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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2013
Shareholders' Equity [Abstract] |
Schedule of Common Stock Sold | During 2012 the Company sold, pursuant to the Company's effective registration statement filed with the SEC, equity in the Company as follows:
Date |  | Shares issued |  | Warrants issued |  | Unit price |  | Proceeds |
July 30, 2012 |  | 589,227 |  | 117,846 |  | $ | 2.97 |  | $ | 1,745,549 | *
August 28, 2012 |  | 1,900,000 |  | 380,000 |  | $ | 2.97 |  | $ | 5,229,201 | **
October 3, 2012 |  | 1,250,000 |  | 250,000 |  | $ | 4.49 |  | $ | 5,275,750 | ***
Total |  | 3,739,227 |  | 747,846 |  |  |  |  | $ | 12,250,500 |
____________________
(*) | Net of fees of $4,455
(**) | Net of fees of $413,719
(***) | Net of fees of $336,750
Schedule of Assumptions Used to Value Options Granted to Employees | The Company valued these 2013 grants using the Black-Scholes option pricing model with the following weighted average assumptions:
Fair value on grant date | $ | 2.86 |
Expected dividend yield |  | -- |
Expected volatility |  | 64 | %
Risk free interest rate |  | 1.62 | %
Expected term of the option |  | 5 years |
Schedule of Option Activity | Activity in stock options is summarized below:
|  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  |  | Weighted |  | Average |  |  |
|  | Number of |  | Average |  | Remaining |  | Aggregate
|  | Subject to |  | Exercise |  | Contractual |  | Intrinsic
|  | Option |  | Price |  | Term (Years) |  | Value
Balance at January 1, 2011 |  | 1,734,199 |  |  | $ | 11.64 |  | 4.3 |  | $ | 281,600
Granted |  | - |  |  | $ | 20.43 |  |  |  |  |
Cancelled |  | (379,550 | ) |  | $ | 3.72 |  |  |  |  |
Exercised |  | (85,000 | ) |  | $ | 9.48 |  |  |  |  |
Balance at December 31, 2011 |  | 1,269,649 |  |  | $ | 11.64 |  | 4.2 |  | $ | -
Granted |  | (151,750 | ) |  | $ | 12.76 |  |  |  |  |
Cancelled |  | - |  |  | $ | - |  |  |  |  |
Exercised |  | - |  |  | $ | - |  |  |  |  |
Balance at December 31, 2012 |  | 1,117,899 |  |  | $ | 9.03 |  | 3.7 |  | $ | 4,250
Granted |  | 499,700 |  |  | $ | 5.26 |  |  |  |  |
Cancelled |  | (64,500 | ) |  | $ | 12.81 |  |  |  |  |
Exercised |  | (72,500 | ) |  | $ | 4.83 |  |  |  |  |
Balance at December 31, 2013 |  | 1,480,599 |  |  | $ | 7.80 |  | 5.2 |  | $ | 399,000
Activity in warrants is summarized below:
|  | Number of Shares Underlying |  |  |
|  | Warrants and Non-Employee |  | Weighted Average
|  | Options Granted |  | Exercise Price
Balance at January 1, 2011 |  | 708,909 |  |  | $ | 5.00 - 9.00
Exercised |  | (4,652 | ) |  |  | 5.64
Terminated |  | - |  |  |  | -
Issued |  | - |  |  |  | -
Balance at December 31, 2011 |  | 704,257 |  |  | $ | 5.00 - 9.00
Exercised |  | - |  |  |  | -
Terminated |  | - |  |  |  | -
Issued |  | 807,846 |  |  |  | 5.12
Balance at December 31, 2012 |  | 1,512,103 |  |  | $ | 5.56
Exercised |  | (107,483 | ) |  |  | 4.45
Terminated |  | (25,000 | ) |  |  | 9.00
Issued |  | - |  |  |  | -
Balance at December 31, 2013 |  | 1,379,620 |  |  | $ | 5.58

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 + Details
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