Stock Options

9 Months Ended

Sep. 30, 2012

Stock Options [Abstract]

Stock Options [Text Block]

9. Stock Options

In connection with the November 8, 2011 “Strategic Transactions” the Company issued 740,000 options at an exercise price of $1.25. A total of 148,000 shares vest six months after the grant date. At September 30, 2012, the aggregate intrinsic value was $0. The remaining options vest upon the achievement of performance milestones. Options vesting on the achievement of performance milestones will not be recognized as compensation until such milestones are deemed probable of achievement. The Company recorded stock- based compensation expense of $0 and $98,667 for the three and nine months ended September 30, 2012. At September 30, 2012, the Company has approximately $426,000 of unrecognized compensation expense related to unvested share-based compensation awards that will be expensed upon the achievement of performance milestones.