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STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Assumptions in Computing Option Fair Value

The fair value of all options granted during the years ended December 31, 2013 and 2012 was determined using the following assumptions:

 

Expected volatility

   70% - 90%

Risk free interest rate

   0.80% - 1.75%

Expected term (years)

   3.0 - 5.0

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

     (30,500   $ 2.67         

Forfeited

     (10,500   $ 2.35         

Expired

     —          —           
  

 

 

   

 

 

       

Outstanding December 31, 2013

     4,045,324      $ 1.85         2.05 Years       $ 7,483,849   

Exercisable at, December 31, 2013

     3,460,992      $ 1.75          $ 6,056,736   

Unvested at December 31, 2013

     584,332