Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2014

The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the three months ended March 31, 2014:

	2014
Weighted average expected term	6.25 years
Weighted average volatility	113%
Weighted average risk-free interest rate	1.3%
Dividend yield	0%

Summary of Stock Option Activity Under the Option Plan

A summary of stock option activity under the Option Plan for the three months ended March 31, 2014 is presented below:

	Shares Under Option		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at January 1, 2014		2,472,216	$	0.57
Granted		25,000	$	0.37
Exercised		—	$	—
Forfeited		—	$	—
Outstanding at March 31, 2014		2,497,216	$	0.56		7.9 years	$	263
Exercisable at March 31, 2014		885,249	$	1.02		5.4 years	$	10

Summary of Status of the Company's Non-Vested Shares Under Option

A summary of status of the Company’s non-vested share awards as of and for the three months ended March 31, 2014 is presented below:

	Nonvested Shares Under Option			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2014		1,663,593		$	0.29
Granted		25,000		$	0.37
Vested		(76,626	)	$	0.74
Forfeited		—		$	—
Non-vested at March 31, 2014		1,611,967		$	0.56