Employment Arrangements and Other Agreements - Agreement with Corey M Horowitz (Details Narrative) (USD $)
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0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||
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Mar. 16, 2011
Employment agreement with Corey M Horowitz, Chairman and CEO
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Jun. 08, 2009
Employment agreement with Corey M Horowitz, Chairman and CEO
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Sep. 30, 2012
Employment agreement with Corey M Horowitz, Chairman and CEO
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Dec. 31, 2011
Employment agreement with Corey M Horowitz, Chairman and CEO
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Dec. 31, 2010
Employment agreement with Corey M Horowitz, Chairman and CEO
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Dec. 31, 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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Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
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 Companys 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 | |||||
Agreed minimum annual cash bonus | $ 150,000 | |||||||
Annual bonus payments | 150,000 | 350,000 | 150,000 | |||||
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 of expiration date for 417,500 shares (in years) | 5 | |||||||
Consideration payment for reduction of Additional and Royalty Bonus Compensation from 12.5% to 10% (in dollars) | 250,000 | |||||||
Royalty bonus compensation - remote power patent (in percent) | 5.00% | |||||||
Royalty bonus compensation - other patents (in percent) | 10.00% | 12.50% | ||||||
Royalty bonus compensation | $ 320,000 | |||||||
Additional terms of agreement |
On March 16, 2011 the Company and Mr. Horowitz entered into an amendment to the Agreement which provided that in consideration of a payment of $250,000, Mr. Horowitz agreed to reduce Additional Bonus Compensation and Royalty Bonus Compensation (as such terms are defined in Section 5(b)(ii) of the Agreement) payable to him from patents other than the Remote Power Patent from 12.5% to 10% as referenced below. |
Mr. Horowitz shall also be entitled to additional bonus compensation equal to (i) 5% of the gross proceeds from the sale of the Companys Remote Power Patent and 10% (pursuant to the March 16, 2011 amendment) of the gross proceeds from the sale of the Additional Patents, and (ii) 5% of the gross proceeds from the merger of the Company with or into another entity under certain limited circumstances. |
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Employment termination, Terms | If Mr. Horowitzs employment is terminated by the Company Other Than For Cause (as defined) or by Mr. Horowitz for Good Reason (as defined), Mr. Horowitz shall also be entitled to (i) a lump sum severance payment of 12 months base salary, (ii) the minimum annual bonus of $150,000 and (iii) accelerated vesting of all unvested options and warrants | |||||||
Non-competition agreement, terms |
Mr. Horowitz has agreed not to compete with the Company as follows: (i) during the term of the Agreement and for a period of 12 months thereafter if his employment is terminated Other Than For Cause (as defined) provided he is paid his 12 month base salary severance amount and (ii) for a period of two years from the termination date, if terminated For Cause by the Company or Without Good Reason by Mr. Horowitz. |