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STOCK OPTIONS AND WARRANTS
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Dec. 31, 2014
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK OPTIONS AND WARRANTS |
NOTE 16. STOCK OPTIONS AND WARRANTS Warrant activity. We have accounted for warrants as equity instruments in accordance with Emerging Issues Task Force (“EITF”) 00-19 (ASC 815-40) Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock, and as such, will be classified in stockholders’ equity as they meet the definition of “…indexed to the issuer’s stock” in EITF 01-06 (ASC 815-40) The Meaning of Indexed to a Company’s Own Stock . In prior years, we estimated the fair value of the warrants using the Black-Scholes option pricing model based on assumptions at the time of issuance. A summary of warrant activity is as follows:
Stock options. For the years ended December 31, 2014 and 2013, we issued 281,250 and -0- stock options, respectively. Stock options issued to members of our Board of Directors were 150,000 and -0- for the years ended December 31, 2014 and 2013, respectively. The stock options granted in 2014 were calculated to have a fair value of $76,705 using the Black-Scholes option pricing model with the following assumptions:
A summary of stock option activity is as follows:
Share-based compensation. The cost of all stock options and stock grants issued have been classified as share-based compensation on the statement of operations for the years ended December 31, 2014 and 2013. Total share-based compensation was $323,759 and $5,805 for the years ended December 31, 2014 and 2013, respectively.
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