STOCK BASED COMPENSATION

3 Months Ended

Mar. 31, 2014

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

STOCK BASED COMPENSATION

STOCK-BASED COMPENSATION

Stock-based compensation expense was $51,224 and $48,054 for the three months ended March 31, 2014 and 2013, respectively, for options previously awarded by the Company.

Stock option activity for the three months ended March 31, 2014 is summarized as follows:

	Shares		Weighted Average Exercise Price			Weighted Average Remaining Contractual Life (in Years)	Grant Date Fair Value
Outstanding at December 31, 2013	3,060,834		$	5.89		6.07	$	1,327,163
Options forfeited	(18,750	)	(2.10		)	—	(12,840		)
Options exercised	(26,250	)	(1.41		)	—	(15,589		)
Outstanding at March 31, 2014	3,015,834		$	5.95		5.80	$	1,298,734
Vested at March 31, 2014	2,235,834		$	7.00		4.93	$	646,768
Exercisable at March 31, 2014	2,235,834		$	7.00		4.93	$	646,768

A summary of the Company’s stock warrant activity and related information for the three months ended March 31, 2014 is as follows: 

	Shares		Weighted Average Exercise Price			Weighted Average Remaining Contractual Life (in Years)	Grant Date Fair Value
Outstanding at December 31, 2013	7,083		$	2.72		1.57	$	2,900
Warrants cancelled/forfeited/expired	(833	)	(10.00		)	—	(100		)
Warrants at March 31, 2014	6,250		$	1.75		1.50	$	2,800
Vested at March 31, 2014	—		$	—		—	$	—
Exercisable at March 31, 2014	—		$	—		—	$	—