Stock Option Plan (Tables)

12 Months Ended

Dec. 31, 2013

Stock Option Plan:

Schedule of Stock Options, Valuation Assumptions

The assumptions made for purposes of estimating fair value under the Black-Scholes model for the 3,090,900, 78,400 and 1,618,400 options granted during the years ended December 31, 2013, 2012 and 2011, respectively, were as follows:

	2013	2012	2011
Divident yield:	0%	0%	0%
Expected term of options (years):	6	6	6
Risk free interest rate:	0.93%-1.70%	0.80%-1.16%	1.16%-2.61%
Volatility:	92%-107%	80%	74%-79%

Schedule of Share-based Stock Options, Activity

A summary of stock option activity for the year December 31, 2013 is as follows:

			Weighted		Weighted Average	Aggregate
			Average Exercise		Remaining	Intrinsic
	Shares		Price		Contractual Terms	Value
Options outstanding at December 31, 2012		1,986,255	$	8.95	7.9	$	-
Granted		3,090,900	0.40		9.6	-
Exercised		-	-		-	-
Forfeited		(340,837)	6.41		-	-
Expired		(32,992)	51.05		-	-
Options outstanding at December 31, 2013		4,703,326	$	3.22	8.7	-
Options exercisable at December 31, 2013		1,193,800	10.45		6.7	-
Options unvested at December 31, 2013		3,509,526	$	0.77	9.4	$	2,751,453

Schedule of Share Restricted Stock Activity

A summary of restricted stock activity for the year ended December 31, 2013 is as follows:

			Aggregate
			Instrinsic
	Shares		Value
Unvested restricted stock at December 31, 2012		-	$	-
Granted		683,336	1,059,171
Forfeited		(33,334)	(51,668)
Unvested restricted stock at December 31, 2013		650,002	$	1,007,503