Stock-based Compensation

9 Months Ended

Sep. 30, 2014

Stock-based Compensation [Text Block]

Note 4 – Stock-based Compensation

     At September 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 nine 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 same period, 47,500 options expired and 17,500 options were forfeited in association with employee departures.

     During the first nine months of 2013, the Company issued 50,000 options to the Company’s independent directors and 150,000 options to an officer of the Company. During the same period, 408,198 options expired and 1,530,000 options were forfeited.

    The following summarizes the changes in common stock options for the nine months ended September 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	(17,500	)	$	2.00
Expired	(47,500	)	$	1.18
Outstanding at September 30, 2014	2,165,000		$	1.71
Options exercisable at September 30, 2014	1,330,000		$	1.75

    As of September 30, 2014 there is approximately $479 of non-recognized stock based compensation expense related to unvested option awards outstanding, which is expected to be recognized over a weighted average period of 1.8 years.