SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Summary of Stock Warrants Outstanding

The following table summarizes information about the Company’s stock warrants outstanding:

			Weighted		Range		Weighted
			Average		of		Remaining
			Exercise		Exercise		Contractual
	Number		Price		Price		Life
Outstanding at December 31, 2013		13,989,206	$	0.67	$	0.20 -  1.00
Granted		150,000	$	2.00	$	2.00
Cancelled or expired		—		—		—
Exercised		(6,070,867)	$	0.52	$	0.25 – 1.00
Warrants outstanding at September 30, 2014		8,068,339	$	0.82	$	0.20 – 2.00	3.8 years
Warrants exercisable at September 30, 2014		8,068,339	$	0.82	$	0.20 – 2.00

Black-Scholes Pricing Model and Weighted Average Assumptions Used to Estimate Fair Value of Options

In determining the compensation cost of the stock awards granted during fiscal 2014, the fair value of each grant had been estimated on the date of grant using the Black-Scholes pricing model and the weighted average assumptions used in these calculations are summarized below:

	September 30,
		2014			2013
Risk-free interest rate			2.01% to 2.43	%		—
Expected volatility factor			75	%		—
Expected dividend			—			—
Expected option term			7 years			—

Summary of Stock Options Activity

The following tables summarize information about the Company’s stock options:

			Weighted
			Average
	Number of		Exercise
	Options		Price
Options outstanding - December 31, 2012		10,438,335	$	0.64
Granted		28,500,000		0.89
Canceled or expired		(6,187,493)		0.56
Exercised		—		—
Options outstanding - December 31, 2013		32,750,842	$	0.88
Granted		4,000,000		1.71
Canceled or expired		(118,000)		.60
Exercised		282,000		.60
Options outstanding – September 30, 2014		36,350,842	$	0.98
Weighted average fair value of options granted during the period ended September 30, 2014			$	1.71
Weighted average fair value of options granted during the period ended September 30, 2013			$	0.00

Summary of Company's Nonvested Options

A summary of the Company’s non-vested options at September 30, 2014, and changes during the period ended September 30, 2014, is presented below:

			Weighted
			Average
			Grant Date
	Options		Fair Value
Non-vested, beginning of period		21,750,000	$	0.24
Granted		4,000,000	$	0.94
Vested		(19,465,000)	$	0.37
Forfeited		—	$	—
Non-vested, end of period		6,285,000	$	0.27

Summary of Stock Options by Exercise Price Range

The following tables summarize information about stock options outstanding and exercisable at September 30, 2014:

	Options Outstanding at September 30, 2014
			Weighted	Weighted
			Remaining	Average		Aggregate
Range of	Number		Contractual	Exercise		Intrinsic
Exercise Prices	Outstanding		Life	Price		Value(1)
$0.40 to $0.60		6,961,842	5.5 years	$	0.46	$	8,567,274
$0.61 to $1.00		11,889,000	5.5 years	$	0.72	$	11,513,410
$1.01 to $1.50		14,500,000	5.6 years	$	1.25	$	6,380,000
$1.51 to $2.25		3,000,000	6.6 years	$	1.86	$	40,000
$0.40 to $2.25		36,350,842	5.8 years	$	1.07	$	26,500,684

	Options Exercisable at September 30, 2014
			Weighted	Weighted
			Remaining	Average		Aggregate
Range of	Number		Contractual	Exercise		Intrinsic
Exercise Prices	Exercisable		Life	Price		Value(1)
$0.40 to $0.60		4,711,842	5.2 years	$	0.46	$	5,814,774
$0.61 to $1.00		12,589,000	5.5 years	$	0.69	$	12,066,410
$1.00 to $1.50		8,500,000	5.3 years	$	1.22	$	3,740,000
$1.50 to $2.25		2,250,000	6.7 years	$	1.73	$	40,000
$0.40 to $2.25		28,050,842	5.6 years	$	0.92	$	21,661,184

(1) The aggregate intrinsic value in the table represents the difference between the closing stock price on September 30, 2014 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on September 30, 2014.