|
EMPLOYEE STOCK OPTIONS (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| EMPLOYEE STOCK OPTIONS (Tables) |
|
| A summary of the stock option activity |
|
| 2013
|
| 2012
|
|
| Options
|
| Weighted-Average Exercise Price
|
| Options
|
| Weighted-Average Exercise Price
|
| Outstanding at beginning of the year
| 1,125,000
|
| $
| 2.37
|
| 1,125,000
|
| $
| 2.00
|
| Issued
| 1,685,000
|
|
| 4.98
|
| 165,000
|
|
| 4.50
|
| Forfeited
| (137,500)
|
|
| 2.55
|
| (165,000)
|
|
| 2.00
|
| Exercised
| (25,000)
|
|
| 3.50
|
| -
|
|
| -
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at end of year
| 2,647,500
|
| $
| 4.01
|
| 1,125,000
|
| $
| 2.37
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable at end of year
| 662,500
|
| $
| 3.13
|
| 200,000
|
| $
| 2.00
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average fair value of
|
|
|
|
|
|
|
|
|
|
| options granted during the year
|
|
| $
| 4.35
|
|
|
| $
| 4.26
|
|
| Schedule of Stock Options Roll Forward |
Employee Stock Options Following is a table reflecting the issuances during 2012 and 2013 and their related exercise prices: | Grant date
|
| # of options
|
| Exercise price
|
| July 1, 2012
|
| 75,000
|
| $
| 4.50
|
| September 1, 2012
|
| 50,000
|
|
| 4.50
|
| October 1, 2012
|
| 40,000
|
|
| 4.50
|
|
|
|
|
|
|
|
| January 1, 2013
|
| 1,400,000
|
|
| 4.50
|
| March 15, 2013
|
| 150,000
|
|
| 5.50
|
| June 25, 2013
|
| 35,000
|
|
| 7.50
|
| December 16, 2013
|
| 100,000
|
| $
| 10.00
|
|
|
|
|
|
|
|
|
|
| 1,850,000
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable |
The following table summarizes information related to the Companys stock options outstanding at December 31, 2013: |
|
| Options Outstanding
|
|
|
| Exercise price
|
| Number Outstanding
|
| Weighted-Average Remaining Contractual Life (in years)
|
| Number Exercisable
|
| 2.00
|
| 842,500
|
| 7.92
|
| 362,500
|
| 4.50
|
| 1,520,000
|
| 8.96
|
| 300,000
|
| 5.50
|
| 150,000
|
| 9.29
|
| -
|
| 7.50
|
| 35,000
|
| 9.48
|
| -
|
| 10.00
|
| 100,000
|
| 9.96
|
| -
|
|
|
|
|
|
|
|
|
| -
|
| 2,647,500
|
| 8.69
|
| 662,500
|
|
| Assumptions used to determine the fair value of options granted |
|
|
| Risk free interest rate
|
| Expected life (years)
|
| Dividend yield
|
| Volatility
|
|
|
|
|
|
|
|
|
|
|
| July 1, 2012
|
| 0.67%
|
| 6.5
|
| -
|
| 158%
|
| September 1, 2012
|
| 0.80%
|
| 6.5
|
| -
|
| 153%
|
| October 1, 2012
|
| 0.25%
|
| 5.75
|
| -
|
| 147%
|
|
|
|
|
|
|
|
|
|
|
| January 1, 2013
|
| 0.76%
|
| 6.5
|
| -
|
| 138%
|
| February 13, 2013
|
| 0.92%
|
| 6.5
|
| -
|
| 137%
|
| March 15, 2013
|
| 0.84%
|
| 6.5
|
| -
|
| 132%
|
| June 25, 2013
|
| 1.49%
|
| 6.5
|
| -
|
| 128%
|
| December 16, 2013
|
| 1.55%
|
| 6.5
|
| -
|
| 119%
|
|