Annual report pursuant to section 13 and 15(d)

9. STOCK OPTIONS (Tables)

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9. STOCK OPTIONS (Tables)
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Schedule of stock options outstanding
    Year Ended     Year Ended  
    December 31, 2013     December 31, 2012  
          Weighted           Weighted  
          Average           Average  
          Exercise           Exercise  
    Shares     Price     Shares     Price  
   
Outstanding at beginning of year     749,211     $ 6.86       105,890     $ 2.62  
   
Forfeited     (6,350 )   $ 7.56       -     $ -  
Granted     84,134     $ 7.56       643,321     $ 7.56  
Outstanding at end of year and expected to vest     826,995     $ 6.90       749,211     $ 6.86  
Options exercisable     391,822     $ 6.23       175,022     $ 6.67  
   
Weighted average fair value of options                                
granted during the period           $ 4.35             $ 5.37  
Stock-based compensation expense
    2013     2012  
   
Research and development   $ 227,085     $ 101,606  
General and administrative     661,210       525,181  
Total stock-based compensation expense   $ 888,295     $ 626,787