Amended and Restated 2008 Long Term Incentive Compensation Plan and 2017 Long-Term Incentive Compensation Plan

9 Months Ended

Sep. 30, 2017

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

Compensation and Employee Benefit Plans [Text Block]

Note 6.  Amended and Restated 2008 Long Term Incentive Compensation Plan and 2017 Long-Term Incentive Compensation Plan

Amended and Restated 2008 Long-Term Incentive Compensation Plan

Total Authorized under the plan	2,240,000
Shares issued in prior years	612,428
Shares issued during 2017	459,995
Options exercised during 2017	-
Outstanding options	1,100,640
Available for grant at September 30, 2017 (Registered and Unregistered)	66,937

During the third quarter of 2017, no shares were issued or options were granted under the 2008 Plan. The 66,937 available shares under the plan is divided in 4,548 registered and 62,388 unregistered shares.

Stock option activity is set forth below:

			Weighted Average
Options:	Number of Options		Exercise Price
Outstanding as of December 31, 2016		1,040,211	$	13.35
Granted in 2017		199,700	$	2.16
Forfeitures (Pre-vesting)		(2,058)	$	20.48
Expirations (Post-vesting)		(137,213)	$	25.03
Outstanding as of September 30, 2017		1,100,640	$	9.85

At September 30, 2017, the unrecognized expense portion of stock-based awards granted to employees under the 2008 Plan was $224,853, compared to $591,849 for the same period in 2016.

2017 Long-Term Incentive Compensation Plan

Total Authorized under the plan (Shareholders)	6,500,000
Total Registered under the plan (S-8 dated June 14, 2017)	3,500,000
Shares issued during 2017	1,576,000
Options granted	1,576,000
Forefeitures	(58,000)
Available for grant at September 30, 2017 (Registered & Unregistered)	4,982,000

			Weighted Average
Options:	Number of Options		Exercise Price
Outstanding as of December 31, 2016		-	$	NA
Granted in 2017		1,576,000	$	1.00
Forfeitures (Pre-vesting)		(58,000)	$	1.00
Expirations (Post-vesting)		-	$	NA
Outstanding as of September 30, 2017		1,518,000	$	1.00

At September 30, 2017, the unrecognized expense portion of stock-based awards granted to employees under the 2017 Plan was $673,921, without comparison for the same period in 2016, as the 2017 Plan was only implemented recently.

Under the provisions of ASC 718, expensing takes place proportionally to the vesting associated with each stock-award, adjusted for cancellations, forfeitures and returns. If there are any modifications or cancellations of the underlying unvested awards, we may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense.