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STOCK BASED COMPENSATION
3 Months Ended
Mar. 31, 2014
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 2014: no dividend yield, expected volatility, based on the Company's historical volatility, 96% to 109%, risk-free interest rate 1.46% to 2.08% and expected option life of 5 to 7.25 years.


As of March 31, 2014, there was $651,493 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through October 2016.


The following tables summarize all stock option and warrant activity of the Company during the three months ended March 31, 2014:


                         

 

 

Non-Qualified Stock Options and Warrants Outstanding and Exercisable

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Average

 

  

 

Number of

 

 

Exercise

 

 

Exercise

 

  

 

Shares

 

 

Price

 

 

Price

 

  

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2013

 

 

7,146,000

 

 

$0.25 - $1.75

 

 

$

1.16

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

750,000

 

 

$0.72 - $0.92

 

 

$

0.84

 

Expired

 

 

(10,000

)

 

$1.25

 

 

$

1.25

 

Forfeited

 

 

(27,500

)

 

$0.93 - $1.03

 

 

$

0.93

 

Exercised

 

 

(260,000

)

 

$0.25 - $0.35

 

 

$

0.34

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, March 31, 2014

 

 

7,598,500

 

 

$0.34 - $1.75

 

 

$

1.15

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable, March 31, 2014

 

 

6,495,997

 

 

$0.34 - $1.75

 

 

$

1.20

 


             

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 March 31, 2014

  

Contractual Life

  

Warrants Currently Exercisable

  

  

  

  

  

  

  

$0.34 - $1.75

  

6,495,997

  

3.25 Years

  

$1.20