Stock-Based Compensation and Warrants (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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 six months ended June 30, 2015 and 2014:

 

	2015		2014
Risk-free interest rate	1.65	%	2.00	%
Expected volatility	139	%	178	%
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 six months ended June 30, 2015:

		Weighted-
		Average
		Exercise
	Options	Price
Outstanding at December 31, 2014	5,427,778	$	1.03
Granted	337,000		1.47
Forfeited	(18,750)		2.71
Outstanding at June 30, 2015	5,746,028		1.05
Exercisable at June 30, 2015	4,926,111	$	1.00