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OPTIONS

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

OPTIONS

The Company’s 2007 Long-Term Incentive Plan (the “Plan”) authorizes the grant of options to purchase up to an aggregate of 2,000,000 shares, subject to adjustment in certain circumstances. Both non-qualified options and options intended to qualify as “Incentive Stock Options” under Section 422 of the Internal Revenue Code may be granted under the Plan. A Stock Option Committee of the Board of Directors administers the Plan. The committee has the authority to determine when options are granted, the term during which an option may be exercised (provided no option has a term exceeding 10 years), the exercise price and the exercise period. The exercise price shall not be less than the fair market value on the date of grant. No option may be granted under the Plan after December 2017. Generally, employee options vest 20% per year for five years and expire ten years from the date of grant. The Plan was terminated in 2016 in connection with the change in ownership (see Note B).

A summary of the Company’s stock option transactions for the year ended December 31, 2016 is presented below:

		2016
		Shares				Weighted Average Exercise Price
Outstanding - beginning of the year			265,000				3.02
Cancelled			(240,000	)			3.02
Forfeited			—				—
Expired			(25,000	)			3.02
Outstanding - end of year			—				—
Fully vested and exercisable at end of year			—				—

For the years ended December 31, 2016, 2015 and 2014, no stock options were granted.