Quarterly report pursuant to Section 13 or 15(d)

3. Stock Based Compensation (Tables)

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3. Stock Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Black-Scholes option pricing model assumptions
   

Three Months ended

June 30,

  

Six Months ended

June 30,
    2015   2014   2015   2014
Risk free interest rate   1.61 – 1.97%   1.77%   1.61 – 1.97%   1.77%
Dividend yield   0%   0%   0%   0%
Expected term   5-10 years   5 years   5-10 years   5 years
Expected volatility   41.2 – 54.2%   47.3%   41.2 – 54.2%   47.3%
Options outstanding
    Options outstanding  
   

 

Number of shares

     Weighted average exercise price per share  
Balance at December 31, 2014     1,264,000     $ 0.26  
  Options granted     20,000       0.20  
  Options exercised     --       --  
  Options expired or forfeited     (1,000 )     0.24  
Balance at March 31, 2015     1,283,000     $ 0.26  
  Options granted     --       --  
  Options exercised     --       --  
  Options expired or forfeited     (5,000 )     0.52  
Balance at June 30, 2015     1,278,000     $ 0.25  

 

    Options outstanding  
   

 

Number of shares

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

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  
  1,278,000     $ 0.25       5.13     $ 19,128       1,064,500     $ 0.27       4.40     $ 13,777  
Nonvested Stock awards
    Nonvested  
    Number of shares     Weighted average grant date fair value  
Balance at December 31, 2014     209,500     $ 0.07  
 Granted     20,000       0.11  
 Vested     (5,000 )     0.08  
 Expired before vesting     (1,000 )     0.10  
Balance at March 31, 2015     223,500     $ 0.08  
 Granted     --       --  
 Vested     (10,000 )     0.09  
 Expired before vesting     --       --  
Balance at June 30, 2015     213,500     $ 0.07