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Stock Option Plans | 12 Months Ended
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Dec. 31, 2012
Stock Option Plans [Abstract] |
STOCK OPTION PLANS | NOTE K — STOCK OPTION PLANS In July 2004, the Board of Directors approved the adoption of the 2004 Stock Option Plan. The 2004 Stock Option Plan provides for the grant of options to purchase up to 750,000 shares of Milestone’s common stock. Options may be granted to employees, officers, directors and consultants of Milestone for the purchase of common stock of Milestone at a price not less than the fair market value of the common stock on the date of the grant. In general, options become exercisable over a three-year period from the grant date and expire five years after the date of grant. In December 2007, the Board of Directors authorized the Company to issue up to $2 million of its Company stock to vendors or employees, and to grant them piggy back registration rights in the usual form, at a value of not less than 90% of the market value on the date of the agreement for the vendor or employee to accept said shares. Such future shares are not included in the above noted shares reserved for future issuance. In November 2009, the Board of Directors authorized 666,667 options be reserved for a special bonus to the Chief Executive Officer of the Company, for obtaining a three year purchase order for the sale of 12,000 STA Instruments and related handpieces over a four year period. These options were reserved and 73,333 were granted but not vested in 2010. The remaining 593,334 were reserved until specific performance targets are achieved. The options will be issued upon achievement of the specific target on a yearly basis. The options were valued at $1.49 per share. In June 2011, the Shareholders of the Company approved the 2011 Stock Option Plan (the “2011 Plan”) that provides for stock options to our employees, directors and consultants an incentive and non-qualified stock options to purchase up to 2,000,000 shares of Common Stock. Such future shares are included in the above noted shares reserved for future issuances. A summary of option activity for employees under the plans as of December 31, 2012 and 2011, and changes during the year then ended is presented below:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  | Aggregate |
|  | Number |  |  | Averaged |  |  | Remaining |  |  | Intrinsic |
|  | of |  |  | Exercise |  |  | Contractual |  |  | Options |
|  | Options |  |  | Price $ |  |  | Life (Years) |  |  | Value $ |
Outstanding, January 1, 2011 |  |  | 928,504 |  |  |  | 1.07 |  |  |  | 3.92 |  |  |  | 115,849 |
Granted |  |  | 277,778 |  |  |  | 0.36 |  |  |  | 5.00 |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited or expired |  |  | (67,000 | ) |  |  | 1.17 |  |  |  | — |  |  |  | — |
Outstanding, December 31, 2011 |  |  | 1,139,282 |  |  |  | 0.89 |  |  |  | 3.62 |  |  |  | 1,000 |
Exercisable, December 31, 2011 |  |  | 638,176 |  |  |  | 0.89 |  |  |  | 2.79 |  |  |  | 1,000 |
Granted |  |  | 211,459 |  |  |  | 0.95 |  |  |  | 4.38 |  |  |  |  |
Exercised during 2012 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited or expired |  |  | (67,000 | ) |  |  | 1.58 |  |  |  | — |  |  |  | — |
Outstanding, December 31, 2012 |  |  | 1,283,741 |  |  |  | 0.79 |  |  |  | 3.07 |  |  |  | 768,692 |
Exercisable, December 31, 2012 |  |  | 849,066 |  |  |  | 0.81 |  |  |  | 2.43 |  |  |  | 527,370 |
|  |  |  |  | Weighted |
|  | Number |  |  | Averaged |
|  | of |  |  | Exercise |
|  | Options |  |  | Price $ |
VESTED OPTIONS |  |  |  |  |  |  |  |
Outstanding, January 1, 2011 |  |  | 471,722 |  |  |  | 0.95 |
Exercised during 2011 |  |  | — |  |  |  | — |
Vested Options during 2011 |  |  | 233,454 |  |  |  | 0.83 |
Forfeited during 2011 |  |  | (67,000 | ) |  |  | 1.17 |
Outstanding, December 31, 2011 |  |  | 638,176 |  |  |  | 0.89 |
Exercised during 2012 |  |  | — |  |  |  | — |
Vested Options during 2012 |  |  | 277,222 |  |  |  | 0.92 |
Forfeited during 2012 |  |  | (66,332 | ) |  |  | 1.58 |
Outstanding, December 31, 2012 |  |  | 849,066 |  |  |  | 0.81 |
NONVESTED OPTIONS |  |  |  |  |  |  |  |
Nonvested, January 1, 2011 |  |  | 456,782 |  |  |  | 1.20 |
Granted during 2011 |  |  | 277,778 |  |  |  | 0.36 |
Vested during 2011 |  |  | (233,454 | ) |  |  | 0.83 |
Forfeited during 2011 |  |  | — |  |  |  | — |
Nonvested, December 31, 2011 |  |  | 501,106 |  |  |  | 0.90 |
Granted during 2012 |  |  | 211,459 |  |  |  | 0.95 |
Vested during 2012 |  |  | 277,222 |  |  |  | 0.92 |
Forfeited during 2012 |  |  | 668 |  |  |  | 1.15 |
Nonvested, December 31, 2012 |  |  | 434,675 |  |  |  | 0.91 |
Milestone recognizes compensation expense on a straight line basis over the requisite service period and in case of performance based options over the period of the expected performance. During the years ended December 31, 2012 and 2011 Milestone recognized $142,770, and $225,257 of total employee compensation cost related to options that vested each year, respectively. As of December 31, 2012 and 2011, there was $169,764 and $156,753 of total unrecognized compensation cost related to non-vested options which Milestone expects to recognize over a weighted average period of 1.60 years and 2.3 years for December 31, 2012 and December 31, 2011, respectively. A summary of option activity for non-employees under the plans as of December 31, 2011 and 2012, and changes during the year ended is presented below:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  | Aggregate |
|  | Number |  |  | Averaged |  |  | Remaining |  |  | Intrinsic |
|  | of |  |  | Exercise |  |  | Contracted |  |  | Options |
|  | Options |  |  | Price $ |  |  | Life (years) |  |  | Value $ |
Outstanding, January 1, 2011 |  |  | 534,999 |  |  |  | 1.85 |  |  |  | 1.51 |  |  |  | 99,617 |
Exercisable, December 31, 2011 |  |  | 514,998 |  |  |  | 1.87 |  |  |  | 1.41 |  |  |  | 99,311 |
Granted during 2011 |  |  | 100,000 |  |  |  | 0.24 |  |  |  | 2.50 |  |  |  | — |
Forfeited during 2011 |  |  | (120,000 | ) |  |  | 1.75 |  |  |  | — |  |  |  | — |
Outstanding, December 31, 2011 |  |  | 414,999 |  |  |  | 1.87 |  |  |  | 1.43 |  |  |  | 12,000 |
Exercisable, December 31, 2011 |  |  | 399,443 |  |  |  | 1.90 |  |  |  | 1.36 |  |  |  | 12,000 |
Forfeited during 2012 |  |  | (175,000 | ) |  |  | 1.79 |  |  |  | — |  |  |  | — |
Outstanding, December 31, 2012 |  |  | 239,999 |  |  |  | 1.56 |  |  |  | 1.32 |  |  |  | 168,166 |
Exercisable, December 31, 2012 |  |  | 234,442 |  |  |  | 1.57 |  |  |  | 1.29 |  |  |  | 166,944 |
|  |  |  |  | Weighted |
|  | Number |  |  | Averaged |
|  | of |  |  | Exercise |
|  | Options |  |  | Price $ |
VESTED OPTIONS |  |  |  |  |  |  |  |
Outstanding, January 1, 2011 |  |  | 514,998 |  |  |  | 1.87 |
Exercised during 2011 |  |  | (100,000 | ) |  |  | 0.25 |
Vested during 2011 |  |  | 104,445 |  |  |  | 0.29 |
Forfeited during 2011 |  |  | (120,000 | ) |  |  | 1.75 |
Outstanding, December 31, 2011 |  |  | 399,443 |  |  |  | 1.90 |
Exercised during 2012 |  |  | — |  |  |  | — |
Vested during 2012 |  |  | 9,999 |  |  |  | 1.10 |
Forfeited during 2012 |  |  | (175,000 | ) |  |  | 1.79 |
Outstanding, December 31, 2012 |  |  | 234,442 |  |  |  | 1.57 |
NONVESTED OPTIONS |  |  |  |  |  |  |  |
Nonvested January 1, 2011 |  |  | 20,001 |  |  |  | 1.21 |
Granted during 2011 |  |  | 100,000 |  |  |  | 0.24 |
Vested during 2011 |  |  | (104,445 | ) |  |  | 0.29 |
Forfeited during 2011 |  |  | — |  |  |  | — |
Nonvested December 31, 2011 |  |  | 15,556 |  |  |  | 1.16 |
Granted during 2012 |  |  | — |  |  |  | — |
Exercised during 2012 |  |  | — |  |  |  | — |
Vested during 2012 |  |  | 9,999 |  |  |  | 1.10 |
Outstanding, December 31, 2012 |  |  | 5,557 |  |  |  | 1.27 |
The fair value of the options was estimated on the date of grant using the Black Scholes option-pricing model. For the year ended December 31, 2011, the following weighted average assumptions were used in calculating fair value; expected life of 3 years; volatility of 117.82 and risk-free interest rate of 1.64%. There were no non-employee options granted for the year ending December 31, 2012. During the year ended December 31, 2012 and 2011, Milestone recognized $2,217 and $44,002 of expense related to non-employee options that vested, respectively. The total unrecognized compensation cost related to nonvested options was zero and $2,358 as of December 31, 2012 and 2011.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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