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OPTIONS AND WARRANTS (Tables)
 9 Months Ended
Sep. 30, 2013
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Stock Option Activity
The following information is presented for the stock option activity for the nine months ended September 30, 2013:
 
 
 
Number of
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contract
Life
 
Aggregate
Intrinsic
Value
 
Outstanding at December 31, 2012
 
 
682,141
 
$
6.47
 
7.69 Years
 
$
88,000
 
Exercised
 
 
-
 
$
-
 
 
 
 
 
 
 
Expired
 
 
-
 
$
-
 
 
 
 
 
 
 
Forfeited
 
 
-
 
$
-
 
 
 
 
 
 
 
Granted
 
 
350,000
 
$
6.25
 
 
 
 
 
 
 
Outstanding at September 30, 2013
 
 
1,032,141
 
$
6.39
 
8.44 years
 
$
117,338
 
Outstanding exercisable at September 30, 2013
 
 
382,675
 
$
6.84
 
6.97 years
 
$
68,276
Fair Value Assumptions
The following table summarizes the assumptions used in the Black-Scholes option-pricing model for options granted during for the nine months ended September 30, 2013 and 2012:
 
 
 
For the nine months
ended September 30,
 
 
 
2013
 
 
2012
 
Volatility
 
 
44
%
 
 
90
%
Expected term (years)
 
 
3
 
 
 
2
 
Risk-free interest rate
 
 
0.73
%
 
 
0.27
%
Dividend yield
 
 
0
%
 
 
0
%