Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2014
Options [Abstract]  
Note 15 - Options
On January 27, 2014 the Company granted options for the purchase of 10,000 shares of common stock to an employee. These options have a four year vesting schedule, have a life of ten years and an exercise price of $4.74 per share. The Company valued the stock options using the Black-Scholes option valuation model and the fair value of the award was $16,600.  The fair value of the common stock as of grant date was $4.06 share.
As of March 31, 2014, the fair value of non-vested options totaled $2,324,326 which will be amortized to expense over the weighted average remaining term of 3.61 years.
The fair value of each employee option grant is estimated on the date of the grant using the Black-Scholes option-pricing model.  Key weighted-average assumptions used to apply this pricing model during the three months ended March 31, 2014 were as follows:
Risk-free interest rate
    2.78 %
Expected life of option grants
10 years
Expected volatility of underlying stock
    39.4 %
  $ --  
The expected stock price volatility for the Company’s stock options was determined by the historical volatilities for industry peers and used an average of those volatilities.  The Company attributes the value of stock-based compensation to operations on the straight-line single option method.  Risk free interest rates were obtained from U.S. Treasury rates for the applicable periods.