SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2015

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION [Abstract]

Schedule for components of stock based compensation

The following table summarizes the components of the Company’s stock-based compensation included in net loss:

	Year Ended December 31,
	2015		2014
Employee stock options	$	697,269	$	840,568
Consultant stock options		257,342		-
Restricted stock awards		816,286		846,955
Total	$	1,770,897	$	1,687,523

Summary of the stock option activity

The following is a summary of the stock option activity for the years ended December 31, 2015 and 2014:

	Shares			Weighted Average Exercise Price
Outstanding, December 31, 2013		1,204,297		$	3.14
Granted		535,000		$	2.49
Exercised		-		$	-
Forfeited		(30,775	)	$	2.51
Expired		(42,576	)	$	3.64
Outstanding, December 31, 2014		1,665,946		$	2.93
Granted		1,413,765		$	1.28
Exercised		(241,752	)	$	0.71
Forfeited		(132,731	)	$	3.08
Expired		(492,528	)	$	3.17
Outstanding, December 31, 2015		2,212,700		$	2.06

Weighted average assumptions for stock options granted

The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following weighted average assumptions for stock options granted during the years ended December 31, 2015 and 2014:

	Year Ended December 31,
	2015			2014
Dividend yield		0.0	%		0.0	%
Expected volatility		63.8	%		81.1	%
Risk-free interest rate		1.64	%		1.77	%
Expected lives (years)		5.7			5.8

Information about stock options outstanding

The following table summarizes information about stock options outstanding at December 31, 2015:

Options Outstanding					Options Exercisable						Options Vested or Expected to Vest
Balance as of 12/31/2015	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Balance as of 12/31/2015		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Balance as of 12/31/2015		Weighted Average  Remaining Contractual Life (Years)		Weighted Average Exercise Price
2,212,700		8.26	$	2.06		1,008,577		7.03	$	2.47		2,113,395		8.21	$	2.08

Restricted stock activity

The following is a summary of the restricted stock activity for the years ended December 31, 2015 and 2014:

	Shares			Weighted Average Grant Date Fair Value
Unvested, December 31, 2013		350,903		$	4.26
Granted		185,032		$	2.09
Vested		(248,929	)	$	3.77
Canceled		-		$	-
Unvested, December 31, 2014		287,006		$	3.29
Granted		487,500		$	1.38
Vested		(349,506	)	$	2.36
Canceled		-		$	-
Unvested, December 31, 2015		425,000		$	1.87