EQUITY COMPENSATION PLANS

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

EQUITY COMPENSATION PLAN

In March 2003, the Company’s shareholders approved its 2003 Stock Option and Incentive Plan (the “2003 Plan”). Pursuant to the 2003 Plan, the Company’s Board of Directors (or its committees and/or executive officers delegated by the Board of Directors) may grant incentive and nonqualified stock options, restricted stock, and other stock-based awards to the Company’s employees, officers, directors, consultants and advisors.  As of December 31, 2014, there were 12,500 restricted shares of Common Stock issued and options to purchase an aggregate of 44,000 shares of Common Stock outstanding under the 2003 Plan and no shares are available for future grants due to the 2003 Plan’s expiration.

In May 2008, the Company’s shareholders approved the 2008 Equity Compensation Plan (the “2008 Plan”). The 2008 Plan provides for grants of incentive stock options to employees and nonqualified stock options and restricted stock to employees, consultants and non-employee directors of the Company.  In May 2013, the Company’s shareholders approved an amendment to the 2008 Plan to fix the maximum number of shares available under the 2008 Plan at 10,000,000 shares following shareholder approval of a 1-for-10 reverse stock split effective June 7, 2013. As of December 31, 2014, there were restricted shares of Common Stock issued and options to purchase an aggregate of 984,873 shares of Common Stock outstanding under the 2008 Plan and 9,002,127 shares available for future grants.

The tables below show the remaining shares available for future grants for each plan and the outstanding shares.

	Equity Compensation Plans
	2003 Plan			2008 Plan
Shares Available For Issuance
Total reserved for stock options and restricted stock		160,000			10,000,000
Net restricted stock issued net of cancellations		(5,000	)		(36,473	)
Stock options granted		(154,449	)		(2,175,883	)
Add back options cancelled before exercise		82,349			1,214,483
Less shares no longer available due to Plan expiration		(82,900	)		-
Remaining shares available for future grants at December 31, 2014		-			9,002,127
							Not Pursuant to a Plan
Stock options granted		154,449			2,175,883			310,000
Less:   Stock options cancelled		(82,349	)		(1,214,483	)		(188,333	)
Stock options exercised		(35,600	)		(13,000	)		(66,667	)
Net shares outstanding before restricted stock		36,500			948,400			55,000
Net restricted stock issued net of cancellations		5,000			36,473			6,485
Outstanding shares at December 31, 2014		41,500			984,873			61,485