Annual report pursuant to section 13 and 15(d)

STOCKHOLDERS' EQUITY (Tables)

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STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Status of outstanding stock warrants
    Number of Warrants     Weighted Average Exercise Price     Weighted Average Remaining Contractual Life (Years)  
Balance at December 31, 2012     199,162     $ 7.02       6.52  
Granted     582,175       6.50       2.46  
Cancelled     -       -       -  
Forfeited     (73,077 )     6.50       8.08  
Exercised     -       -       -  
Balance at December 31, 2013     708,260     $ 6.66       2.74  
                         
Warrants exercisable at December 31, 2013     680,055     $ 6.66          
Weighted average fair value of warrants granted during the period ended December 31, 2013           $ 6.50          
Summary of stock options
    Number of Options     Weighted Average Exercise Price     Weighted Average Remaining Contractual Life (Years)  
Balance at December 31, 2012     153,846       6.50       9.87  
Granted     1,309,230       5.74       4.98  
Exercised     -       -       -  
Forfeited     (9,615)       11.05       -  
Cancelled     (115,384)       11.05        -  
Balance outstanding at December 31, 2013     1,338,076     $ 5.83       5.21  
                         
Options exercisable at December 31, 2013     145,192,     $ 5.97       7.15   
Options expected to vest     1,192,885                  
Weighted average fair value of options granted during the period           $ 3.88