Stock-based Compensation

3 Months Ended

Mar. 31, 2015

Stock-based Compensation [Text Block]

Note 4 – Stock-based Compensation

     At March 31, 2015 the Company had three stock-based compensation plans, which are described more fully in Note 15 to the audited consolidated financial statements for the year ended December 31, 2014, contained in the Company’s most recently filed Annual Report on Form 10-K.

     During the first three months of both 2015 and 2014, the Company issued 50,000 options to the Company’s independent directors as part of their annual compensation. No options were exercised, were forfeited or expired during the first three months of either 2015 or 2014.

      The following summarizes the changes in common stock options for the three months ended March 31, 2015:

			Weighted
			Average
			Exercise
	Options		Price
Outstanding at December 31, 2014	2,165,000	$	1.71
Granted	50,000	$	0.42
Outstanding at March 31, 2015	2,215,000	$	1.68
Options exercisable at March 31, 2015	1,583,750	$	1.75

     As of March 31, 2015 there is approximately $253 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.