Annual report pursuant to Section 13 and 15(d)

STOCKHOLDER'S EQUITY (Tables)

STOCKHOLDER'S EQUITY (Tables)

12 Months Ended

Dec. 31, 2014

	Year Ended
	December 31,
	2014	2013

Exercise Prices	$1.65	$1.19 - $1.88
Risk-free interest rates	1.65%	0.78% - 1.24%
Expected option life in years	5 years	5 years
Expected stock price volatility	42.65%	43.54% - 44.31%
Expected dividend yield	0.00%	0.00%

summary of stock option activity

	2014					2013
				Weighted					Weighted
				Average					Average
	Options			Exercise		Options			Exercise
	Outstanding			Price		Outstanding			Price

Options outstanding at beginning of year		4,282,500			$0.91		5,582,500			$0.78
Granted		280,000			$1.65		400,000			$1.71
Expired		—			—		(297,500	)		$0.66
Exercised		(1,612,500	)		$0.39		(1,402,500	)		$0.69

Options outstanding at end of year		2,950,000			$1.27		4,282,500			$0.91

Options exercisable at end of year		2,637,503			$1.24		3,790,834			$0.84

Summary of stock options outstanding and exercisable

			Weighted
		Weighted	Average		Weighted
Range of		Average	Remaining		Average
Exercise	Options	Exercise	Life in	Options	Exercise
Price	Outstanding	Price	Years	Exercisable	Price

$0.83 - $1.88	2,950,000	$1.27	3.71	2,637,503	$1.24

Outstanding warrants to purchase shares

Number of	Exercise
Warrants	Price	Expiration Date

250,000	$2.10	May 21, 2018
250,000	$1.40	May 21, 2018
125,000	$2.10	July 26, 2018
125,000	$1.40	July 26, 2018
750,000

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details