STOCK-BASED COMPENSATION (TABLES)

3 Months Ended

Mar. 31, 2013

Stock-Based Compensation [Abstract]

Summary of Share Based Compensation of Fair Value Assumptions

The fair value of each option granted during the three months ended March 31, 2012 was estimated using the following assumptions.

	Three months ended  March 31, 2012
Expected volatility	85.41% - 111.36%
Expected dividend yield	0.00%
Risk-free interest ratey	1.02% – 1.98%
Expected life	5.5 – 10.0 years
Forfeiture rate	0% - 2%

Summary of Company's Stock Option activity

The following summarizes the Company’s stock option activity for the three months ended March 31, 2013:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		2,079,000		$	1.03		6.77
Granted		–			–
Exercised		–			–
Canceled or expired		(140,500	)	$	1.25
Outstanding at March 31, 2013		1,938,500		$	1.01		6.49	$	–
Exercisable at  March 31, 2013		1,561,375		$	1.05		6.14		$
Vested and expected to vest at March 31, 2013		1,930,975		$	1.02		6.44	$	–