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4. SHARE BASED PAYMENT
 12 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
4. SHARE BASED PAYMENT

4. SHARE BASED PAYMENT

The Company has outstanding stock options issued to employees and Board members which are exercisable at $0.23 per share. The options vest 20% each year over a five year period and expire after ten years. As of December 31, 2014, there were no unvested options. The total expense recognized during the years ended December 31, 2014 and 2013 in the consolidated statements of operations was $0 and $2,000, respectively. There were no options granted during the years ended December 31, 2014 or 2013.

On June 16, 2010, the Company's stockholders approved the 2010 Equity Incentive Plan, which provided for available awards up to 23,000,000 shares. No awards have been issued pursuant to this plan.

A summary of option activity as of December 31, 2014 and 2013, and changes during the years then ended is presented below.

            Weighted-      
        Weighted-   Average      
        Average   Remaining     Aggregate
        Exercise   Contractual     Intrinsic
  Options     Price   Life (Years)     Value
                   
Outstanding at December 31, 2012 385,000    $ 0.23    5.66    $ -  
Granted -       -     -       -  
Exercised -       -     -       -  
Forfeited -       -     -       -  
Outstanding at December 31, 2013 385,000      0.23    4.66      -  
Granted -       -     -       -  
Exercised -       -     -       -  
Forfeited -       -     -       -  
Outstanding at December 31, 2014 385,000    $ 0.23    3.66    $ -  
                   
Vested and expected to vest                  
     at December 31, 2014 385,000    $ 0.23    3.66    $ -  
                   
Exercisable at December 31, 2014 385,000    $ 0.23    3.66    $ -  

 

The aggregate intrinsic value in the table above is before applicable income taxes and represents the closing stock price as of the reporting dates less the exercise price, multiplied by the number of options that have an exercise price that is less than the closing stock price.

The Company had 575,613 warrants outstanding as of December 31, 2013 which entitled the holders to immediately purchase one share of the Company's common stock at an exercise price of $0.44 per share. The warrants expired on November 13, 2014. As of December 31, 2014, there were no warrants outstanding.