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STOCK BASED COMPENSATION
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION
The stock based compensation cost that has been charged against income by the Company was $423,896 and $332,266 for the years ended December 31, 2015 and 2014, respectively, for options previously awarded by the Company.
Stock option activity for the years ended December 31, 2015 and 2014 are summarized as follows:
OPTIONS ISSUED FOR COMPENSATION:
 
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
 
325,000

 
7.61

 
9.69

 
622,272

Options exercised
 
(637,750
)
 
(0.88
)
 
—

 
(264,990
)
Options cancelled/forfeited/expired
 
(99,501
)
 
(12.71
)
 
—

 
(29,804
)
Outstanding at December 31, 2014
 
2,648,583

 
$
7.07

 
5.81

 
$
1,654,641

Vested at December 31, 2014
 
1,820,480

 
$
8.27

 
4.64

 
$
654,948

Exercisable at December 31, 2014
 
1,820,480

 
$
8.27

 
4.64

 
$
654,948

 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
2,648,583

 
$
7.07

 
5.81

 
$
1,654,641

Options granted
 
525,000

 
2.23

 
9.71

 
1,083,411

Options exercised
 
(25,000
)
 
(0.45
)
 
—

 
(9,000
)
Options cancelled/forfeited/expired
 
(275,001
)
 
(20.22
)
 
—

 
(143,711
)
Outstanding at December 31, 2015
 
2,873,582

 
$
4.99

 
5.94

 
$
2,585,341

Vested at December 31, 2015
 
1,881,395

 
$
5.70

 
4.55

 
$
372,367

Exercisable at December 31, 2015
 
1,881,395

 
$
5.70

 
4.55

 
$
372,367

A summary of the Company’s stock warrant activity and related information for the years ended December 31, 2015 and 2014 is as follows:
WARRANTS ISSUED FOR COMPENSATION AND OTHER THAN SERIES B PREFERRED STOCK:
 
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 granted
 
219,868

 
$
3.01

 
5.00

 
$
140,149

Warrants exercised
 
(833
)
 
(10.00
)
 
—

 
(100
)
Warrants canceled/forfeited/expired
 
(6,250
)
 
(1.75
)
 
—

 
(2,800
)
Warrants at December 31, 2014
 
219,868

 
$
3.01

 
5.00

 
$
140,149

Vested at December 31, 2014
 
109,934

 
$
3.01

 
5.00

 
$
140,149

Exercisable at December 31, 2014
 
109,934

 
$
3.01

 
5.00

 
$
140,149

 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
219,868

 
$
3.01

 
5.00

 
$
140,149

Warrants granted
 
—

 
$
—

 
—

 
$
—

Warrants exercised
 
—

 
—

 
—

 
—

Warrants canceled/forfeited/expired
 
—

 
—

 
—

 
—

Warrants at December 31, 2015
 
219,868

 
$
3.01

 
4.00

 
$
140,149

Vested at December 31, 2015
 
219,868

 
$
3.01

 
4.00

 
$
140,149

Exercisable at December 31, 2015
 
219,868

 
$
3.01

 
4.00

 
$
140,149


See Note 17 for warrants that were issued in conjunction with our Series B Preferred stock.

The following table summarizes the assumptions used in assessing the above described option and warrant valuations: 
 
 
YEAR ENDED DECEMBER 31, 2015
 
YEAR ENDED DECEMBER 31, 2014
Expected volatility
 
29-69%
 
16-17%
Expected dividends
 
—%
 
—%
Expected term (in years)
 
10
 
10
Risk-free rate
 
.96-1.06%
 
.67%