Equity Incentive Plan

3 Months Ended

Mar. 31, 2015

Equity Incentive Plan [Abstract]

Equity Incentive Plan

Note 12.  Equity Incentive Plan.

On March 5, 2015, the Company's Board of Directors adopted the 2015 Equity Incentive Plan (the “2015 Plan”).  A reserve of 10,000,000 shares of common stock has been established for issuance under the 2015 Plan.  No more than an aggregate of 3,333,333 shares of common stock may be awarded during the twelve months following the 2015 Plan adoption. The exercise price of all options awarded under the 2015 Plan must be no less than 100% of the fair market value of common stock on the date of the grant.

The Company has not granted any stock options or other awards under the 2015 Plan other than the grants, effective as of March 31, 2015, to each of the Company's three independent directors pursuant to the Company's newly enacted independent director compensation policy and to a special advisor to the Company's board of directors. Under such independent director compensation policy, each of those directors meeting the NASDAQ stock market definition of independent director are entitled to receive annual compensation in the amount of $100,000, one-half to be paid in cash on a quarterly basis, in arrears, and the remaining one-half of the compensation to be paid in the form of Company common stock on a quarterly basis, in arrears, with the shares valued at the closing sale price of the Company common stock on the last trading day of the applicable quarterly period.  The special advisor is being compensated in the same manner as the independent directors.  Accordingly, as compensation payable with respect to the quarter ended March 31, 2015, the Company issued to its three independent directors and special advisor an aggregate of 7,248 shares of Company common stock.  These shares were each valued at $6.90, which was the closing price of the Company common stock on the last trading day of the quarter ended March 31, 2015.