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Warrants
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3 Months Ended |
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Mar. 31, 2012
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| Warrants [Abstract] | |
| Warrants [Text Block] | 5. Warrants
On March 1, 2011, the Company granted warrants to purchase 200,000 shares of the Company’s common stock, $1.00 par value to an executive of the company in exchange for certain services to be rendered. The warrants are exercisable for a period of 5 years, but they shall expire and terminate ninety (90) days after the Executive’s separation from the Company for any reason. The warrants shall vest and be exercisable as follows: (i) 50,000 warrants exercisable at $1.55 per share shall vest upon the occurrence of BKF raising $5,000,000 through the sale of equity and completion of twelve months of employment; (ii) 50,000 warrants exercisable at $1.55 per share shall vest upon the occurrence of BKF Capital raising an aggregate amount of $10,000,000 from the execution of this Agreement; (iii) 50,000 warrants exercisable at $2.00 per share shall vest upon the occurrence of BKF Capital raising an aggregate amount of $15,000,000 from the execution of this Agreement; and (iv) 50,000 warrants exercisable at $2.00 per share shall vest upon the occurrence of BKF Capital Raising an aggregate amount of $20,000,000 from the execution of this Agreement.
At March 31, 2012, none of the warrants had vested and thus none are exercisable. It was determined that the performance conditions under which the warrants vest have a remote probability of occurring and thus no compensation expense has been recognized for the warrants granted. The executive to whom these warrants relate resigned as of April 25, 2012. |