Quarterly report pursuant to Section 13 or 15(d)

3. Stock Based Compensation (Tables)

v2.4.0.8
3. Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Black-Scholes option pricing model assumptions
   

Three Months ended

September 30,

  

Nine Months ended

September 30,
    2014   2013   2014   2013
Risk free interest rate   1.78%   1.36%   1.77 - 1.78%   0.70 – 1.36%
Dividend yield   0%   0%   0%   0%
Expected term   5 years   5 years   5 years   5 years
Expected volatility   43.3%   57.3%   43.3 - 47.3%   57.3 - 62.8%
Options outstanding
    Options outstanding  
   

 

Number of shares

     Weighted average price per share  
Balance at December 31, 2013     1,187,000     $ 0.26  
  Options granted, exercised, expired or forfeited     --       --  
Balance at March 31, 2014     1,187,000     $ 0.26  
  Options granted     1,000       0.24  
  Options exercised, expired or forfeited     (3,000 )     0.11  
Balance at June 30, 2014     1,185,000     $ 0.26  
  Options granted     20,000       0.17  
  Options exercised, expired or forfeited     --       --  
Balance at September 30, 2014     1,205,000     $ 0.26  

 

    Number of shares     Weighted average price per share  
Balance at December 31, 2012     1,032,500     $ 0.29  
  Options granted     160,000       0.16  
  Options exercised, expired or forfeited     (10,000 )     0.15  
Balance at March 31, 2013     1,182,500     $ 0.28  
  Options granted     20,000       0.18  
  Options exercised, expired or forfeited     (226,000 )     0.22  
Balance at June 30, 2013     976,500     $ 0.29  
  Options granted     32,000       0.16  
  Options exercised, expired or forfeited     (7,500 )     0.19  
Balance at September 30, 2013     1,001,000     $ 0.29  

 
Options Summary
Options outstanding     Options exercisable  

 

Total shares

     Weighted average exercise price     Weighted average remaining contractual life in years     Aggregate intrinsic value     Total shares     Weighted average exercise price     Weighted average remaining contractual life in years     Aggregate intrinsic value  
  1,205,000     $ 0.26       5.58     $ 11,238       955,000     $ 0.29       4.67     $ 5,989  
Nonvested Stock awards
    Nonvested  
    Number of shares     Weighted average grant date fair value  
Balance at December 31, 2013     431,250     $ 0.08  
Vested     (155,000 )     0.08  
Balance at March 31, 2014     276,250     $ 0.08  
Granted     1,000       0.10  
Vested     (31,250 )     0.08  
Balance at June 30, 2014     246,000     $ 0.08  
Granted     20,000       0.07  
Vested     (16,000 )     0.08  
Balance at September 30, 2014     250,000     $ 0.08