Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

(a)    On January 1, 2017, the Company granted 100,000 shares of common stock, par value $.01, pursuant to an agreement with Richard J. Kurtz, for a stock bonus. Under the stock bonus agreement, the Company granted Mr. Kurtz 100,000 shares of the Company’s common stock, par value $.01, which vests in four equal 25,000 share increments, on March 31, 2017, June 30, 2017, September 30, 2017, and December 31, 2017, subject to continued service as chairman of the board of the Company. The 100,000 shares of common stock were valued in the aggregate at $0.53 per share, the closing price of the Company’s common stock as quoted on OTC Markets on the date of grant.

(b)    On January 5, 2017, the Company granted an aggregate of 400,000eight-year options to non-employee directors, including Messrs Kurtz, Nadel, Gregg, and Larson, for the right to each acquire 100,000 shares of the Company's common stock, par value $.01, at an exercise price per share equal to the fair market value of a share of the Company’s common stock on the date of grant, determined based on the per share closing price of the Company's common stock as quoted on the OTC Markets on such date, or $0.50 per share, which options vest over a 3 year period in the amount of 33,333; 33,333; and 33,334 on December 31, 2017, December 31, 2018, and December 31, 2019, subject to continued satisfactory board of director services. The transactions were valued in the aggregate at $191,000, which was estimated using the Black-Scholes option pricing model and will be expensed over the requisite vesting periods.

(c)    On February 15, 2017, the Company announced a cash dividend of one cent per share, payable to shareholders of record as of March 30, 2017.

(d)    The Company has evaluated subsequent events through the date of this report.