Shareholders' Equity

3 Months Ended

Mar. 31, 2014

Stockholders Equity [Abstract]

SHAREHOLDERS' EQUITY

9.SHAREHOLDERS’ EQUITY

The Company issued a total of 7,454,546 common shares in the three months ended March 31, 2014, described further as follows:

The Company issued a total of 727,273 shares of common stock to its two independent directors in March 2014 for their first quarter compensation valued at $4,000 per director.

The Company issued 3,227,273 shares of common stock in March 2014 to a management employee in lieu of $35,500 cash compensation for services rendered in the first quarter of 2014.

The Company issued 3,500,000 shares of common stock in March 2014 to its law firm in lieu of $38,500 cash for services related to a change in control event.

All the common shares issued in the three months ended March 31, 2014 were valued at the market price on the respective date of issuance.

During the three months ended March 31, 2014, the Company recognized $16,626 equity based compensation for options that were issued in prior years and vested in the current quarters.