Attached files

file filename
EX-4.1 - PROMISSORY NOTE - URBAN AG. CORPurban_10k-ex401.htm
EX-3.4 - AMENDED AND RESTATED CERTIFICATE OF INCORPORATION - URBAN AG. CORPurban_10k-ex304.htm
EX-10.17 - STOCK PURCHASE AGREEMENT WITH DISTRESSED ASSET ACQUISITIONS, INC. - URBAN AG. CORPurban_10k-ex1017.htm
EX-21.1 - LIST OF SUBSIDIARIES - URBAN AG. CORPurban_10k-ex2101.htm
EX-10.13 - STOCK PURCHASE AGREEMENT - URBAN AG. CORPurban_10k-ex1013.htm
EX-10.18 - EMPLOYMENT AGREEMENT - URBAN AG. CORPurban_10k-ex1018.htm
EX-32.1 - CERTIFICATION - URBAN AG. CORPurban_10k-ex3201.htm
EX-31.1 - CERTIFICATION - URBAN AG. CORPurban_10k-ex3101.htm
EX-31.2 - CERTIFICATION - URBAN AG. CORPurban_10k-ex3102.htm
EX-23.1 - CONSENT - URBAN AG. CORPurban_10k-ex2301.htm
EX-10.16 - FACTORING AND SECURITY AGREEMENT WITH MIDLAND AMERICAN CAPITAL - URBAN AG. CORPurban_10k-ex1016.htm
EXCEL - IDEA: XBRL DOCUMENT - URBAN AG. CORPFinancial_Report.xls
10-K - ANNUAL REPORT - URBAN AG. CORPurban_10k-123111.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR5.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR1.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR7.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR4.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR2.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR8.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR9.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR3.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR6.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR18.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR19.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR23.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR13.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR10.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR20.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR16.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR15.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR21.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR14.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR22.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR12.htm
XML - IDEA: XBRL DOCUMENT - URBAN AG. CORPR11.htm
EX-10.15 - LOAN PURCHASE AND SALE AGREEMENT WITH SUMMITBRIDGE CREDIT INVESTMENTS LLC - URBAN AG. CORPurban_10k-ex1015.htm
v2.4.0.6
11. Stock Based Compensation
12 Months Ended
Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
11. Stock Based Compensation

The Company maintains one plan, the Aquamer Medical Corp. 2010 Long Term Incentive Plan (the “2010 Plan”) under which key persons employed or retained by the Company or its subsidiaries, and any non-employee director, consultant, vendor or other individual having a business relationship with the Company may receive stock options, stock appreciation rights or restricted stock for up to 15 million shares of the Company’s common stock. Under the 2010 Plan, the exercise price of each stock option equals or exceeds the market price of the Company’s stock on the date of grant.  Stock options are granted at various times and vest over a period determined by the compensation plan, ranging from one month to three years and generally have a maximum term of ten years.  Stock appreciation rights (“SARs”) may be granted in conjunction with any stock options granted under the 2010 Plan and may be exercised by surrendering the applicable portion of the related stock option.  Upon the exercise of an SAR, the holder shall be entitled to receive an amount in cash, shares of the Company’s common stock or both, in value equal to the excess of the market price of one share of common stock over the option price per share specified in the related stock option multiplied by the number of shares in respect of which the SAR shall have been exercised, with the compensation committee (the “Committee”), if any, appointed by the Board, having the right to determine the form of payment.   Restricted stock may be awarded either alone or in addition to other awards granted under the 2010 Plan, the terms and conditions of which are to be determined by the Committee.

 

The fair value of each option granted under the 2010 Plan is estimated on the date of grant, using the Black-Scholes option pricing model, based on the following weighted average assumptions:

 

   December 31, 2011 
Expected life (years)   1.0-10.0 
Expected stock price volatility   254.9%
Expected dividend yield   0.0%
Risk-free interest rate   0.93%

  

The risk-free interest rate is based upon the U.S. Treasury yield curve at the time of grant for the respective expected life of the option. The expected life (estimated period of time outstanding) of options was estimated.  The expected volatility of the Company’s options was calculated using historical data. Expected dividend yield was not considered in the option pricing formula since the Company does not pay dividends and has no current plans to do so in the future. If actual periods of time outstanding and rate of forfeitures differs from the expected rates, the Company may be required to make additional adjustments to compensation expense in future periods.

 

A summary of the status of the Company’s fixed stock option plan as of December 31, 2011 and the changes during the period ended is presented below:

 

            Weighted      
        Weighted   Average      
        Average   Remaining   Aggregate  
        Exercise   Contractual   Intrinsic  
    Options   Price   Term   Value  
Options outstanding at December 31, 2010     $     $  
Granted   585,087   $ 0.51   0.83   0  
Exercised          
Forfeited     $      
Options outstanding at December 31, 2011   585,087   $ 0.51   0.83   $ 0  
                   
Options exercisable at December 31, 2011   585,087   $ 0.51   0.83   $ 0  

 

There were no stock options exercised during the fiscal year ended December 31, 2011.

 

    Options Outstanding       Options Exercisable  
        Weighted              
    Number   Average   Weighted   Number   Weighted  
Range of   Outstanding at   Remaining   Average   Exercisable at   Average  
Exercise   December 31,   Contractual   Exercise   December 31,   Exercise  
Prices   2011   Term (years)   Price   2011   Price  
$ 0.00 - 0.28   500,000   0.83   $ 0.28   83,333   $ 0.28  
$ 029. - 0.55   85,087   0.83   $ 0.55   14,181   $ 0.55  
                             
Total   585,087   0.83   $ 0.51   97,514   $ 0.51  

 

The following table summarizes the status of the Company’s non-vested options since inception:

 

    Non-vested Options  
        Weighted Average  
    Options   Fair Value  
Non-vested at December 31, 2010   -   $ 0.00  
Granted   585,087   $ 0.51  
Vested   97,514   $ 0.51  
Forfeited     $  
Non-vested at December 31, 2011   487,573   $ 0.51  

 

The total fair value of options vested was $43,131 for the period ended December 31, 2011.  As of December 31, 2011, there was $215,664 of total unrecognized compensation cost related to non-vested stock options granted under the 2010 Plan.  That cost is expected to be recognized over a weighted average period of 0.83 years. For the fiscal year ended December 31, 2011, the Company recognized $43,131 in compensation expense related to stock options. The recognition of total stock-based compensation expense impacted basic and diluted net income per common share by less than $0.01 during the fiscal year ended December 31, 2011. The Company calculates the fair value of stock options using the Black-Scholes model. The total value of the stock option awards is expensed ratably over the requisite service period of the employees receiving the awards. The intrinsic value is calculated as the excess of the market value as of November 12, 2012 over the exercise price of the shares. The Company’ stock is thinly traded and the stock price for the most recent trade for the shares on November 16, 2012 was $0.20 as reported by the Pink Sheets.