|
Employment Arrangements and Other Agreements - Agreement with David C. Kahn (Details Narrative) (Agreement with Chief Financial Officer, USD $)
|
0 Months Ended | |
|---|---|---|
|
Apr. 12, 2012
N
|
Feb. 03, 2011
|
|
|
Agreement with Chief Financial Officer
|
||
| Terms of agreement | 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) | 75,000 | 100,000 |
| Expiration date of option granted | Apr. 12, 2017 | Feb. 03, 2016 |
| Option granted, Exercise price (in dollars per share) | $ 1.40 | $ 1.59 |
| Option Vesting | 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 | |