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v2.4.0.6
EQUITY COMPENSATION PROGRAM AND STOCK BASED COMPENSATION
3 Months Ended
Mar. 31, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 2- EQUITY COMPENSATION PROGRAM AND STOCK BASED COMPENSATION
 

a) Stock Option Expense

 

The Company's results of operations for the three months ended March 31, 2012 and 2011 include stock-based compensation expense for stock option grants totaling $58,473 and $28,623, respectively. Such amounts have been included in the accompanying Condensed Consolidated Statements of Operations within cost of goods sold in the amount of $25,876 ($10,542 for 2011), and selling, general and administrative expenses in the amount of $32,597 ($18,081 for 2011).

 

As of March 31, 2012 and 2011, there were $323,755 and $371,184 of unrecognized compensation costs, net of estimated forfeitures, related to non-vested stock options, which are expected to be recognized over a weighted average period of approximately 2.2 years and 3.0 years, respectively.

 

There were no stock options granted during the three months ended March 31, 2012. The following range of weighted-average assumptions were used to determine the fair value of stock option grants during the three months ended March 31, 2011:

 

    Three Months Ended  
    March 31,  
    2012     2011  
Expected Dividend yield     %       0.00 %
Expected Volatility     %       99 %
Risk-free interest rate     %       3.4 %
Expected term           8 -10 years  

 

b) Stock Option Activity

 

The following table represents stock options granted, exercised and forfeited during the three month period ended March 31, 2012:

 

Stock Options   Number of
Options
  Weighted
Average 
Exercise 
Price per Option
  Weighted
Average 
Remaining 
Contractual
Term (years)
  Aggregate
Intrinsic Value
Outstanding at January 1, 2012     1,079,676     $ 1.02       6.7     $ 63,105  
Granted                            
Exercised     (2,700 )     0.50                  
Expired/Forfeited     (68,242 )     1.09                  
Outstanding at March 31, 2012     1,008,734     $ 1.01       7.1     $ 61,890  
                                 
Exercisable at March 31, 2012     609,334     $ 1.04       5.6     $ 61,890  

  

The following table represents non-vested stock options granted, vested and forfeited for the three months ended March 31, 2012.

 

    Options     Weighted-Average Grant-Date
Fair Value
 
Non-vested  - January 1, 2012       501,590     $ 0.92  
Granted              
Vested       (101,523 )   $ 1.10  
Forfeited       (667 )   $ 0.89  
Non-vested – March 31, 2012       399,400     $ 0.88  

 

The total fair value of options vested during the three months ended March 31, 2012 and 2011 was $111,662 and $97,105, respectively.

 

c) Restricted Stock Unit Awards

 

There were no grants of restricted stock units granted under the 2010 Equity Compensation Program during the three months ended March 31, 2012.

 

During the three months ended March 31, 2011 there were 15,000 restricted stock units granted under the 2010 Equity Compensation Program. These grants vest over a three year period at the rate of one-third per year, contingent on continued employment or service during the vesting period.

 

The Company's results of operations for the three months ended March 31, 2012 and 2011 include stock-based compensation expense for restricted stock unit grants totaling $1,212 and $1,275, respectively, and such amounts have been included in the accompanying Consolidated Statements of Operations within selling, general and administrative expenses.

 

A summary of the Company’s non-vested restricted stock units at March 31, 2012 is presented below: 

 

    Restricted Stock Units     Weighted-Average Grant-Date
Fair Value
 
Non-vested - January 1, 2012       15,000     $ 0.97  
Granted              
Vested              
Forfeited              
Non-vested – March 31, 2012       15,000     $ 0.97