Stock-Based Compensation and Warrants (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock options granted, with the following weighted-average assumptions for options granted in the three months ended March 31, 2015 and 2014:

	2015			2014
Risk-free interest rate		1.74	%		2.00	%
Expected volatility		145	%		174	%
Expected term in years		6.1			6.7
Dividend yield		-	%		-	%

Schedule of Share-based Compensation, Stock Options, Activity

The following summary represents option activity under the Company’s stock-based compensation plan for the three months ended March 31, 2015:

			Weighted-
			Average
			Exercise
	Options		Price
Outstanding at December 31, 2014		5,427,778	$	1.03
Granted		100,000		1.70
Outstanding at March 31, 2015		5,527,778		1.04
Exercisable at March 31, 2015		4,807,361	$	1.00