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2. SHARE BASED PAYMENT

9 Months Ended

Sep. 30, 2014

2. SHARE BASED PAYMENT

The Company has outstanding stock options issued to employees and Board members which are exercisable at $0.23 per share. The options vest 20% each year over a five year period and expire after ten years. As of September 30, 2014, there were no unvested options. Stock option compensation recognized for the nine months ended September 30, 2014 and 2013 in the accompanying condensed consolidated statements of operations amounted to $0 and $2,000, respectively.

A summary of stock option activity as of September 30, 2014, and changes during the period then ended is presented below.

				Weighted-
			Weighted-	Average
			Average	Remaining		Aggregate
			Exercise	Contractual		Intrinsic
	Options		Price	Life (Years)		Value

Outstanding at December 31, 2013	385,000	$	0.23	4.66	$	-
Granted	-		-	-		-
Exercised	-		-	-		-
Forfeited	-		-	-		-
Outstanding at September 30, 2014 (unaudited)	385,000	$	0.23	3.92	$	-

Vested and expected to vest
at September 30, 2014 (unaudited)	385,000	$	0.23	3.92	$	-

Exercisable at September 30, 2014 (unaudited)	385,000	$	0.23	3.92	$	-

The Company had 575,613 warrants outstanding as of September 30, 2014 which entitle the holders to immediately purchase one share of the Company's common stock at an exercise price of $0.44 per share. The warrants expire on November 13, 2014.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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