OPTIONS AND WARRANTS TO PURCHASE COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2013

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 and exercisable at December 31, 2013 is presented below:

		Warrants Outstanding and Exercisable
Exercise Price		Number  Outstanding		Weighted Average  Remaining Contractual Life	Weighted Average  Exercise Price
$	0.75		139,340	1.75 years	$	0.75
$	0.78		213,402	2.09 years	$	0.78
$	0.80		124,481	2.00 years	$	0.80
$	1.00		212,000	1.66 years	$	1.00
$	1.15		461,340	7.33 years	$	1.15
$	1.93		5,000,000	2.98 years	$	1.93
$	2.00		54,367	2.59 years	$	2.00
			6,204,930	3.18 years	$	1.75

Significant Assumptions Relating to the Valuation of Stock Options

The significant assumptions relating to the valuation of the Company's options issued for 2013 and 2012 were as follows:

	2013			2012
Dividend Yield		0	%		0	%
Expected Life	5-6 years			5-10 years
Expected Volatility		63.5%- 89.5	%		84.8% – 90.5	%
Risk Free Interest Rate		0.88%- 1.90	%		0.72% - 1.74	%

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 2013 and 2012 is as follows:

	December 31, 2013					December 31, 2012
				Weighted					Weighted
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Outstanding at beginning of period		15,455,471		$	1.04		11,598,411		$	0.83
Issued		760,867			1.19		3,932,060		$	1.64
Exercised		--			--		(75,000	)	$	0.67
Forfeited		(338,222	)	$	1.73		--			--
Outstanding at end of period		15,878,116		$	1.03		15,455,471		$	1.04

Summary of the Vesting Periods of Options

Of the 760,867 options granted, the options vest immediately or monthly as follows:

	Vesting Information
Shares	Frequency	Begin Date	End Date
45,867	Monthly	02/01/2013	04/10/2013 (a)
50,000	Monthly	05/30/2013	05/29/2014
65,000	Immediately	05/29/2013	05/29/2013
300,000	Annually	09/09/2013	09/08/2016
300,000	Monthly	08/01/2013	07/31/2016

Summary of the Status of the Options Outstanding

A summary of the status of the options outstanding at December 31, 2013 is presented below:

Options Outstanding					Options Exercisable
		Weighted	Weighted				Weighted
		Average	Average				Average
Number		Remaining	Exercise		Number		Exercise
Outstanding		Contractual Life	Price		Exercisable		Price
	7,358,277	4.94 years	$	0.70		7,358,277	$	0.70
	3,205,134	7.53 years	$	0.83		3,205,134	$	0.83
	60,000	2.50 years	$	1.00		60,000	$	1.00
	300,000	9.64 years	$	1.10		--		--
	300,000	9.48 years	$	1.15		33,333	$	1.15
	100,000	4.09 years	$	1.24		100,000	$	1.24
	115,000	7.24 years	$	1.35		94,167	$	1.35
	125,000	4.09 years	$	1.45		125,000	$	1.45
	330,000	7.95 years	$	1.55		196,667	$	1.55
	7,645	4.09 years	$	1.58		7,645	$	1.58
	3,077,060	8.89 years	$	1.66		2,826,672	$	1.66
	900,000	7.64 years	$	1.90		700,000	$	1.90
	15,878,116	6.61 years	$	1.03		14,706,895	$	1.00