Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2013

The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the years ended December 31, 2013 and 2012:

	2013			2012
Weighted average expected term		6.25 years			6.25 years
Weighted average volatility		111	%		134	%
Weighted average risk-free interest rate		1.54	%		0.8	%
Dividend yield		0	%		0	%

Summary of Stock Option Activity Under the Option Plan

A summary of stock option activity under the Option Plan for the years ended December 31, 2013 and 2012, are presented below:

	Shares Under Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at January 1, 2012		1,661,750		$	0.98
Granted		322,500		$	0.74
Exercised		(34,500	)	$	0.39
Forfeited		(448,250	)	$	0.97
Outstanding at December 31, 2012		1,501,500		$	0.95		7.0 Years	$	78
Exercisable at December 31, 2012		810,623		$	1.11		5.8 Years	$	50
Outstanding at January 1, 2013		1,501,500		$	0.95
Granted		1,424,216		$	0.26
Exercised		(23,000	)	$	0.63
Forfeited		(430,500	)	$	0.87
Outstanding at December 31, 2013		2,472,216		$	0.57		8.1 Years	$	178
Exercisable at December 31, 2013		808,623		$	1.05		5.4 Years	$	5

Summary of Status of the Company's Non-Vested Shares Under Option

A summary of status of the Company’s non-vested shares under option as of and for the year ended December 31, 2013 is presented below:

	Non-vested Shares Under Option			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2013		690,877		$	0.69
Granted		1,424,216		$	0.22
Vested		(276,250	)	$	0.78
Forfeited		(175,250	)	$	0.78
Non-vested at December 31, 2013		1,663,593		$	0.29