Quarterly report pursuant to sections 13 or 15(d)

STOCK OPTIONS (Tables)

v2.4.0.8
STOCK OPTIONS (Tables)
 3 Months Ended
Mar. 31, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The assumptions used in the valuation of stock options granted during the three months ended March 31, 2014 and 2013 were as follows:
 
 
 
Three Months Ended
 
 
Three Months Ended
 
 
 
March 31,
 
 
March 31,
 
 
 
2014
 
 
2013
 
Risk-free interest rate
 
 
2.19
%
 
 
2.02
%
Expected term of option
 
 
6.0 years
 
 
 
6.0 years
 
Expected stock price volatility
 
 
100.73
%
 
 
99.96
%
Expected dividend yield
 
$
0.0
 
 
$
0.0
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the stock option activity and related information for the 2012 Plan for the quarter ended March 31, 2014 is as follows:
 
 
 
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual Term
 
Aggregate Intrinsic
Value
 
Outstanding at January 1, 2014
 
 
376,500
 
$
18.09
 
 
8.81
 
$
24,915
 
Grants
 
 
173,500
 
$
15.88
 
 
9.87
 
$
-
 
Exercised
 
 
-
 
 
 
 
 
 
 
 
 
 
Forfeitures or expirations
 
 
-
 
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2014
 
 
550,000
 
$
17.39
 
 
8.98
 
$
47,565
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest at March 31, 2014
 
 
550,000
 
$
17.39
 
 
8.98
 
$
47,565
 
Exercisable at March 31, 2014
 
 
173,459
 
$
20.66
 
 
8.47
 
$
17,176