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STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2013
Equity [Abstract]  
Assumptions in Computing Option Fair Value

The fair value of all options granted by the Company for 2011 through 2013 was determined using the following assumptions:

 

Expected volatility

    70% - 89%

Risk free interest rate

    0.80% - 1.72%

Expected term (years)

    5

Dividend yield

    0%
Summary of Activity Related to Options Granted

Stock option activity is as follows:

 

     Number of
Options		     Weighted
Average
Exercise Price		      Weighted
Average
Remaining
Contractual Life		    Aggregate
Fair
Value		  

Outstanding December 31, 2011

      2,674,324      $ 1.59       2.43 Years    $ 4,252,175   

Granted

      1,014,000      $ 2.30         

Exercised

      —          —           

Forfeited

      (33,000 )    $ 2.47         

Expired

      (15,000 )    $ 2.68         
  

 

 

    

 

 

        

Outstanding December 31, 2012

      3,640,324      $ 1.76       2.69 Years    $ 6,406,970   

Granted

      446,000      $ 2.61         

Exercised

      (5,000 )    $ 2.75         

Forfeited

      —          —           

Expired

      —          —           
  

 

 

    

 

 

        

Outstanding September 30, 2013

      4,081,324      $ 1.85       2.31 Years    $ 7,550,449   

Exercisable at September 30, 2013

      3,226,658      $ 1.70          $ 5,485,319   

Available for grant at September 30, 2013

      854,666