| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
NOTE 14 - INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN
Common stock purchase options and warrants consisted of the following:
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OPTIONS:
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Issued by the Company
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# of shares
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Weighted Ave
Exericse Price
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Weighted Average
Remaining
Contractual
Life (in years)
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Aggregated
Intrinsic Value
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Outstanding and exercisable, June 30, 2013
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311,462
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$
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15.65
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3.3
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Granted
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73,928
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$
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7.58
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Exercised
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(73,928
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)
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$
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7.58
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Expired / Cancelled
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(9,000
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$
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32.70
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Outstanding and exercisable, December 31, 2013
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302,462
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$
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15.14
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2.87
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$
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-
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WARRANTS:
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Outstanding and exercisable, June 30, 2013
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163,124
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$
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7.29
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3.44
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Granted / adjusted
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-
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-
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Exercised
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-
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-
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Expired
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-
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-
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Outstanding and exercisable, December 31, 2013
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163,124
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$
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7.29
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2.7
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$
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-
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The average life remaining on the options and warrants as of December 31, 2013 is as follows:
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Exercise Price
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Number
Outstanding
and Exercisable
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Weighted
Average
Remaining
Contractual
Life
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Weighted Avg
Exercise Price
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OPTIONS:
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$0.10
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-
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$9.90
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183,462
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3.46
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7.21
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$10.00
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-
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$19.90
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14,000
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2.11
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18.18
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$20.00
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-
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$29.90
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91,000
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2.20
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25.31
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$30.00
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-
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$50.00
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14,000
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0.15
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50.00
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Totals
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302,462
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2.87
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15.14
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WARRANTS:
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$3.10
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-
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$7.73
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163,124
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2.70
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7.29
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Totals
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163,124
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2.70
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7.29
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All options and warrants granted are vested and exercisable as of December 31, 2013.
Below is the table summarizing stock grants awarded as compensation:
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Issued by the Company
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# of shares
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Weighted
Average Grant
Date Fair
Value ($)
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Unvested, June 30, 2012
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-
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-
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Granted
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3,750
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$
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5.48
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Vested
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(3,750
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)
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$
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5.48
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Unvested, June 30, 2013
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-
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-
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Granted
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86,899
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$
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10.68
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Vested
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(43,448
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)
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$
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10.68
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Unvested, December 31, 2013
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43,451
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$
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10.68
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OPTIONS
During the quarter ended September 30, 2013, the Company granted 47,500 options to four employees with an exercise price of $8 per share and an expiration date of 3 months, vesting immediately. Using the Black-Scholes method to value the options, the Company recorded $106,486 in compensation expense for these options in the accompanying condensed consolidated financial statements. The Black-Scholes option pricing model used the following assumptions:
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Risk-free interest rate - 0.05%
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Expected life - 3 months
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Expected volatility - 45.99%
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During the quarter ended September 30, 2013, the Company granted 5,000 options to one employee with an exercise price of $6.10 per share and an expiration date of 1 month, vesting immediately. Using the Black-Scholes method to value the options, the Company recorded $18,551 in compensation expense for these options in the accompanying condensed consolidated financial statements. The Black-Scholes option pricing model used the following assumptions:
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·
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Risk-free interest rate – 0.02%
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·
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Expected life – 1 month
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Expected volatility – 23.13%
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During the quarter ended December 31, 2013, the Company granted 21,428 options to two employees with an exercise price of $7 per share and an expiration date of 1 month, vesting immediately. Using the Black-Scholes method to value the options, the Company recorded $33,214 in compensation expense for these options in the accompanying condensed consolidated financial statements. The Black-Scholes option pricing model used the following assumptions:
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·
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Risk-free interest rate – 0.01%
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Expected life – 1 month
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·
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Expected volatility – 17.5%
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