Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

There were 7,911,726 warrants outstanding at March 31, 2015. There was no warrant activity for the period. The weighted average excise price was $4.00. The weighted average expected life was 3.25 years at December 31, 2014, and was 3.00 years at March 31, 2015.

As a signing bonus to his “at will” employment agreement, Phillip Roberson as President and CFO, is entitled to receive a total of 50,000 shares of common stock, of which 10,000 shares were immediately vested. An additional 10,000 shares were received and vested January 1, 2015. Ten thousand shares will be received and vested at each of the six month anniversary dates of the commencement date until all are received and vested. The fair value of this stock grant was $275,000 of which $29,792 was recognized as non-cash stock compensation expense during the three months ended March 31, 2015. The remaining future expense related to this stock grant is $75,625 and is expected to be recognized over the weighted average expected life of less than one year.