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OPTIONS AND WARRANTS
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Dec. 31, 2013
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| OPTIONS AND WARRANTS [Text Block] |
NOTE 9 – OPTIONS AND WARRANTS Stock Option Awards Effective October 9, 2013, the Company granted a total of 6,000,000 stock options to Steven A. Nickolas and Richard A. Wright ( 3,000,000 stock options to each). The stock options are exercisable at the exercise price of $0.605 per share for a period of ten years from the date of grant. The stock options vest as follows: (i) 1,000,000 upon the date of grant; and (ii) 500,000 per quarter until fully vested. The Company has recognized compensation expense of $1,669,302 on the stock options granted that vested during the current period for the nine months ended December 31, 2013. The fair value of the unvested shares is $3,338,604 as of December 31, 2013 with the total unrecognized compensation cost related to non-vested stock options which is expected to be recognized over a weighted-average period of approximately 1 year. The aggregate intrinsic value of these options was $0 at December 31, 2013. Stock based compensation totaled $1,669,302 for the nine months ended December 31, 2013. Stock option activity summary covering options is presented in the table below:
Warrants The following is a summary of the status of all of our warrants as of December 31, 2013 and changes during the nine months ended on that date:
The following table summarizes information about stock warrants outstanding and exercisable at December 31, 2013:
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