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Employment Arrangements and Other Agreements - Agreement with Corey M Horowitz (Details Narrative) (Employment agreement with Corey M Horowitz, Chairman and CEO, USD $)
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0 Months Ended | 6 Months Ended | 12 Months Ended | |||
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Mar. 16, 2011
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Jun. 08, 2009
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Jun. 30, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Employment agreement with Corey M Horowitz, Chairman and CEO
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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 | |||||
| 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 | |||||
| Expiration date of option granted | Jun. 07, 2019 | |||||
| Option granted, Exercise price (in dollars per share) | $ 0.83 | |||||
| Option Vesting | Option vested in equal quarterly amounts of 62,500 shares beginning September 30, 2009 through March 31, 2012 | |||||
| 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 Company’s 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. Horowitz’s 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. |
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