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Stockholders' Equity
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12 Months Ended |
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Dec. 31, 2011
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| Stockholders Equity Note [Abstract] | |
| Stockholders' Equity Note Disclosure [Text Block] | Note 5 – Stockholders’ Equity
On October 18, 2011, the Company’s Board of Directors approved, authorized and recommended to the Company’s shareholders to file a Restated Certificate of Incorporation to effect a one-for-twenty reverse stock split. As of November 17, 2011, the holders of approximately 74% of the aggregate voting power of Common Stock delivered the Company written consents approving the adoption of the Restated Certificate. On December 21, 2011, the Company filed its Restated Certificate of Incorporation with the Secretary of the State of New York, and on December 27, 2011, the one-for-twenty reverse stock split became effective. All stock-related disclosures, including number of shares of common stock, stock options, warrants, and loss per share calculations, have been restated to reflect the one-for-twenty reverse stock split for all periods presented.
For the year ended December 31, 2011, 46,500 shares of our common stock were issued to several vendors in exchange for services totaling approximately $174,000, which included approximately 19,400 shares of our common stock issued to the Company’s landlord of its Rochester, New York headquarters for base rent payments.
During 2011, the Company raised $3.2 million in multiple private placement sales of “units.” Each unit cost $17,500 and consisted of 25,000 shares of common stock and a warrant to purchase 875 shares of common stock at $10 per share. The warrants fully vest two years from the date of the unit purchase, and have a ten-year term.
During the year ended December 31, 2010, 17,357 shares of our common stock were issued in exchange for services totaling approximately $136,000 provided by several vendors, which included approximately 10,600 shares issued to the Company’s landlord of its Rochester, New York headquarters for base rent payments.
On April 26, 2010, the Company’s founder agreed to the voluntary cancellation of 1,452,500 shares of the Company’s common stock owned by him for no additional consideration. These shares were returned to authorized but unissued shares.
During 2010 we raised $2.3 million through several private placement sales of our common stock at varying prices. Certain transactions also included a warrant to purchase common stock at $10 per share. These warrants fully vest two years after issuance, and have a ten-year term.
For the year ended December 31, 2011 and 2010, total stock option expense amounted to $603,033 and $1,574,301, respectively. In 2011, 89,150 stock options were granted, while in 2010 112,917 stock options were granted under the 2008 Equity Incentive Plan.
On December 13, 2010, the Board of Directors approved a plan whereby certain employees were issued restricted shares of common stock in lieu of future salary cash payments. The employees forfeited salary over a twelve week period to purchase the common shares, which were valued at fair market value as of the date of grant. On March 30, 2011, the Compensation Committee of the Company’s Board of Directors approved a change in the vesting date for restricted shares held by certain employees from April 1, 2011 to August 1, 2011. On July 29, 2011, the Compensation Committee of the Company’s Board of Directors approved an amendment to change the vesting date of these restricted shares to March 1, 2012. On April 1, 2011, 55,969 shares vested, and the remaining 169,368 shares will vest fully on November 15, 2012. For the years ended December 31, 2011 and 2010, expenses totaling $594,498 and $104,192, respectively, were recorded in conjunction with this award.
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