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Warrants
 12 Months Ended
Dec. 31, 2014
Warrants [Abstract]  
WARRANTS:

8. WARRANTS: 

On January 31, 2014 the expiration date of outstanding warrants issued to one of the Company’s placement agents to purchase 1,342,500 shares of the Company’s common stock at $1.10 per share, due to expire on January 31, 2014 was extended by the Company through January 31, 2018. The following information was input into BSM to compute a fair value price of $.104 for each modified warrant:

 

Exercise price $1.10 
Term 4 years 
Expected volatility  37% 
Dividend yield  0% 
Risk-free interest rate  .09% 

 

For the years ended December 31, 2014 and 2013, compensation expense of $139,620 and $1,916 respectively was recorded related to these warrants. 

 

The following table summarizes information about outstanding stock warrants as of December 31, 2014 all of which are exercisable:

      Weighted Average 
Exercise  Number  Remaining 
Price  Outstanding  Contractual Life 
          
$1.10   1,342,500  3 years 
 1.00   2,000,004  6 years 
$0.55   1,773,027   7 years 
     5,115,531