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STOCK OPTION PLAN AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

Stock option transactions during the three months ended March 31, 2014 were as follows:

	Three months ended March 31, 2014
	Shares		Weighted - Average Exercise Price
Outstanding at Beginning of Year		5,693,322	$	1.07
Granted		130,000		1.71
Exercised		(56,345)		0.10
Forfeited or Canceled		(127,750)		1.16
Outstanding at End of Period		5,639,227		1.09
Options Exercisable at Period-End		4,612,441	$	1.33
Weighted-Average Fair Value of Options Granted During the Period	$	0.44

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]

Information with respect to stock options outstanding and exercisable as of March 31, 2014 is as follows:

Options Outstanding

Options Exercisable

Number

Weighted -

Number

Outstanding

Average

Weighted -

Exercisable

Weighted -

Range of

Remaining

Average

Exercise

Mar. 31,

Contractual

Exercise

Mar. 31,

Exercise

Prices

2014

Life

Price

2014

Price

$ 0.10 - $1.80

5,639,227

7.4 Years

1.09

4,612,441

1.33

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for options granted.

	2014
Expected Life	6.25 yrs
Dividend Yield	0	%
Expected Volatility	24.22	%
Risk-Free Interest Rate	2.73	%

Warrant [Member]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

Stock warrant transactions during the three months ended March 31, 2014 were as follows:

Outstanding at December 31, 2013		3,883,641
Granted		199,197
Exercised		-
Forfeited or Canceled		-
Warrants Redeemable at March 31, 2014		4,082,838

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details