XML 26 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity
 6 Months Ended
Jun. 30, 2017
Shareholders' Equity [Abstract]  
Shareholders' Equity

9.  Shareholders’ Equity



Stock options and share-based incentive plan



The following table sets forth the stock option transactions for the six months ended June 30, 2017:







 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Weighted

 

 

 



 

 

 

Weighted

 

average

 

 

 



 

 

 

Average

 

remaining

 

Aggregate



 

Number of

 

Exercise

 

contractual

 

Intrinsic



 

options

 

Price

 

term (in years)

 

Value

Outstanding at December 31, 2016

 

 214,500 

 

$

 5.96 

 

 7.12 

 

$

 17,340 

Granted

 

 —

 

 

 —

 

 

 

 

 

Exercised

 

 —

 

 

 —

 

 

 

 

 

Forfeited

 

 (4,000)

 

 

 3.67 

 

 

 

 

 

Expired

 

 —

 

 

 —

 

 

 

 

 

Outstanding at June 30, 2017

 

 210,500 

 

$

 6.00 

 

 6.63 

 

$

 28,750 

Exercisable at June 30, 2017

 

 116,495 

 

$

 6.86 

 

 5.11 

 

$

 17,980 

Exercisable at December 31, 2016

 

 109,495 

 

$

 6.90 

 

 5.47 

 

$

 8,880 



For the three months ended June 30, 2017 and 2016, share-based compensation expense related to stock options amounted to $6,196 and $15,133, respectively.  For the six months ended June 30, 2017 and 2016, share based compensation expense related to stock options amounted to $21,167 and $30,591, respectively.  Share based compensation is included in general and administrative expenses.



For the three months ended June 30, 2016 no options were granted, exercised or expired.  For the three months ended June 30, 2017, 4,000 options were forfeited due to an employee termination.



For the six months ended June 30, 2017, no options were granted or expired and 4,000 options were forfeited.  For the six months ended June 30, 2016,  15,000 options were exercised generating proceeds of $51,150.    



Warrants



For the three months ended June 30, 2017 and 2016, there were no warrants exercised. As of June 30, 2017,  70,000 warrants remain unexercised, including 20,000 held by the Company’s largest beneficial owner, REF Securities, LLP with Mr. Rodd E. Friedman, and 10,000 held by Mr. E. P. Marinos, a director of the Company.  The warrants expire in December 2018.



Common Stock



For the three months ended June 30, 2017, the Company did not issue any shares.  For the six months ended June 30, 2017, the Company issued 4,360 shares of the Company’s common stock, pursuant to the 2010 Equity Incentive Plan, with a fair value of $11,250 for director fees in lieu of cash payments.  For the six months ended June 30, 2016, there were no such stock grants.