STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2016

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

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

NOTE 18 – STOCK-BASED COMPENSATION

The Company’s Stock Option Plan (the “Plan”), which is stockholder approved, permits the grant of stock options and shares to its employees or directors for up to 63,749 shares of common stock. The exercise price equaled the market price on the date the options were granted. The directors are 100% vested. The options become exercisable for the key employees at a vesting rate of 20% per year over five years and have an expiration date of the earlier of ten years from the date of grant or five years from termination.

A summary of option activity under the Plan during the year ended December 31, 2016 and 2015 is presented below:

	For the Year Ended December 31, 2016
					Average
			Weighted-		Remaining
			Average		Contractual
	Shares		Exercise Price		Term
Outstanding, beginning of period		36,892	$	9.65		3.1
Granted		-
Exercised		-
Forfeited or expired		(2,702)		9.65		-
Outstanding, end of period		34,190	$	9.65		2.3
Exercisable, end of period		34,190	$	9.65		2.3

	For the Year Ended December 31, 2015
					Average
			Weighted-		Remaining
			Average		Contractual
	Shares		Exercise Price		Term
Outstanding, beginning of period		36,892	$	9.65		4.1
Granted		-
Exercised		-
Forfeited or expired		-
Outstanding, end of period		36,892	$	9.65		3.1
Exercisable, end of period		36,892	$	9.65		3.1

Shares in the above tables for all periods prior to October 2016 have been restated at the second-step conversion exchange rate of 2.0473-to-1.

There was no stock option plan expense for the years ended December 31, 2016 and 2015.