|9 Months Ended|
Sep. 30, 2015
|Disclosure of Compensation Related Costs, Share-based Payments [Abstract]|
NOTE 15 STOCK OPTIONS
Stock based compensation
Stock option activity is presented in the table below:
The Company recognized stock compensation expense as follows:
The total remainder of stock compensation expense to be recognized through the vesting period of the above options, at September 30, 2015, was approximately $169,000.
The total number of options vested as of September 30, 2015 was 26,011,647 and the total options expected to vest, as of September 30, 2015, was 26,011,647.
Stock Incentive Plan
On November 11, 2014, the Company adopted the 2014 Stock Incentive Plan. The plan provides for Options, Stock Appreciation Rights, Dividend Equivalent Rights Restricted Stock, Restricted Stock Units or other rights or benefits under the Plan. The maximum aggregate number of shares which may be issued pursuant to all awards (including Incentive Stock Options) is five million (5,000,000) shares. The shares may be authorized, but unissued, or reacquired common stock. In addition, Dividend Equivalent Rights shall be payable solely in cash and therefore the issuance of Dividend Equivalent Rights shall not be deemed to reduce the maximum aggregate number of shares which may be issued under the plan. The plan has a term of ten years.
Under the terms of this plan, shares vest as follows: 25% of the shares subject to the option shall vest twelve (12) months after the Vesting Commencement Date, and 1/48 of the shares subject to the option shall vest on each monthly anniversary of the Vesting Commencement Date, thereafter.
Stock option activity under the Incentive Stock Option Plan is presented in the table below:
During the nine months ended September 30, 2015 options for approximately 106,250 common shares were forfeited by participants who left the Company.
Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.
Reference 1: http://www.xbrl.org/2003/role/presentationRef