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STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2013

A summary of our warrant activity and related information for 2013 follows:

	Number of Shares Under Company Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at December 31, 2012		12,193,499	$	1.63		4.8	$	17,971,994
Granted		2,100,000	$	2.72		7.3	$	867,000
Exercised		-0-
Expired		-0-
Cancelled		-0-
Balance at June 30, 2013		14,293,499	$	1.79		4.8	$	17,985,449
Vested and Exercisable at June 30, 2013		12,149,559	$	1.67		4.3	$	16,540,175

Schedule of assumptions used in the Black-Scholes Model

The assumptions used in the Black-Scholes Model during the six months ended June 30, 2013 are set forth in the table below.

	Six Months Ended June 30, 2013			Year Ended December 31, 2012
Risk-free interest rate		0.65-1.42	%		0.61-2.23	%
Volatility		33.35-45.76	%		40.77-46.01	%
Term (in years)		5-6.25			5-6.25
Dividend yield		0.00	%		0.00	%

Schedule of activity under the LTIP

A summary of activity under the LTIP and 2012 SOP and related information follows:

	Number of Shares Under Company Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at December 31, 2012		13,733,488		$	1.16		7.7	$	26,804,117
Granted		1,583,677		$	2.79		9.9	$	365,845
Exercised		(61,372	)
Expired		-0-
Cancelled		(600,000	)
Balance at June 30, 2013		14,655,793		$	1.08		7.8	$	26,038,328
Vested and Exercisable at June 30, 2013		9,623,443		$	0.60		6.5	$	23,208,051

- 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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