Stock-Based Compensation Plans and Awards

3 Months Ended

Mar. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Awards

NOTE 10 – STOCK-BASED COMPENSATION PLANS AND AWARDS

2012 Plan

There were no options granted, forfeited or exercised during the three months ended March 31, 2019. As of March 31, 2019, 220,000 options were outstanding of which 195,000 are fully vested.

A summary of stock options for the three months ended March 31, 2019 is as follows:

	Outstanding Stock Options		Weighted- Average Exercise Price		Aggregate Intrinsic Value (1)
Balance as of December 31, 2018		220,000	$	0.41	$	-
Balance as of March 31, 2019		220,000	$	0.41	$	-
Exercisable as of March 31, 2018		195,000	$	0.46	$	-

(1) Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock.

As of March 31, 2019, compensation to be recognized on unvested options is not significant.

2016 Incentive Plan

On October 25, 2016, the Board awarded Rahoul S Banerjea, the former chief financial officer 2,250,000 options to purchase shares of common stock at $0.17 per share. This grant was independent of the Company’s 2012 long term incentive plan. The purpose of this award was to further incentivize Mr. Banerjea and promote the interests of the Company, its subsidiaries and its stockholders by enabling the Company and its subsidiaries to attract, retain and motivate executive employees of the Company and/or its subsidiaries, and to align the interests of those individuals and the Company’s stockholders. At December 31, 2017, all 2,250,000 were vested and an expense of $90,000 was recognized. As of April 18, 2018, Rahoul S Banerjea, CFO, resigned and forfeited his vested options 90 days after that date.