EMPLOYEE STOCK OPTION PLAN (Tables)

12 Months Ended

Dec. 31, 2012

EMPLOYEE STOCK OPTION PLAN [Abstract]

Assumptions made in calculating the fair values of options

The weighted-average assumptions made in calculating the fair values of options are as follows:

	For the years ended
	December 31, 2012			December 31, 2011
Expected term (in years)		4-5			3.75
Expected volatility		99.6-115.77	%		97.11-117.9	%
Expected dividend yield		n/a			n/a
Risk-free interest rate		.33-.37	%		.57-1.24	%

Stock options activity

The following table provides stock options activity for the year ended December 31, 2012:

Stock Options	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2011		765,903		$	1.68	2.61 years	$	1,339,693
Granted		97,392		$	4.58
Exercised		(111,459	)	$	1.08
Forfeited/expired/cancelled		(20,190	)	$	3.89
Outstanding at December 31, 2012		731,646		$	2.23	2.19 years	$	3,460,686
Exercisable at December 31, 2012		511,824		$	1.45	1.57 years	$	2,438,665

Summary of stock options outstanding

The following table summarizes information about stock options outstanding at December 31, 2012:

		Stock Options Outstanding								Stock Options Exercisable
Range of Exercise Prices		Shares		Average Remaining Contract Life (Year)		Weighted Average Exercise Price		Aggregate Intrinsic Value		Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
$	0 to 1.50		397,333		1.29	$	1.04	$	1,466,159		378,583	$	1.04	$	1,396,971
1.5001 to 2			41,441		0.13		1.76		123,080		41,441		1.76		123,080
2.0001 to 3.5			131,250		3.28		2.62		277,318		62,500		2.54		136,625
3.5001 to 4.5			125,622		3.83		4.26		59,042		29,300		3.95		22,775
4.50001 to 8			36,000		4.60		5.11		-		-		-		-
Total			731,646		2.18	$	2.12	$	1,925,599		511,824	$	1.45	$	1,679,451