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STOCK BASED COMPENSATION
9 Months Ended
Sep. 30, 2013
STOCK BASED COMPENSATION [Abstract]  
STOCK BASED COMPENSATION
NOTE 7 - STOCK BASED COMPENSATION
 
The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award, with the following assumptions for 2013: no dividend yield, expected volatility, based on the Company's historical volatility, 109% to 113%, risk-free interest rate 0.94% to 1.86% and expected option life of three to ten years in 2013.
 
As of September 30, 2013, there was $400,918 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through June 2015.
 
The following tables summarize all stock option and warrant activity of the Company during the three months ended September 30, 2013:
 
   
Non-Qualified Stock Options and Warrants
Outstanding and Exercisable
 
                   
   
Number of
   
Exercise
   
Weighted Avereage
 
   
Shares
   
Price
   
Exercise Price
 
                   
Outstanding, December 31, 2012
    8,773,500     $0.25 - $1.75     $ 1.13  
                         
Granted
    360,000     $0.84 - $1.16     $ 0.97  
Expired
    (1,522,500 )   $0.73 - $1.25     $ 1.10  
Forfeited
    (93,750 )   $0.93 - $1.01     $ 0.98  
Exercised
    (32,500 )   $0.345 - $1.25     $ 0.69  
                         
Outstanding, September 30, 2013
    7,484,750     $0.25 - $1.75     $ 1.13  
                         
Exercisable, September 30, 2013
    6,753,813     $0.25 - $1.75     $ 1.15  
 
Non-Qualified Stock Options and Warrants Outstanding
   
Number Outstanding
 
Weighted Average
 
Weighted Average
Range of
 
Currently Exercisable
 
Remaining
 
Exercise Price of Options and
Exercise Prices
 
at September 30, 2013
 
Contractual Life
 
Warrants Currently Exercisable
             
$0.25 - $1.75
 
6,753,813
 
2.72 Years
 
 $1.15