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Stock Options and Warrants (Tables)

9 Months Ended

Sep. 30, 2014

Stock Options and Warrants [Abstract]

A summary of the Company's stock option plans as of September 30, 2014, and changes during the nine-month period then ended is presented below:


	Nine Months Ended September 30,
	Number of Options			Weighted Average Exercise Price		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at December 31, 2013		4,194,972		$	.25
Options granted		30,000			.27
Options exercised		(118,332)			.15
Options forfeited		(45,418	)		.15
Options expired		(452,825	)		.33
Options at end of period		3,608,397			.24
Options exercisable at September 30, 2014		2,776,717			.26		5.07	$	721,946

Schedule of Nonvested Share Activity

Changes in the Company's nonvested options for the nine months ended September 30, 2014 are summarized as follows:


	Nine Months Ended September 30, 2014
	Number of Options			Weighted Average Exercise Price
Nonvested options at December 31, 2013		1,311,674		$	.18
Options granted		30,000			.27
Options vested		(464,576	)		.19
Options forfeited		(45,418	)		.15
Nonvested options at September 30, 2014		831,680		$	.16

Summary of Options Outstanding by Price Range


	Options Outstanding						Options Exercisable
Range of Exercise Price	Number Outstanding		Remaining Average Contractual Life (In Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$.17 - 1.70		3,608,397		5.07	$	.24		2,776,717	$	.26
Totals		3,608,397		5.07	$	.24		2,776,717	$	.26

Summary of Warrants Activity

A summary of the Company's warrant activity as of September 30, 2014 and changes during the nine month period then ended is presented below:


	Nine Months Ended September 30,
	Warrants			Weighted Average Exercise Price		Weighted- average remaining contractual terms (in years)	Aggregate intrinsic value
Warrants outstanding at December 31, 2013		2,271,483		$	.46
Granted		—			—
Exercised		—			—
Expired		(1,266,398	)		.50
Warrants outstanding at September 30, 2014		1,005,085		$	.40	1.53	$	—

Summary of Warrants Outstanding by Price Range


	Warrants Outstanding
Range of Exercise Price	Number Outstanding		Remaining Average Contractual Life (In Years)		Weighted Average Exercise Price
$0.35 – 0.75		1,005,085		1.53	$	.40
Totals		1,005,085		1.53	$	.40

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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