Share-Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

17.  Share-Based Compensation

The Company accounts for all share-based payments to employees and directors, including grants of employee stock options, at fair value and expenses the benefit in the Consolidated Statements of Operations over the service period (generally the vesting period). The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes pricing valuation model, which requires various assumptions including estimating stock price volatility, expected life of the stock option, risk free interest rate and forfeiture rate. All option amounts, share amounts and share prices noted are shown after effect of the reverse and forward stock splits that occurred in 2013 (see Note 13 - Stockholders’ Equity (Deficit)).

The Company has two stock option plans.  As of December 31, 2014, 200,000 shares of Common Stock were available for grant under the 2012 Long-Term Incentive Plan; and 800 shares of Common Stock were available for grant under the Non-Employee Director Stock Option Plan.

Changes in the stock option plans are as follows:

	Number of Shares			Weighted Average Exercise
	Authorized	Granted	Available	Price
Balance January 1,  2013	201,060	260	200,800	$139.25
Authorized	-	-	-	-
Expired	(200)	(200)	-	175.00
Granted	-	-	-	-
Balance December 31, 2013	200,860	60	200,800	19.58
Authorized	-	-	-	-
Expired	(20)	(20)	-	-
Granted	-	-	-	-
Balance December 31, 2014	200,840	40	200,800	16.25

Under the 2012 Long-Term Incentive Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant.  Exercise periods are for ten years from date of grant and terminate at a stipulated period of time after an employee’s termination of employment.  At December 31, 2014, no options were outstanding or exercisable.  During 2014, no options were granted, exercised or expired.  During 2013, no options were granted, exercised or expired.

Under the Non-Employee Director Stock Option Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant. No option may be exercised prior to one year after date of grant and the optionee must be a director of the Company at time of exercise, except in certain cases as permitted by the Compensation Committee. Exercise periods are for six years from date of grant and terminate at a stipulated period of time after an optionee ceases to be a director. At December 31, 2014, options to purchase 40 shares at an exercise price of $16.25 per share were outstanding, all of which were exercisable. During 2014, no options were granted or exercised and options for 20 shares expired. During 2013, no options were granted, exercised or expired.

The following table summarizes information about stock options outstanding and exercisable at December 31, 2014:

Exercise Prices	Number Out-standing and Exercis-able	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Aggre-gate  Intrinsic Value
$16.25	40	1.0		$16.25		$ -
	40	1.0		16.25		-

The outstanding stock options at December 31, 2013 and December 31, 2012 had no intrinsic value.

All outstanding option prices are over the current market price.  As of December 31, 2014, there was no unrecognized compensation cost related to non-vested options granted under the Plans.

No options were granted in 2014 and 2013.  The fair value of options granted under the Company’s stock option plans will be estimated on dates of grant using the Black-Scholes model using the weighted average assumptions for dividend yield, expected volatility, risk free interest rate and expected lives of options granted.