OPTIONS AND WARRANTS TO PURCHASE COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2012

OPTIONS AND WARRANTS TO PURCHASE COMMON STOCK [Abstract]

Summary of the Status of the Warrants Outstanding

A summary of the status of the warrants outstanding at December 31, 2012 is presented below:

		Warrants Outstanding					Warrants Exercisable
Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	0.75		139,340	2.77 years	$	0.75		139,340	$	0.75
$	0.78		213,402	3.13 years	$	0.78		213,402	$	0.78
$	0.80		124,481	3.04 years	$	0.80		124,481	$	0.80
$	1.00		212,000	1.77–2.79 years	$	1.00		212,000	$	1.00
$	1.15		461,340	8.36 years	$	1.15		461,340	$	1.15
$	2.00		5,054,367	3.63-3.97 years	$	2.00		5,054,367	$	2.00
			6,204,930					6,204,930

Summary of the Status and Changes of the Warrants Issued

A summary of the status and changes of the warrants issued during the years ended December 31, 2012 and 2011 are as follows:

	December 31, 2012						December 31, 2011
				Weighted						Weighted
				Average						Average
	Shares			Exercise Price			Shares			Exercise Price
Outstanding at beginning of period		6,423,777		$	1.77			580,187		$	0.78
Issued		- 0 -			- 0 -			5,853,590		$	1.86
Exercised		(218,000	)	$	(.35-1.00	)		(10,000	)	$	(.35	)
Forfeited		(847	)	$	1.77			- 0 -			- 0 -
Expired		- 0 -			- 0 -			- 0 -			- 0 -
Outstanding at end of period		6,204,930		$	1.81			6,423,777		$	1.77
Exercisable at end of period		6,204,930		$	1.81			6,276,730		$	1.79

Significant Assumptions Relating to the Valuation of Warrants and Stock Options

Excluding the warrants with the down round provisions discussed above, the significant assumptions relating to the valuation of the Company's stock warrants and options granted for the years ended December 31, 2012 and 2011 were as follows:

	2012			2011
Dividend Yield		0	%		0	%
Expected Life	5 – 10 years			5 – 10 years
Expected Volatility		84.81% – 90.48	%		81% - 105	%
Risk Free Interest Rate		0.72% - 1.74	%		2.02 – 3.75	%

Summary of the Status and Changes of the Options Granted Under the Stock Option Plans and Other Agreements

A summary of the status and changes of the options granted under stock option plans and other agreements for the period ended December 31, 2012 is as follows:

	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2011		11,598,411		$	0.83
Granted		3,932,059		$	1.64
Exercised		(75,000	)	$	0.67
Outstanding at December 31, 2012		15,455,470		$	1.04
Exercisable at December 31, 2012		11,245,429

Summary of the Vesting Periods of Options

During the year ended December 31, 2012, the Company granted 3,932,059 options to purchase the Company's common stock with an weighted average exercise price of $1.64. Of the 3,932,059 options granted, the options will vest immediately, monthly or annual as follows:

		Vesting Information
Shares		Frequency	Begin Date	End Date
	72,406	Immediately	November 20, 2012	November 20, 2012
	225,000	Monthly	February 1, 2012	February 1,2013
	300,000	Monthly	May 29, 2012	May 28, 2015
	30,000	Quarterly	June 30, 2012	June 29, 2013
	3,004,653	Monthly	January 1, 2013	December 31, 2013
	300,000	Monthly	May 10, 2012	December 31, 2013

Summary of the Status of the Options Outstanding

A summary of the status of the options outstanding at December 31, 2012 is presented below:

		Options Outstanding					Options Exercisable
Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	0.70		7,358,277	1.83-6.42 years	$	0.70		7,358,277	$	0.70
$	0.83		3,205,134	3.13 years	$	0.83		2,963,080	$	0.83
$	1.00		60,000	2.19 years	$	1.00		60,000	$	1.00
$	1.24		100,000	5.16 years	$	1.24		83,333	$	1.24
$	1.45		125,000	5.16 years	$	1.45		104,167	$	1.45
$	1.55		330,000	4.46-9.47 years	$	1.55		84,166	$	1.55
$	1.66		3,077,059	10.03 years	$	1.66		72,406	$	1.66
$	1.75		300,000	9.49 years	$	1.75		120,000	$	1.75
$	1.90		900,000	8.71 years	$	1.90		400,000	$	1.90
			15,455,470					11,245,429