Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION PLANS (Tables)

v2.4.1.9
SHARE-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2014
Share-Based Compensation [Abstract]  
Schedule of restricted stock activity relative to share-based compensation
 
 
 2014
   
 2013
 
   
 
 
 
Shares
   
Weighted
average
grant date
value (per
share)
   
 
 
 
Shares
   
Weighted
average
grant date
value (per
share)
 
Unvested at beginning of year
    84,998     $ 3.31       639,999     $ 3.88  
                                 
Issued
    120,000       2.78       65,000       3.14  
Vested
    (204,998 )     3.00       (620,001 )     3.88  
Forfeited
     --       --        --       --  
Unvested at end of year
    --     $ --       84,998     $ 3.31  
Schedule of unvested common stock options
   
Number 
of Stock 
Options
   
Weighted 
Average 
Exercise Price
 
Options outstanding at January 1, 2014
    -       -  
Granted
    943,834     $ 1.25  
Exercised
    -     $ -  
Canceled/Forfeited
    -     $ -  
Options outstanding at December 31, 2014
    943,834     $ 1.25  
Options exercisable at December 31, 2014
    -     $ 1.25  
Schedule of option valuation assumptions
Vesting commencement date
 
November 28, 2015
Expected volatility
 
60%
Expected dividend yield
 
0%
Expected life (in years)
 
3 years
Weighted average risk free rate
 
0.88%