STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2015

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

STOCK-BASED COMPENSATION

8. STOCK-BASED COMPENSATION

Stock awards under the Company’s stock option plans have been granted with exercise prices that are no less than the market value of the stock on the date of the grant. Options granted under the plans are generally time-based or performance-based options and vesting varies accordingly. Options under the plans expire up to a maximum of ten years from the date of grant. Stock-based compensation to non-employee consultants, accounted for pursuant to FASB ASC 505-50-5, Equity, Equity Based Payments to Non-Employees, is granted for services rendered and is completely vested on the grant date.

The fair value of each option award granted during the period is estimated on the date of grant using the Black-Scholes option valuation model and assumptions as noted in the following table:

	March 31,
	2015			2014
Expected life		-			6.5 years
Expected volatility		0.00	%		75.51%
Risk-free interest rate		-			2.14-2.45%
Dividend yield		-			-

There were no grants during the three months ended March 31, 2015. Stock-based compensation expense for the three months ended March 31, 2015 was $230,062, net of forfeitures of $26.951, and for the three months ended March 31, 2014 was $164,168, net of forfeitures of $35,296, and also included $19,452 of non-employee stock-based compensation. As of March 31, 2015 there was $1,027,470 in unrecognized compensation expense.