Share-based Payments |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payments |
Note 9 - Share-based Payments
On January 23, 2014, upon effectiveness of the registration statement filed with the SEC, the Company adopted the 2013 Stock Incentive Plan (the Plan) which will provide for the issuance of up to 400,000 shares. The purpose of the Plan is to provide additional incentive to those officers, employees, consultants and non-employee directors of the Company and its parents, subsidiaries and affiliates whose contributions are essential to the growth and success of the Companys business.
On January 9, 2015, the Board of Directors of the Company approved, upon recommendation from the Compensation Committee of the Board, by unanimous written consent the Amended and Restated 2013 Incentive Stock and Award Plan (the Plan), which increases the number of authorized shares of common stock subject to the Plan to 800,000 shares.
The 2013 Plan may be administered by the board or a board-appointed committee. Eligible recipients of option awards are employees, officers, consultants or directors (including non-employee directors) of the Company or of any parent, subsidiary or affiliate of the Company. The board has the authority to grant to any eligible recipient any options, restricted stock or other awards valued in whole or in part by reference to, or otherwise based on, our common stock.
Qualified option holders may exercise their options at their discretion. Each option granted may be exchanged for a prescribed number of shares of common stock. The following table summarizes the option activities for the three months ended March 31, 2016:
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $1.68 for the Companys common shares on March 31, 2016. The above intrinsic value represents that of awards with an exercise price below $1.68.
The total grant date fair value of stock options vested for the three months ended March 31, 2016 and 2015 was $-.
As of March 31, 2016, there was $- of unrecognized compensation cost related to outstanding employee stock options. |
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