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Employment Arrangements and Other Agreements - Agreement with David C. Kahn (Details Narrative) (USD $)
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0 Months Ended | ||
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Jun. 08, 2009
Employment agreement with Corey M Horowitz, Chairman and CEO
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Apr. 12, 2012
Agreement with Chief Financial Officer
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Feb. 03, 2011
Agreement with Chief Financial Officer
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| Terms of agreement | Continues to serve as Chairman and Chief Executive Officer for a three year term (expiring June 2012) at an annual base salary of $375,000 (retroactive to April 1, 2009) for the first year, increasing by 5% on each of April 1, 2010 and April 1, 2011 | On April 12, 2012, the Company amended its agreement, dated February 3, 2011, with its Chief Financial Officer providing for a one year extension of the term of service until December 31, 2013, and an increase in compensation to $11,000 per month. | David C. Kahn pursuant to which he continues to serve as the Company’s Chief Financial Officer through December 31, 2012. The agreement provided for Mr. Kahn to be compensated at the rate of $9,000 per month for the year ending December 31, 2011 and $9,450 per month for the year ending December 31, 2012 |
| Number of stock options granted (in shares) | 750,000 | 75,000 | 100,000 |
| Expiration date of option granted | Jun. 07, 2019 | Apr. 12, 2017 | Feb. 03, 2016 |
| Option granted, Exercise price (in dollars per share) | $ 0.83 | $ 1.40 | $ 1.59 |
| Option Vesting | Option vested in equal quarterly amounts of 62,500 shares beginning September 30, 2009 through March 31, 2012 | Option vests over a one year period in equal quarterly installments of 18,750 shares | Option vested 50,000 shares on the date of grant and the balance of the shares (50,000) vested on the one year anniversary date (February 3, 2012) from the date of grant |
| Extension in term of service (in years) | 1 | ||
| Agreed Compensation cost per month (in dollars) | $ 11,000 | ||