Quarterly report pursuant to Section 13 or 15(d)

9. STOCK-BASED COMPENSATION (Tables)

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9. STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2015
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, 2014     6,470,000     $ 2.70                  
Granted     –       –                  
Exercised     –       –                  
Forfeited     (80,000 )   $ 2.82                  
Expired     –       –                  
Outstanding - March 31, 2015     6,390,000     $ 2.70       9.64     $ –  
Total exercisable - March 31, 2015     3,530,250     $ 2.66       9.68     $ –  
Total unvested - March 31, 2015     2,859,750     $ 2.74       9.59     $ –  
Total vested or expected to vest - March 31, 2015     6,390,000     $ 2.70       9.64     $ –  
NONVESTED STOCK OPTIONS

    Number of Shares     Weighted Average Fair Value Per Share on Grant Date  
Unvested stock options - December 31, 2014     3,421,131     $ 2.31  
Granted     –       –  
Vested     (481,381 )     2.19  
Forfeited     (80,000 )     2.50  
Unvested stock options - March 31, 2015     2,859,750     $ 2.33