Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

(6) STOCK-BASED COMPENSATION PLANS (continued)

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, 2014 and 2013:

	2014			2013
Weighted average expected term	6.25 years			6.25 years
Weighted average volatility		121	%		111	%
Weighted average risk-free interest rate		1.67	%		1.54	%
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, 2014 and 2013, are presented below:

	Shares Under Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
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	$	—
Exercisable at December 31, 2013		808,623		$	1.05	5.4 Years	$	—
Outstanding at January 1, 2014		2,472,216		$	0.57
Granted		410,000		$	0.25
Exercised		—
Forfeited		(1,146,697	)	$	0.45
Outstanding at December 31, 2014		1,735,519		$	0.59	7.2 Years	$	—
Exercisable at December 31, 2014		789,579		$	0.93	5.5 Years	$	—

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, 2014 is presented below:

	Non-vested Shares Under Option			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2014		1,663,593		$	0.29
Granted		410,000		$	0.22
Vested		(300,956	)	$	0.38
Forfeited		(826,697	)	$	0.38
Non-vested at December 31, 2014		945,940		$	0.29