Stock-Based Compensation

12 Months Ended

Dec. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 16.  Stock-Based Compensation

On March 2, 2011, we issued 137,379 restricted shares of our common stock pursuant to our obligation under an employment agreement with our former Senior Vice President, Strategic and Business Development. The shares were valued at $206,069 based upon the market value per share of our common stock on the date of grant.

On April 6, 2011, we issued 20,000 restricted shares of our common stock to a member of our Board of Directors in accordance with our directors' compensation policy. The shares were valued at $18,000 based upon the value per share of our common stock on the date of grant.

On April 6, 2011, Ronald P. Ulfers, Jr., was appointed as our Chairman, President and Chief Executive Officer, replacing Mr. Samuel, and was elected as a director of the Company. In connection with his appointment, certain of our affiliates agreed to transfer to Mr. Ulfers 4,000,000 restricted shares of our common stock owned by such affiliates without the issuance of additional shares of our common stock to such affiliates or Mr. Ulfers and without dilution to the Company's stockholders. 1,000,000 of these shares were transferred by Ice Nine, LLC (see Note 14) and the remaining 3,000,000 were transferred from other investors of the Company. These 4,000,000 transferred shares were accounted for as a return of treasury stock and reissuance by the company as stock-based compensation to Mr. Ulfers. These shares were valued at $3,600,000 based upon the value per share of the Company's common stock on the date of transfer.

During 2011, we determined our $50,000 subscription receivable from 2010 was uncollectible and therefore wrote this amount off to compensation expense.

On February 22, 2012, we issued 18,750 restricted shares of our common stock to members of our Board of Directors in accordance with our directors' compensation policy. The shares were valued at $6,000 based upon the value per share of our common stock on the date of grant.