STOCK-BASED COMPENSATION EXPENSE (Tables)

3 Months Ended

Mar. 31, 2015

STOCK-BASED COMPENSATION EXPENSE [Abstract]

Summary of stock option activity and related information

A summary of stock option activity and related information for the three months ended March 31, 2015 is presented below:

	Options		Weighted-Average Exercise Price		Aggregate Intrinsic Value
Outstanding at January 1, 2015		3,392,832	$	3.21
Granted		-		-
Exercised		-		-
Forfeited		-		-
Outstanding at March 31, 2015		3,392,832	$	3.21	$	-
Exercisable at March 31, 2015		2,292,832	$	4.56	$	-

Share-based compensation expense

The following table reflects share-based compensation recorded by the Company for the three months ended March 31, 2015 and 2014:

	Three Months Ended March 31,
	2015				2014
Share-based compensation expense included in general and administrative expense		$	19,795			$	230,010
Earnings per share effect of share-based compensation expense – basic and diluted		$	(0.00	)		$	(0.00	)