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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2014
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

Stock-Based Compensation

GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award.

The Company has granted options/warrants to consultants. These awards generally vest ratably over 12 to 60 months from the date of grant and the Company charges to operations quarterly the current market value of the options using the Black-Scholes method. During the three months ended March 31, 2014 and 2013 a benefit of ($79,310) and ($1,193), respectively, and was recorded to operations reflecting the fair value of the options using the Black-Scholes method with the following weighted average assumptions:

          2014         2013
Risk free interest rate   0.4%   0.3%
Option Life   1.4 years   2.0 years
Volatility   46%   54%

The Company granted 80,200 fully vested options to employees during the three months ended March 31, 2013 and recorded share-based compensation of $173,120. The Company valued these grants using the Black-Scholes option pricing model with the following assumptions:

  Risk free interest rate 0.8%
  Option Life 5 years
  Volatility 71%

The Company did not grant any stock options to employees and directors during the three months ended March 31, 2014.

In connection with the restricted stock grants to employees and directors, the Company charged $131,644 and $541,704 to operations during the three months ended March 31, 2014 and 2013 respectively. As of March 31, 2014, remaining unamortized compensation costs in connection with these restricted stock grants was $626,819 which will be recognized over the next 21 month period.