STOCK AWARD PAYABLE

12 Months Ended

Dec. 31, 2013

STOCK AWARD PAYABLE [Abstract]

STOCK AWARD PAYABLE

NOTE 5 – STOCK AWARD PAYABLE

In 2007 the Company agreed to grant 100,000 shares in total to an Executive Vice President, John Gaensbauer, as part of his employment agreement.  By the time the Company was attempting to issue the stock, Mr. Gaensbauer had resigned his position and the Company and certain members of its former management team were defendants in a class action filed by the Company’s shareholders.  Given the class action, the Company was uncertain whether it would have to ultimately issue shares to Mr. Gaensbauer, settle such stock grant in cash, or rescind the stock grant.  As such, the Company recorded the stock grant as a liability and revalues it based on the quoted price of the Company’s stock at the end of each period.  The Company continues to explore its options to resolve this outstanding issue.  For the years ended December 31, 2013, 2012, and 2011 the Company realized a gain (loss) on the revaluation of the remaining stock awards totaling $44,000, ($27,000), and ($47,000), respectively. At December 31, 2013 and 2012 the value of the stock award was $110,000 and $154,000, respectively.  At December 31, 2013, the stock award granted to Mr. Gaensbauer has not been issued.