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STOCK BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2014
STOCK BASED COMPENSATION [Abstract] |
STOCK BASED COMPENSATION | NOTE 8 – STOCK BASED COMPENSATION The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award, with the following assumptions for 2014 and 2013: no dividend yield in both years, expected volatility, based on the Company's historical volatility, 70.25% to 109% in 2014 and between 107% to 113% in 2013, risk-free interest rate between 0.58% to 2.08% in 2014 and between 0.94% to 1.86% in 2013 and expected option life of 2.13 to 7.25 years in 2014 and 3 to 10 years in 2013. As of December 31, 2014, there was $324,004 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through May 2017. The following tables summarize all stock option and warrant activity of the Company during the year ended December 31, 2014 and 2013:
|  | Non-Qualified Stock Options and Warrants Outstanding and Exercisable |
|  | Number of |  |  | Exercise |  |  | Weighted Average |
|  | Shares |  |  | Price |  |  | Exercise Price |
Outstanding, December 31, 2012 |  |  | 8,773,500 |  |  |  | $0.25 - $1.75 |  |  |  | $1.13 |
Granted |  |  | 560,000 |  |  |  | $0.84 - $1.16 |  |  |  | $0.96 |
Expired |  |  | (1,971,650 | ) |  |  | $0.73 - $1.25 |  |  |  | $1.02 |
Forfeited |  |  | (120,000 | ) |  |  | $0.93 - $1.03 |  |  |  | $0.99 |
Exercised |  |  | (95,850 | ) |  |  | $0.345 - $1.25 |  |  |  | $0.76 |
Outstanding, December 31, 2013 |  |  | 7,146,000 |  |  |  | $0.25 - $1.75 |  |  |  | $1.16 |
Granted |  |  | 5,257,600 |  |  |  | $0.72 - $1.25 |  |  |  | $1.07 |
Expired |  |  | (10,000 | ) |  |  | $1.25 |  |  |  | $1.25 |
Forfeited |  |  | (125,000 | ) |  |  | $0.92 - $1.03 |  |  |  | $0.93 |
Exercised |  |  | (449,000 | ) |  |  | $0.25 - $0.345 |  |  |  | $0.34 |
Outstanding, December 31, 2014 |  |  | 11,819,600 |  |  |  | $0.63 - $1.75 |  |  |  | $1.15 |
Exercisable, December 31, 2014 |  |  | 11,267,723 |  |  |  | $0.63 - $1.75 |  |  |  | $1.16 |
The aggregate intrinsic value of options and warrants outstanding and exercisable as of December 31, 2014 was $92,950. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and warrants and the closing stock price of $.77 for our common stock on December 31, 2014. The total intrinsic value of options and warrants exercised during the year ended December 31, 2014 and 2013 was $232,139 and $32,139.
Non-Qualified Stock Options and Warrants Outstanding
Range of Exercise Prices |  | Number Outstanding Currently Exercisable at December 31, 2014 |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price of Options and Warrants Currently Exercisable
$0.63 - $1.75 |  | 11,267,723 |  | 3.58 Years |  | $1.16

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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