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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2013
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
Estimates related to gross-to-net sales adjustments for product | Below is a table showing gross sales and net sales by quarter for the years ended December 31, 2013 and 2012.
(in thousands) | Three months ended March 31, 2013 | Three months ended June 30, 2013 | Three months ended Sept 30, 2013 | Three months ended Dec 31, 2013 | Twelve months ended Dec 31, 2013 |  |
Gross sales | $ 1,255 | $ 508 | $ - | $ - | $ 1,763 |  |
Cash discounts | 10 | 36 | - | 5 | 51 |  |
Contract discounts | 83 | 92 | - | 8 | 183 |  |
Net sales | $ 1,162 | $ 380 | $ - | $ (13) | $ 1,529 |  |
| Three months ended March 31, 2012 | Three months ended June 30, 2012 | Three months ended Sept 30, 2012 | Three months ended Dec 31, 2012 | Twelve months ended Dec 31, 2012 |  |
Gross sales | $ 577 | $ 712 | $ 877 | $ 1,048 | $ 3,214 |  |
Cash discounts | 5 | 13 | 7 | 9 | 34 |  |
Contract discounts | 18 | 84 | 89 | 124 | 315 |  |
Net sales | $ 554 | $ 615 | $ 781 | $ 915 | $ 2,865 |  |
Basic and diluted net income (loss) per share | Basic and diluted net income (loss) per share were determined as follows:
(in thousands, except share and per share amounts) |  |  |  |  |  |
|  | For the year ended December 31, |
|  | 2013 |  |  | 2012 |
Net income (loss) |  | $ | 1,551 |  |  | $ | (12,531 | )
Weighted average shares outstanding |  |  | 25,243,160 |  |  |  | 24,178,768 |
Basic net income (loss) per common share |  | $ | 0.05 |  |  | $ | (0.52 | )
Net income (loss) |  | $ | 1,551 |  |  | $ | (12,531 | )
Weighted average shares outstanding |  |  | 25,243,160 |  |  |  | 24,178,768 |
Effect of dilutive options and warrants |  |  | 230,486 |  |  |  | - |
Weighted average shares outstanding assuming dilution |  |  | 25,473,646 |  |  |  | 24,178,768 |
Diluted net income (loss) per common share |  | $ | 0.06 |  |  | $ | (0.52 | )
Antidilutive securities excluded from computation of earnings per share | We did not include the following securities in the table below in the computation of diluted net income (loss) per common share because the securities were anti-dilutive during the periods presented:
|  | For the year ended December 31, |
|  | 2013 |  |  | 2012 |
Warrants |  |  | 31,879,063 |  |  |  | 35,733,943 |
Stock options |  |  | 919,200 |  |  |  | 2,703,284 |
Preferred stock Series A |  |  | 58,067,234 |  |  |  | 58,267,234 |
Preferred stock Series B |  |  | 20,000,000 |  |  |  | 20,000,000 |
Total |  |  | 110,865,497 |  |  |  | 116,704,461 |
Stock options assumptions | During 2013 and 2012, no stock options and 1,235,000 stock options, respectively, were granted under the 2005 Equity Incentive Plan. Assumptions for 2012 are:
| 2012
Expected volatility assumption was based upon a combination of historical stock price volatility measured on a weekly basis and is considered a reasonable indicator of expected volatility. | 98%
Risk-free interest rate assumption is based upon U.S. Treasury bond interest rates appropriate for the term of the our employee stock options. | 0.45%
Dividend yield assumption is based on our history and expectation of dividend payments. | None
Estimated expected term (average of number years) is based on the simplified method as prescribed by SAB 107/110 as we do not have sufficient information to calculate an expected term. | 5.5 years
Stock-based compensation allocation | The following table summarizes stock-based compensation for the years ended December 31, 2013 and 2012 which was allocated as follows (in thousands):
|  | Year ended December 31, 2013 |  |  | Year ended December 31, 2012 |
Research and development |  | $ | 31 |  |  | $ | 93 |
General and administrative |  |  | 408 |  |  |  | 297 |
Stock-based compensation expense included in operating expense |  |  | 439 |  |  |  | 390 |
Total stock-based compensation expense |  |  | 439 |  |  |  | 390 |
Tax benefit |  |  | - |  |  |  | - |
Stock-based compensation expense, net of tax |  | $ | 439 |  |  | $ | 390 |

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