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INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2017
INCENTIVE PLANS  
Summary of option activity

 

 

 

Shares

 

Weighted-
Average
Exercise
Price Per
Share

 

Weighted-
Average
Remaining
Contractual
Term
(in years)

 

Aggregate
Intrinsic Value

 

Outstanding — January 1, 2017

 
37,750

 

$

  4.75

 

 

 

 

 

Granted

 
150,000

 
3.43

 

 

 

 

 

Exercised

 

—

 

—

 

 

 

 

 

Cancelled

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2017

 
187,750

 

$

  3.70

 
8.13

 

$
74,070

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable on December 31, 2017

 
37,750

 

$

  4.75

 
3.20

 

$
9,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of the liability and changes during the years

 

 

 

 

 

 

 

 

 

 

 

2017

 

2016

 

Beginning Balance

 

$
45,000

 

$
143,000

 

Reductions

 
(22,000

)
(36,000

)

Payments

 
(23,000

)
(62,000

)

 

 

 

 

 

 

Ending Balance

 

$

—

 

$
45,000