Stock-based Compensation

3 Months Ended

Mar. 31, 2014

Stock-based Compensation [Text Block]

Note 3 – Stock-based Compensation

At March 31, 2014 the Company maintained six stock-based compensation plans, which are described more fully in Note 14 to the audited consolidated financial statements for the year ended December 31, 2013, contained in the Company’s most recently filed Annual Report on Form 10-K.

During the first three months of 2014 the Company issued 50,000 options to the Company’s independent directors as part of their annual compensation. During the first three months of 2013, the Company issued 150,000 options to an officer of the Company in accordance with his employment agreement. No options were exercised, were forfeited or expired during the first three months of either 2014 or 2013.

The following summarizes the changes in common stock options for the three months ended March 31, 2014 and 2013:

			Weighted
			Average
			Exercise
	Options		Price
Outstanding at December 31, 2013	2,130,000	$	1.75
Granted	50,000	$	0.69
Exercised	—		N/A
Forfeited	—		N/A
Expired	—		N/A
Outstanding at March 31, 2014	2,180,000	$	1.73
Options exercisable at March 31, 2014	1,190,000	$	1.70

			Weighted
			Average
			Exercise
	Options		Price
Outstanding at December 31, 2012	3,898,198	$	1.75
Granted	150,000	$	1.00
Exercised	—		N/A
Forfeited	—		N/A
Expired	—		N/A
Outstanding at March 31, 2013	4,048,000	$	1.72
Options exercisable at March 31, 2013	1,888,198	$	1.53