STOCK OPTIONS (Tables)

3 Months Ended

Mar. 31, 2014

Stock Options Tables

Assumption used for stock option granted

The assumptions used principally for stock options granted to employees and members of the Company’s Board of Directors in the three months ended March 31, 2014 and 2013 were as follows:

	2014			2013
Risk-free interest rate		1.99% – 2.71	%		1.09% – 1.23	%
Expected dividend yield		—			—
Expected term	6.5 years			6.5 years
Forfeiture rate (excluding fully vested stock options)		15	%		15	%
Expected volatility		141	%		140% – 141	%

Stock option activity

A summary of stock option activity as of and for the three months ended March 31, 2014 is as follows:

Stock Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding options at January 1, 2014		1,455,432		$	4.90
Granted		153,500		$	3.31
Exercised		—		$	—
Forfeited or expired		(58,668	)	$	8.41
Outstanding options at March 31, 2014		1,550,264		$	4.61	9.07 years	$	—
Exercisable options at March 31, 2014		218,591		$	10.78	5.74 years	$	—