Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

STOCKHOLDERS' EQUITY:

Summary of Warrant Activity

A summary of warrant activity for the three months ended March 31, 2015 is presented below:

	Number of Warrants		Weighted- Average Exercise Price		Weighted- Average Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2015		1,216,091	$	2.01
Warrants granted		2,993,815		1.64
Warrants exercised		—		—
Warrants forfeited or expired		—		—
Outstanding at March 31, 2015		4,209,906	$	1.75		5.0	$	-
Exercisable at March 31, 2015		3,016,725	$	1.65		5.0	$	-

Summary of Options Outstanding

Options outstanding at March 31, 2015 under the various plans are as follows:

Plan	Total Number of Options Outstanding under Plans
Equity compensation plans not approved by security holders		900,000
Equity Incentive Plan		342,834
		1,242,834

Summary of Stock Option Activity Under All Option Plans

A summary of activity under all option Plans at March 31, 2015 and changes during the three months ended March 31, 2015:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2015		1,344,300		$	3.08		6.53	$	-
Options granted		19,734			5.61		-		-
Options exercised		-			-		-		-
Options forfeited or expired		(121,200	)		7.32		-		-
Outstanding at March 31, 2015		1,242,834		$	2.71		6.17	$	-
Exercisable at March 31, 2015		1,049,233		$	2.26		6.52	$	-
Options available for grant at March 31, 2015		1,408,866

Reconciliation of Numerator and Denominator for Calculation of Earnings Per Share

The following table summarizes the Company’s securities that have been excluded from the calculation of basic and dilutive loss per share as there effect would be anti-dilutive:

	March 31,
	2015		2014
Convertible debt		1,793,409		-
Stock options		1,223,100		1,174,500
Warrants		4,209,906		215,880
Total		7,226,415		1,390,380