Quarterly report pursuant to Section 13 or 15(d)

Share-based Payments (Tables)

v2.4.0.8
Share-based Payments (Tables)
 6 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Warrants, Activity
The warrants expire March 18, 2015.
 
 
 
2014
 
2013
 
 
 
 
 
 
Weighted
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
Average
 
 
 
Warrants
 
Exercise Price
 
Warrants
 
Exercise Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1
 
 
1,989
 
$
71.76
 
 
47,211
 
$
48.54
 
Cancelled during year
 
 
-
 
 
-
 
 
-
 
 
-
 
Expired during year
 
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at June 30
 
 
1,989
 
$
71.76
 
 
47,211
 
$
48.54
 
Schedule of Share-based Compensation, Stock Options, Activity
Each option granted may be exchanged for a prescribed number of shares of common stock.
 
Employee's Plan
 
2014
 
2013
 
 
 
 
 
 
Weighted
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
Average
 
 
 
Options
 
Exercise Price
 
Options
 
Exercise Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1
 
 
-
 
$
-
 
 
1,579
 
$
42.12
 
Forfeited during year
 
 
-
 
 
-
 
 
-
 
 
-
 
Expired during year
 
 
-
 
 
-
 
 
(1,579)
 
 
42.12
 
Outstanding at June 30
 
 
-
 
$
-
 
 
-
 
$
-
 
 
Director's Plan
 
2014
 
2013
 
 
 
 
 
 
Weighted
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
Average
 
 
 
Options
 
Exercise Price
 
Options
 
Exercise Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1
 
 
-
 
$
-
 
 
352
 
$
312.00
 
Cancelled during year
 
 
-
 
 
-
 
 
-
 
 
-
 
Expired during year
 
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at June 30
 
 
-
 
$
-
 
 
352
 
$
312.00
 
 
2013 Incentive Stock &
 
2014
 
2013
 
Award Plan
 
 
 
 
Weighted
 
 
 
Weighted
 
 
 
 
 
Average
 
 
 
Average
 
 
 
Options
 
Exercise Price
 
Options
 
Exercise Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1
 
 
-
 
$
-
 
 
-
 
$
-
 
Granted during year
 
 
175,000
 
 
4.98
 
 
-
 
 
-
 
Cancelled during year
 
 
-
 
 
-
 
 
-
 
 
-
 
Expired during year
 
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at June 30
 
 
175,000
 
$
4.98
 
 
-
 
$
-
 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The calculated fair value of these options was distributed to the following categories on the Statement of Operations:
 
 
 
Fair
 
Expense Category
 
Value
 
Cost of Goods
 
$
24,040
 
General & Administrative
 
 
357,276
 
Sales & Marketing
 
 
48,081
 
Research & Development
 
 
120,203
 
 
 
$
549,600
 
Schedule of Share Based Payment Award Stock Options And Warrants Valuation Assumptions
 
The options and warrants issued under the above four plans were valued using a Black Scholes option pricing model. The assumptions utilized in calculating the value of the issued options under Black Scholes are as follows:
 
 
 
2014
 
Expected option term
 
 
5 yrs
 
Expected volatility
 
 
127.32
%
Expected divident yield
 
 
0.00
%
Risk free interest rate
 
 
1.71
%
Summary of Warrants and Stock Options Outstanding and Exercisable
A summary of warrants and stock options outstanding and exercisable as of June 30, 2014 follows:
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding
 
Exercisable
 
 
 
 
 
 
 
 
 
 
 
 
Wgtd Avg
 
Wgtd Avg
 
 
 
Wgtd Avg
 
 
 
 
 
 
 
 
 
 
 
 
Life
 
Exercise
 
 
 
Exercise
 
 
 
Low
 
High
 
Shares
 
Remaining
 
Price
 
Shares
 
Price
 
2013 Incentive Stock and Award Plan
 
$
3.98
 
$
5.50
 
 
175,000
 
 
5.00
 
$
4.98
 
 
175,000
 
$
4.98
 
Warrants
 
 
71.76
 
 
71.76
 
 
1,989
 
 
0.72
 
 
71.76
 
 
1,989
 
 
71.76