STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

NOTE 12– STOCK-BASED COMPENSATION

Services performed and other transactions settled in the Company’s common stock are recorded at the estimated fair value of the stock issued if that value is more readily determinable, than the fair value of the consideration received. 

The Company has stock compensation plans for employees and directors. The Company recognizes the stock-based compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. All of the Company’s stock-based compensation is accounted for as an equity instrument.

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
December 31, 2014		11,848		$	0.38		3.0		-
Options forfeited and expired		(421	)		-		-		-
December 31, 2015		11,427			0.40		2.0		-
Options forfeited and expired		-			-		-		-
December 31, 2016		11,427			0.40		1.0		-

Aggregate intrinsic value is the sum of the amounts by which the quoted market price of our stock exceeded the exercise price of the options at December 31, 2016 and 2015 for those options for which the quoted market price was in excess of the exercise price (“in-the-money- options”). There were no options in the money at December 31, 2016 and 2015. 

As of December 31, 2016, all the stock options have been vested.  The Company recorded no income tax benefits for stock-based compensation expense arrangements for the years ended December 31, 2016 and 2015, as the Company has cumulative operating losses. 

For the year ended December 31, 2016 and 2015, $73,000 and $74,000 of stock based compensation expense have been charged to general and administrative expense, respectively.