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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2013

Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted

The weighted average for key assumptions used in determining the fair value of options granted during the nine months ended September 30, 2013 follows:


Expected price volatility		78.76-81.65%
Risk-free interest rate		0.81-1.20%
Weighted average expected life in years		6 years
Dividend yield		—

Summary of Stock Option Activity

Option activity during the nine months ended September 30, 2013 was as follows:


	Number of Shares			Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value
Outstanding at January 1, 2013		4,279,919		$	3.70
Granted in 2013:
Officers and Directors		—			—
Others		177,110			4.38
Exercised		(102,827	)		3.38
Forfeitures		(218,431	)		2.71

Outstanding at September 30, 2013		4,135,771		$	3.79	$	7,590,138

Summary of Stock Options Outstanding

Options outstanding at September 30, 2013 are as follows:


Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
$1.00 – 5.00		3,229,271		5.63	$	3.08
$5.01 – 10.00		906,500		3.91	$	6.30

		4,135,771					$	7,590,138

Summary of Stock Options Exercisable

Options exercisable at September 30, 2013 are as follows:


Range of Exercise Prices	Number Exercisable		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
$1.00 – 5.00		2,657,674		4.94	$	3.00
$5.01 – 10.00		906,500		3.91	$	6.30

		3,564,174					$	6,475,065

Summary of Non-Vested Stock Options

A summary of the status of the Company’s non-vested stock options as of January 1, 2013, and changes during the nine months ended September 30, 2013 is summarized as follows:


Nonvested Shares	Shares			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Nonvested at January 1, 2013		854,640
Granted		177,110
Vested		(305,872	)
Forfeited		(154,281	)

Nonvested at September 30, 2013		571,597		$	2.41	$	1,115,073

Summary of Warrants Outstanding to Purchase Common Stock

Warrants outstanding at September 30, 2013, all of which are exercisable are as follows:


Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
$0.01 – 5.00		2,366,792		0.97	$	3.93	$	3,560,668

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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