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Employment and Stock Option Agreements | 12 Months Ended
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Dec. 31, 2013
Employment and Stock Option Agreements [Abstract] |
EMPLOYMENT AND STOCK OPTION AGREEMENTS |
9. EMPLOYMENT AND STOCK OPTION AGREEMENTS:
On January 31, 2007, the Board adopted our 2007 Omnibus Equity Compensation Plan (the “Plan”), with 2,100,000 common shares authorized for issuance under the Plan. In October 2009 the Company's stockholders approved an increase in the number of shares covered by the Plan to 4,200,000 shares. The general purpose of the plan is to provide an incentive to the Company’s employees, directors and consultants by enabling them to share in the future growth of the business. At closing of the exchange transaction described above, M. Rubin and Brad Bernstein (“B. Bernstein”), the President of the Company, entered into employment contracts and stock option agreements. Additionally, at closing two non-employee directors entered into stock option agreements. The following summarizes M. Rubin’s employment agreement and stock options:
· | The employment agreement with M. Rubin currently retains his services as Co-chairman and Chief Executive Officer through January 31, 2015.
· | On August 8, 2013, the board agreed to modify M. Rubin’s employment agreement and approved an annual salary of $125,000. Previously M. Rubin received an annual salary of $1.00. M. Rubin is eligible to receive periodic review of his base salary and annual bonuses as determined by the Company’s compensation committee. M. Rubin shall be entitled to a monthly automobile allowance of $1,500.
· | 10-year options to purchase 650,000 shares exercisable at $1.25 per share, pursuant to the Plan. All of the aforementioned options are fully vested.
The following summarizes B. Bernstein’s employment agreement and stock options:
· | The employment agreement with B. Bernstein currently retains his services as President through January 31, 2015.
· | An annual salary of $240,000. The Board may periodically review B. Bernstein’s base salary and may determine to increase (but not decrease) the base salary in accordance with such policies as the Company may hereafter adopt from time to time.
· | The Board approved an annual bonus program for Mr. Bernstein commencing with the 2012 fiscal year and ending with the 2013 fiscal year. The annual bonus is equal to 5% of annual net income provided net income is equal to or greater than $200,000. The bonus is calculated on the Company’s audited GAAP financial statements. B. Bernstein shall be entitled to a monthly automobile allowance of $1,000.
· | 10-year options to purchase 950,000 shares exercisable at $1.25 per share, pursuant to the Plan. All of the aforementioned options are fully vested.
The following table summarizes information about stock options as of December 31, 2013:
Exercise |  |  | Number |  | Remaining |  | Number |
Price |  |  | Outstanding |  | Contractual Life |  | Exercisable |
$ | 1.25 |  |  |  | 1,605,000 |  | 4 years
1,605,000 $1.00 45,000 6 years 33,750 $0.62 500,000 6 years 500, 000 $0.17 500,000 9 years 500,000 $0.25 180,000 10 years 120,000 $0.35 100,000 10 years 33,333 $0.30 60,000 10 years 20,000 $0.45 25,000 10 years 8,333 3,015,000 2,820,416 The Company measured the fair value of each option award on the date of grant using the Black Scholes option pricing model (BSM) with the following assumptions:
Exercise price |  | $ | .17 to $1.25 |
Term |  | 10 years |
Volatility |  | 0.38 to 2.50 |
Dividends |  |  | 0 | %
Discount rate |  | 0.02% to 4.75% |
The fair value amounts recorded for these options in the statement of operations was $49,805 and $10,229 for the years ended December 31, 2013 and 2012, respectively. Stock option activity and weighted average exercise price is summarized as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | Options |  |  | Price |  |  | Options |  |  | Price |  |  | Options |  |  | Price |
Outstanding at beginning of year |  |  | 2,830,000 |  |  |  | 0.88 |  |  |  | 2,430,000 |  |  |  | 1.12 |  |  |  | 2,440,000 |  |  |  | 1.10 |
Granted |  |  | 195,000 |  |  |  | 0.35 |  |  |  | 680,000 |  |  |  | 0.19 |  |  |  | - |  |  |  | - |
Cancelled |  | (10,000 | ) |  |  | 0.45 |  |  |  | (280,000 | ) |  |  | 1.25 |  |  |  | (10,000 | ) |  |  | 1.00 |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at end of year |  |  | 3,015,000 |  |  |  | 0.85 |  |  |  | 2,830,000 |  |  |  | 0.88 |  |  |  | 2,430,000 |  |  |  | 1.12 |
Exercisable at end of year |  |  | 2,820,416 |  |  |  | 0.88 |  |  |  | 2,198,750 |  |  |  | 1.08 |  |  |  | 2,401,250 |  |  |  | 1.12 |

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