Annual report pursuant to Section 13 and 15(d)

11. STOCK-BASED COMPENSATION (Tables)

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11. STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option Activity
    Number of Shares     Weighted Average Exercise Price     Weighted Average Remaining Contract Term (Years)     Aggregate
Intrinsic Value 		 
                         
Outstanding - December 31, 2013     –       –                  
Granted     6,470,000     $ 2.70                  
Exercised     –       –                  
Forfeited     –       –                  
Expired     –       –                  
Outstanding - December 31, 2014     6,470,000     $ 2.70       9.88     $ –  
                                 
Total exercisable - December 31, 2014     3,048,869     $ 2.66       9.93     $ –  
Total unvested - December 31, 2014     3,421,131     $ 2.74       9.84     $ –  
Total vested or expected to vest - December 31, 2014     6,470,000     $ 2.70       9.88     $ –  
Nonvested Stock Option Activity
    Number of Shares     Weighted Average Fair Value Per Share on Grant Date  
             
Unvested stock options - December 31, 2013     –     $ –  
Granted     6,470,000       2.22  
Vested     3,048,869       2.11  
Forfeited     –       –  
Unvested stock options - December 31, 2014     3,421,131     $ 2.31  
Fair value awards
    Employees Weighted Average   Non-Employees Weighted Average
         
Volatility   103.48%   96.69%
Risk-Free Interest Rate   1.81%   2.31%
Expected Term   5.32   10.00
Dividend Rate   0.00%   0.00%
Fair Value Per Share on Grant Date   $2.21   $2.45