Quarterly report pursuant to Section 13 or 15(d)

Restricted Common

 v2.3.0.11
Restricted Common
6 Months Ended
Jun. 30, 2011
Restricted Common  
Restricted Common
5. Restricted Common

On March 11, 2011, our Board of Directors and Compensation Committee awarded 10,000 shares of restricted common (non-vested shares) stock to each of Mr. Brian Bohunicky, our Chief Financial Officer and to Mr. Robert Koski, our director at a grant date fair value of $3.60 per share. The shares were awarded under the Company's Plan. Half of the awarded shares vest in six (6) months and the other half on the anniversary date of the award. Stock compensation expense of $27,000 and $29,922 was recorded for the three and six months ended June 30, 2011, respectively and is a non-cash expense. This amount is included in selling, general and administrative expenses in the accompanying statement of operations. At June 30, 2011, 20,000 shares of restricted common stock are non-vested. At June 30, 2011, there was $42,078 of total unrecognized compensation expense related to non-vested restricted common stock that is expected to be recognized over a period of one year.