4. EQUITY COMPENSATION

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

4. EQUITY COMPENSATION

The following is a summary of the stock option activity for the six months ended June 30, 2014: 

					Weighted
			Weighted		Average		Aggregate
	Number of		Average		Remaining		Intrinsic
	Shares		Exercise Price		Contractual Term		Value
Outstanding, December 31, 2013		530,378	$	1.99
Cancelled		(99,708)		4.29
Issued		-		-
Outstanding, June 30, 2014		430,670	$	1.46		4.90	$	20,800
Vested and exercisable, June 30, 2014		182,683	$	1.31		5.66	$	18,125

Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock at June 30, 2014 and the exercise price of outstanding, in-the-money stock options. The closing price of the Common Stock at June 30, 2014, as reported on the Over-the-Counter Bulletin Board, was $1.30 per share.

At June 30, 2014, $216,950 of unvested expense has yet to be recorded related to outstanding stock options.