STOCK OPTION PLAN AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2015

STOCK OPTION PLAN AND WARRANTS [Abstract]

Summary of the status of stock options

A summary of the status of stock options outstanding under the Plan as of March 31, 2015 and December 31, 2014 is as follows:

	3/31/2015					12/31/2014
	Number of Shares			Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
Outstanding at beginning of year		11,033,675		$	1.05		9,583,762	$	1.16
Granted		-		$	-		2,372,800	$	0.58
Exercised		-		$	-		-	$	-
Expired and Cancelled		(1,275,040	)	$	1.39		922,887	$	0.99
		9,758,635					11,033,675
Outstanding, end of period		9,758,635		$	1.02		11,033,675	$	1.05
Exercisable at end of period		9,758,635		$	1.02		11,033,675	$	1.05

Stock options outstanding by price range

Stock options outstanding at March 31, 2015 are as follows:

			Weighted
			Average		Weighted
			Remaining		Average
	Options		Contractual		Exercise		Options
Range of Exercise Prices	Outstanding		Life		Price		Exercisable
$ 0.01-$1.50		7,735,767		2.2	$	0.66		7,735,767
$ 1.51-$3.00		1,897,868		3.3	$	1.67		1,897,868
$ 3.01-$5.00		125,000		3.1	$	3.11		125,000
		9,758,635		2.4	$	1.02		9,758,635

Summary of warrant activity

The summary of the status of the warrants issued by the Company as of March 31, 2015 and December 31, 2014 are as follows:

	3/31/2015					12/31/2014
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price
Outstanding at beginning of year		16,446,351		$	1.45		16,688,265		$	1.44
Granted		82,684,193		$	0.42		-		$	-
Exercised		-		$	-		-		$	-
Cashless Exercises		-		$	-		-		$	-
Expired and Cancelled		(260,228	)	$	0.61		(241,914	)	$	0.87
		98,870,316					16,446,351
Outstanding, end of period		98,870,316		$	0.59		16,446,351		$	1.45
Exercisable at end of period		98,870,316		$	0.59		16,446,351		$	1.45