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SHARE-BASED COMPENSATION EXPENSE (Tables)
 9 Months Ended
Sep. 30, 2015
SHARE-BASED COMPENSATION EXPENSE [Abstract]  
Summary of stock option activity and related information
A summary of stock option activity and related information for the nine months ended September 30, 2015 is presented below:

 
 
Options
  
Weighted-Average Exercise Price
  
Aggregate Intrinsic Value
 
 
 
  
  
 
Outstanding at January 1, 2015
  
3,392,832
  
$
3.21
   
Granted
  
1,108,333
   
0.21
   
Exercised
  
-
   
-
   
Forfeited
  
(40,000
)
  
2.00
   
Outstanding at September 30, 2015
  
4,461,165
  
$
2.47
  
$
-
 
Exercisable at September 30, 2015
  
2,794,499
  
$
3.78
  
$
-
 
Share-based compensation expense
The following table reflects share-based compensation recorded by the Company for the three months ended September 30, 2015 and 2014:

 
Three Months Ended
September 30,
 
 
2015
 
2014
 
     
Share-based compensation expense included in general and administrative expense
 
$
28,676
  
$
21,499
 
Earnings per share effect of share-based compensation expense – basic and diluted
 
$
(0.00
)
 
$
(0.00
)

The following table reflects share-based compensation recorded by the Company for the nine months ended September 30, 2015 and 2014:

 
Nine Months Ended
September 30,
 
 
2015
 
2014
 
     
Share-based compensation expense included in general and administrative expense
 
$
68,434
  
$
433,776
 
Earnings per share effect of share-based compensation expense – basic and diluted
 
$
(0.00
)
 
$
(0.01
)