STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2014

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

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

Stock-based compensation expense was $101,378 and $94,466 for the six months ended June 30, 2014 and 2013, respectively, for options previously awarded by the Company.

Stock option activity for the six months ended June 30, 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 granted	150,000		7.55			10.00	304,915
Options forfeited/expired	(91,667	)	10.78			—	(29,335		)
Options exercised	(483,750	)	(0.68		)	—	(192,127		)
Outstanding at June 30, 2014	2,635,417		$	6.77		5.99	$	1,410,616
Vested at June 30, 2014	1,719,792		$	8.43		4.72	$	522,691
Exercisable at June 30, 2014	1,719,792		$	8.43		4.72	$	522,691

A summary of the Company’s stock warrant activity and related information for the six months ended June 30, 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 exercised	(6,250	)	(1.75		)	—	(2,800		)
Warrants cancelled/forfeited/expired	(833	)	(10.00		)	—	(100		)
Warrants at June 30, 2014	—		$	—		—	$	—
Vested at June 30, 2014	—		$	—		—	$	—
Exercisable at June 30, 2014	—		$	—		—	$	—