,166,550 |
|
Vested and expected to vest, December 31, 2013 |
1,148,000 |
|
|
|
|
|
$ |
2.13 |
|
|
|
|
$ |
2,721,100 |
|
|
| Summary of Weighted Average Assumptions Used in Black-Scholes Option Pricing |
The weighted average assumptions used in the Black-Scholes option pricing model for options granted in 2013 and 2012 are as follows:
|
|
|
|
|
|
2013 |
|
2012 |
Stock option awards: |
|
|
|
Expected life |
5.63 years |
|
6.25 years |
Risk-free interest rate |
1.34% |
|
0.70% |
Expected volatility |
26.5%-36.1% |
|
35.9%-36.0% |
|
| Schedule of Restricted Stock Activity |
Restricted stock activity for the years ended December 31, 2013 and 2012 was as follows:
|
|
|
|
|
|
|
|
|
Number of
Restricted
Stock
|
|
Weighted
Average
Grant Date
Fair Value
|
Unvested, December 31, 2011 |
483,317 |
|
|
$ |
1.44 |
|
Granted |
— |
|
|
— |
|
Vested |
— |
|
|
— |
|
Forfeited |
(84,247 |
) |
|
1.36 |
|
Unvested, December 31, 2012 |
399,070 |
|
|
$ |
1.44 |
|
|
|
|
|
Granted |
— |
|
|
— |
|
Vested |
— |
|
|
— |
|
Forfeited |
(37,500 |
) |
|
2.60 |
|
Unvested, December 31, 2013 |
361,570 |
|
|
$ |
1.31 |
|
|
|
Ilois
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Stock Option Activity |
Stock option activity relating to Ilios for the year ended December 31, 2013 and 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Options |
Number of
Options
|
|
Exercise
Price
Per
Share
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Life
|
|
Aggregate
Intrinsic
Value
|
Outstanding, December 31, 2011 |
525,000 |
|
|
$0.10-$0.50 |
|
|
$ |
0.27 |
|
|
8.23 years |
|
$ |
120,000 |
|
Granted |
50,000 |
|
|
0.50 |
|
|
0.50 |
|
|
|
|
|
|
Exercised |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Canceled and forfeited |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Expired |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Outstanding, December 31, 2012 |
575,000 |
|
|
$0.10-$0.50 |
|
|
$ |
0.29 |
|
|
7.44 years |
|
$ |
120,000 |
|
Exercisable, December 31, 2012 |
— |
|
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
Vested and expected to vest, December 31, 2012 |
575,000 |
|
|
|
|
|
$ |
0.29 |
|
|
|
|
$ |
120,000 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding, December 31, 2012 |
575,000 |
|
|
$0.10-$0.50 |
|
|
$ |
0.29 |
|
|
7.44 years |
|
$ |
120,000 |
|
Granted |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Exercised |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Canceled and forfeited |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Expired |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
Outstanding, December 31, 2013 |
575,000 |
|
|
$0.10-$0.50 |
|
|
$ |
0.29 |
|
|
6.44 years |
|
$ |
120,000 |
|
Exercisable, December 31, 2013 |
— |
|
|
|
|
|
$ |
0.50 |
|
|
|
|
$ |
— |
|
Vested and expected to vest, December 31, 2013 |
575,000 |
|
|
|
|
|
$ |
0.29 |
|
|
|
|
$ |
120,000 |
|
|
| Summary of Weighted Average Assumptions Used in Black-Scholes Option Pricing |
For the Ilios awards, the weighted average assumptions used in the Black-Scholes option pricing model for options granted in 2012 are as follows:
|
|
|
|
|
|
2012 |
Stock option awards: |
|
|
Expected life |
|
6.25 years |
Risk-free interest rate |
|
2.03% |
Expected volatility |
|
36.1% |
|
| Schedule of Restricted Stock Activity |
Restricted stock activity for the Ilios awards, for the years ended December 31, 2013 and 2012 was as follows:
|
|
|
|
|
|
|
|
|
Number of
Restricted
Stock
|
|
Weighted
Average
Grant Date
Fair Value
|
Unvested, December 31, 2011 |
560,000 |
|
|
$ |
0.24 |
|
Granted |
— |
|
|
— |
|
Vested |
— |
|
|
— |
|
Forfeited |
(50,000 |
) |
|
0.10 |
|
Unvested, December 31, 2012 |
510,000 |
|
|
$ |
0.24 |
|
|
|
|
|
Granted |
— |
|
|
— |
|
Vested |
— |
|
|
— |
|
Forfeited |
(200,000 |
) |
|
0.50 |
|
Unvested, December 31, 2013 |
310,000 |
|
|
$ |
0.10 |
|
|