Termination of Employment Agreement

3 Months Ended

Mar. 31, 2015

Employment Agreement Termination [Abstract]

Termination of Employment Agreement Disclosure [Text Block]

Note 5 – Termination of Employment Agreement

The Company and its former Chief Executive Officer, Richard F. Rutkowski, entered into an agreement in December 2014 terminating a prior employment agreement. Under this agreement, Mr. Rutkowski will be paid his annual salary of $359,000 through December 31, 2016, provided employee benefits through December 2015, and receive a bonus of $60,000, which was paid in March 2015, as well as accelerated vesting on 15,625 stock options with an exercise price of $4.88 per share and 14,219 stock options with an exercise price of $9.90 per share which terminate in March 2015.

The liability incurred under this agreement totaled $943,000 which was recognized in general and administrative expense in 2014. At March 31, 2015, the remaining liability totaled $673,000 and is payable through December 2016.