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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-Based Compensation

GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award.

On March 1, 2012, the Company granted options covering 30,000 shares to a consultant. These options vest ratably over the next 24 months and are marked to market quarterly using the Black Scholes method. During the three months ended March 31, 2012, $2,557 was charged to operations reflecting the fair value of the options using the Black Scholes method with the following assumptions:

  Risk free interest rate 1.1%
Option Life 5 years
Volatility 73%
 

During the three months ended March 31, 2012, the Company granted 363,200 shares of restricted common stock to its directors and employees. Directors received 96,500 of these shares of restricted common stock. All of the shares granted to the directors, as well as 5,100 shares granted to employees, vested immediately upon grant. The remaining 261,600 shares vest ratably over the 36 months following grant. The market value per share on the date of grant was $3.38. In connection with these grants, as well as prior grants that are not yet fully vested, the Company charged $463,881 and $474,978 to operations during the three months ended March 31, 2012 and 2011.

The Company also granted 175,000 warrants at an exercise price of $6.00 to consultants during 2009. These warrants vest ratably over 59 months. These warrants are valued at fair value at the time that the related services are provided using the Black-Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a (benefit) charge of ($14,700), and $16,998 during the three months ended March 31, 2012 and 2011, respectively in connection with these warrants.

No options were granted during the first three months of 2011.

As of March 31, 2012, remaining unamortized compensation costs in connection with these grants was $1,232,115 which will be recognized over the next 33 month period.