Stock-based Compensation

6 Months Ended

Jun. 30, 2014

Stock-based Compensation [Text Block]

Note 4 – Stock-based Compensation

     At June 30, 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 six months of 2014 the Company issued 50,000 options to the Company’s independent directors as part of their annual compensation, and 50,000 options to an officer of the Company in accordance with his employment agreement. During the first six months of 2013, the Company similarly issued 50,000 options to the Company’s independent directors and 150,000 options to an officer of the Company.

 The following summarizes the changes in common stock options for the six months ended June 30, 2014:

				Weighted
				Average
				Exercise
	Options			Price
Outstanding at December 31, 2013	2,130,000		$	1.75
Granted	100,000		$	0.70
Exercised	—			N/A
Forfeited	(7,500	)	$	2.00
Expired	(37,500	)	$	0.96
Outstanding at June 30, 2014	2,185,000		$	1.71
Options exercisable at June 30, 2014	1,340,000		$	1.75