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STOCK OPTIONS (Tables)
3 Months Ended
Mar. 31, 2014
STOCK OPTIONS  
Schedule of assumptions used principally in determining the fair value of options granted

 

 

 

 

March 31,
2014

 

 

 

 

 

Risk-free interest rate

 

2.03

%

Expected dividend yield

 

0.00

%

Expected term

 

6.07

 

Expected volatility

 

125.55

%

Summary of option activity

 

 

Options

 

Shares

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term in
Years

 

Aggregate
Intrinsic Value

 

Outstanding at December 31, 2013

 

8,055,522

 

$

1.56

 

 

 

 

 

Granted

 

2,650,000

 

$

2.29

 

 

 

 

 

Expired

 

(6,771

)

$

1.88

 

 

 

 

 

Forfeited

 

(214,379

)

$

1.80

 

 

 

 

 

Exercised

 

(52,625

)

$

1.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2014

 

10,431,747

 

$

1.73

 

7.69

 

$

3,989,065

 

 

 

 

 

 

 

 

 

 

 

Vested at March 31, 2014

 

4,055,415

 

$

1.03

 

5.08

 

$

3,645,280