Stock Options and Warrants (Tables)

6 Months Ended

Jun. 29, 2014

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

Summary of Changes in Options Outstanding

The following table summarizes the changes in the options outstanding at June 29, 2014, and the related prices for the shares of the Company’s common stock issued to employees of the Company under a non-qualified employee stock option plan.

Range of Exercise Prices		Number Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Number Exercisable		Weighted Average Exercise Price
$	4.50		175,000	$	4.50		2.35		175,000	$	4.50
			175,000				2.35		175,000

Summary of Stock Awards for Options

A summary of the Company’s stock awards for options as of December 29, 2013 and changes for the thirteen weeks ended June 29, 2014 is presented below:

	Stock Options		Weighted Average Exercise Price
Outstanding, December 29, 2013		175,000	$	4.50
Granted		—		—
Exercised		—		—
Expired/Cancelled		—		—
Outstanding, June 29, 2014		175,000	$	4.50
Exercisable, June 29, 2014		175,000	$	4.50

Weighted-Average Fair Value of Stock Options Granted to Employees

The weighted-average fair value of stock options granted to employees during the period ended June 29, 2014 and June 30, 2013 and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes-Merton (“Black-Scholes”) option pricing model are as follows:

	June 29, 2014			June 30, 2013
Significant assumptions (weighted-average):
Risk-free interest rate at grant date		0.78	%		0.78	%
Expected stock price volatility		139	%		139	%
Expected dividend payout		-			-
Expected option life (in years)		5.00			4.59
Expected forfeiture rate		-	%		-	%
Fair value per share of options granted	$	3.96		$	3.96

Schedule of Changes in Warrants Outstanding

The following table summarizes the changes in the warrants outstanding at June 29, 2014, and the related prices.

Range of Exercise Prices	Number Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Number Exercisable		Weighted Average Exercise Price
$0.01 to $0.37		723,431	$	0.13		3.79		169,946	$	0.37
		723,431				3.79		169,946

Schedule of Stock Warrants Activity

A summary of the Company’s warrant as of December 29, 2013 and the changes for the twenty-six weeks ended June 29, 2014 is presented below:

	Warrants			Weighted Average Exercise Price
Outstanding, December 29, 2013		575,676		$	0.37
Granted		386,741			0.09
Exercised		(238,986	)		0.01
Expired/Cancelled		—			—
Outstanding, June 29, 2014		723,431		$	0.13
Exercisable, June 29, 2014		169,946		$	0.37