STOCK-BASED COMPENSATION PLAN (Tables)

6 Months Ended

Jun. 30, 2015

Summary of Option Activity

The following table summarizes activity for employees in the Company’s Plan:

	Number of Shares		Average Exercise Price per Share		Weighted Average Remaining Contractual Term in Years
Outstanding at January 1, 2015		733,333	$	3.05		0.62
Exercisable at January 1, 2015		733,333		3.05		0.62
Granted		-		-		-
Exercised		-		-		-
Forfeited		-		-		-
Outstanding at June 30, 2015		733,333		3.05		0.12
Exercisable at June 30, 2015		733,333	$	3.05		0.12

Independent Directors Compensation Plan [Member]

Summary of Option Activity

The following table summarizes option activity with respect to the independent directors:

	Number of Shares		Average Exercise Price per Share		Weighted Average Remaining Contractual Term in Years
Outstanding at January 1, 2015		80,000	$	3.83		0.31
Exercisable at January 1, 2015		80,000		3.83		0.31
Granted		40,000		-		-
Exercised		-		-		-
Forfeited		40,000		-		-
Outstanding at June 30, 2015		80,000		2.00		2.64
Exercisable at June 30, 2015		40,000	$	2.98		0.52