STOCK OPTIONS (Tables)

6 Months Ended

Jun. 30, 2015

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 six months ended June 30, 2015 and 2014 were as follows:

	2015	2014
Risk-free interest rate %	1.46 - 1.90	0.11 - 2.08
Expected dividend yield	—	—
Expected term -  years	5 – 5.5	1 - 6
Forfeiture rate % (excluding fully vested stock options)	7.5 - 15	15
Expected volatility %	92 - 93	129 - 141

Stock option activity

A summary of stock option activity for the six months ended June 30, 2015 is as follows:

Stock Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding options at January 1, 2015		1,039,900		$	3.00
Granted		895,000		$	1.47
Forfeited or expired		(267,667	)	$	4.06
Outstanding options at June 30, 2015		1,667,233		$	2.01		9.24	$	—
Exercisable options at June 30, 2015		593,750		$	2.56		9.02	$	—