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COMMON STOCK EQUIVALENTS (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
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| Summary of outstanding options |
The following table accounts for the Company’s Plans option activity through September 30, 2014: | | | Number of
Shares | | Weighted
Average
Exercise
Price | | | Options outstanding at January 1, 2014 | | | 4,943,665 | | $ | 1.43 | | | Options granted | | | 3,043,000 | | $ | 0.96 | | | Options exercised | | | — | | $ | — | | | Options canceled/forfeited | | | (337,000) | | $ | 1.44 | | | Options outstanding at September 30, 2014 | | | 7,649,665 | | $ | 1.24 | |
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| Summary of outstanding warrants |
The following table accounts for the Company’s warrant activity for the period of January 1, 2014 through September 30, 2014: | | | Number of
Shares | | Weighted
Average
Exercise
Price | | | Warrants outstanding at January 1, 2014 | | | 37,895,137 | | $ | 1.42 | | | Warrants granted | | | 9,817,038 | | $ | 1.01 | | | Warrants exercised | | | (959,000) | | $ | 0.69 | | | Warrants canceled/forfeited | | | (1,342,170) | | $ | 1.63 | | | Warrants outstanding at September 30, 2014 | | | 45,411,005 | | $ | 1.34 | |
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| Schedule of share based payment award warrants valuation assumptions |
The assumptions used in connection with the valuation of warrants using the multinomial lattice model were as follows: | | | | September 30, 2014 | | | Number of shares underlying the warrants | | | | 9,992,296 | | | Exercise price | | | $ | 1.00 - $1.05 | | | Volatility | | | | 87.38 | % | | Risk free interest rate | | | | 1.07 | % | | Expected dividend yield | | | | 0.0 | % | | Expected warrant life (years) | | | | 4.19 - 4.41 | | | Stock price | | | $ | 0.60 | |
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| Summarizes options and warrants for compensation, warrants and fees |
The following table summarizes options and warrants for compensation, warrants and fees: | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | 2014 | | 2013 | | 2014 | | 2013 | | | Options | | $ | 570,342 | | $ | 1,217,191 | | $ | 1,880,958 | | $ | 2,262,500 | | | Warrants | | | 326,431 | | | 4,536 | | | 335,390 | | | 5,647,576 | | | Common stock | | | — | | | 379,498 | | | — | | | 2,428,861 | | | Total | | $ | 896,773 | | $ | 1,601,225 | | $ | 2,216,348 | | $ | 10,338,937 | |
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| Warrant [Member] |
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| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
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| Summary of outstanding and exercisable convertibles |
Warrants outstanding as of September 30, 2014: | Range of Exercise Price | | Number Outstanding | | Weighted Average
Contractual Life
(in years) | | Weighted Average
Exercise Price | | | $1.00 - $30.00 | | | 45,411,005 | | | 2.73 | | $ | 1.34 | | | Warrants exercisable as of September 30, 2014: | | Range of Exercise Price | | Number Outstanding | | Weighted Average
Contractual Life
(in years) | | Weighted Average
Exercise Price | | | $1.00 - $30.00 | | | 43,394,205 | | | 2.72 | | $ | 1.34 | | | Warrants outstanding as of December 31, 2013: | | Range of Exercise Price | | Number Outstanding | | Weighted Average
Contractual Life
(in years) | | Weighted Average
Exercise Price | | | $0.50 - $30.00 | | | 37,895,137 | | | 3.69 | | $ | 1.42 | | | Warrants exercisable as of December 31, 2013: | | Range of Exercise Price | | Number Outstanding | | Weighted Average
Contractual Life
(in years) | | Weighted Average
Exercise Price | | | $0.50 - $30.00 | | | 37,873,337 | | | 3.69 | | $ | 1.42 | | |
| Employee Stock Option [Member] |
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| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
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| Summary of outstanding and exercisable convertibles |
Options outstanding as of September 30, 2014: | Range of Exercise Price | | Number Outstanding | | Weighted
Average
Contractual Life
(in years) | | Weighted Average
Exercise Price | | | $0.50 - $1.61 | | | 7,649,665 | | | 4.20 | | $ | 1.24 | | | Options outstanding as of December 31, 2013: | | Range of Exercise Price | | Number Outstanding | | Weighted
Average
Contractual Life
(in years) | | Weighted Average
Exercise Price | | | $0.50 - $1.61 | | | 4,943,665 | | | 4.09 | | $ | 1.43 | | |