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Stock-based compensation
 6 Months Ended
Jun. 30, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
6.  Stock-based compensation
 
On August 15, 2008, the Company granted 25,000 non-qualified stock options to each of its four directors.  These options had a vesting period of one year from the date of grant, and they became fully vested and exercisable on August 15, 2009.  These options expired on August 15, 2013.  As of June 30, 2014 and December 31, 2013, no options remain outstanding under this grant.
 
On May 16, 2014, the Company granted 25,000 non-qualified stock options to each of its four directors, and 100,000 non-qualified stock options to its Chief Financial Officer.  These options became fully vested and exercisable on the date of the grant. These options expire on May 15, 2019 and have an exercise price of $0.17 per share.  As of June 30, 2014, 200,000 options remain outstanding under this grant.
 
FASB ASC 718 “Compensation-Stock Compensation” requires entities to estimate the number of forfeitures expected to occur and record expense based upon the number of awards expected to vest. The outstanding stock options granted during the six months ended June 30, 2014 are fully vested and the related expense amounting to approximately $15,000, was fully amortized during this period.
 
For the six months and three months ended June 30, 2014, option activity was as follows:
 
 
 
Shares
 
Weighted-
Average
Exercise
Price
 
 
Remaining 
Contractual 
Term
 
Outstanding at beginning of period
 
-
 
$
-
 
 
-
 
Granted
 
200,000
 
 
0.17
 
 
4.88
 
Expired and forfeited
 
-
 
 
-
 
 
 
 
Exercised
 
-
 
 
-
 
 
 
 
Outstanding at end of period
 
200,000
 
$
0.17
 
 
4.88
 
 
 
 
 
 
 
 
 
 
 
Exercisable at June 30, 2014
 
200,000
 
$
0.17
 
 
4.88
 
 
As of June 30, 2014, a summary of options outstanding under the Company’s 2014 options grant was as follows:
 
Range of 
Exercise 
Price
 
Weighted-Average Remaining 
Contractual Life (Years)
 
Number
Outstanding
 
Weighted-
Average 
Exercise 
Price
 
Number
Exercisable
 
Weighted-
Average 
Exercise 
Price
 
$
0.17
 
4.88
 
200,000
 
$
0.17
 
200,000
 
$
0.17
 
  
The Company has previously issued 30,000 warrants in lieu of consulting fees, which expire in July 2014 and have an exercise price of $0.63 per share.
 
The Company agreed to compensate two of its four directors by issuing common stock and one director in cash for services rendered in 2014 and 2013. Two of these directors are affiliated with the advisory services firm that is currently providing investment banking services to the Company.  The Company agreed to compensate the fourth director in a combination of cash and common stock for services rendered in the first quarter 2013.  Beginning in the second quarter of 2013 and continuing through 2014, the Company agreed to compensate this director in cash instead of cash and common stock.  The number of shares issued to each director was determined based upon the equivalent cash compensation accrued divided by the closing price of the Company’s common stock on the date that the compensation is fully earned each quarter, which is the last day of such quarter. The Company recorded stock-based compensation of $12,500 for the quarter ending June 30, 2014 for two directors, which is recorded as common stock to be issued.
 
On January 9, 2014, the Company issued 39,063 shares of common stock to each of two directors as compensation for the three months ended December 31, 2013. These shares, totaling 78,126, were valued at a per share price of $0.16, or a total of $12,500.
 
On April 25, 2014, the Company issued 36,765 shares of common stock to each of two directors as compensation for the three months ended March 31, 2014. These shares, totaling 73,530, were valued at a per share price of $0.17, or a total of $12,500.
 
On July 14, 2014, the Company issued 39,063 shares of common stock to each of two directors as compensation for the three months ended June 30, 2014. These shares, totaling 78,126, were valued at a per share price of $0.16, or a total of $12,500.