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Stock Options and Grants | 6 Months Ended
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Jun. 30, 2014
Stock Options and Grants [Abstract] |
Stock Options and Grants | 10. Stock Options and Grants 2011 Plan – On July 27, 2011, in connection with the Merger, the Company obtained the written consent of holders of a majority of its outstanding common stock approving the 2011 Incentive Stock Plan (the “2011 Plan”). The 2011 Plan covers up to 8,000,000 shares of common stock, and all officers, directors, employees, consultants and advisors are eligible to be granted awards under the 2011 Plan. An incentive stock option may be granted under the 2011 Plan only to a person who, at the time of the grant, is an employee of the Company or its subsidiaries. The 2011 Plan expires on July 26, 2021, and is administered by the Company’s board of directors. As of June 30, 2014, there were 3,928 shares of common stock available for issuance under the 2011 Plan. During 2012, the Company’s board of directors approved the issuance of up to an additional 2,000,000 shares of the Company’s common stock in the form of restricted stock or options (the “Board Equity Authorization”). These options generally have the same terms and conditions as those provided under the 2011 Plan, however, the authorization of these options is not subject to shareholder approval. The Board Equity Authorization has not been approved by the Company’s stockholders. The issuance of these options will be approved by the Company’s board of directors on a case-by-case basis. As of June 30, 2014, there were 66,071 shares of common stock available for issuance under this approval. 2013 Plan – During November 2013, the Company’s board of directors approved the issuance of up to 2,000,000 shares of the Company’s Common Stock in the form of restricted stock or options (“2013 Stock Plan”). The options granted under the 2013 Stock Plan have generally the same terms and conditions as those provided under the 2011 Plan. The 2013 Plan has not been approved by the Company’s stockholders. The Stock Plan is administrated by the Company’s board of directors. As of June 30, 2014, there were 1,600,000 shares of common stock available for issuance under the 2013 Stock Plan. A summary of stock option activity as of June 30, 2014 and changes during the six months then ended are presented below:
|  | Shares |  |  | Weighted Average Fair Value Per Share |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Terms (in years) |  |  | Aggregate Intrinsic Value |
Outstanding – December 31, 2013 |  |  | 10,330,001 |  |  | $ | 0.10 |  |  | $ | 0.36 |  |  | 8.16 |  |  | 109,050 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
Exercised |  |  | 50,000 |  |  |  | 0.09 |  |  |  | 0.20 |  |  |  |  |  |  |
Cancelled |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
Outstanding – June 30, 2014 |  |  | 10,280,001 |  |  | $ | 0.11 |  |  | $ | 0.38 |  |  |  | 7.67 |  |  | $ | 215,400 |
Exercisable – December 31, 2013 |  |  | 8,416,668 |  |  | $ | 0.10 |  |  | $ | 0.32 |  |  |  | 8.05 |  |  | $ | 107,517 |
Exercisable –June 30, 2014 |  |  | 9,347,501 |  |  | $ | 0.11 |  |  | $ | 0.36 |  |  |  | 7.58 |  |  | $ | 213,633 |
For the three months and six months ended June 30, 2014, the Company recognized stock-based compensation expense of $42,886 and $73,581, respectively, which is included in payroll and related expenses in the accompanying condensed consolidated statements of operations. As of June 30, 2014, there was $37,420 of total unrecognized compensation costs related to non-vested stock options, which will be expensed over a weighted average period of 0.57 years. The intrinsic value is calculated as the difference between the fair value as of the balance sheet date and the exercise price of each of the outstanding stock options. The fair value at June 30 2014 and December 31, 2013 was $0.24 and $0.22 per share, respectively, as determined by using a weighted value between the income approach method and the weighted average bulletin board price.

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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 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 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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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