BENEFIT CONTRIBUTION PLAN |
9 Months Ended | ||||
|---|---|---|---|---|---|
Sep. 30, 2015 | |||||
| Compensation and Retirement Disclosure [Abstract] | |||||
| Compensation and Employee Benefit Plans [Text Block] |
The Company sponsors a 401(k) profit-sharing plan (“401(k) Plan”) that covers substantially all of its employees in the United States. The 401(k) Plan provides for a discretionary annual contribution, which is allocated in proportion to compensation. In addition, each participant may elect to contribute to the 401(k) Plan by way of a salary deduction.
A participant is always fully vested in their account, including the Company’s contribution. The Company recorded a charge associated with its contribution of $6,108 and $71,842 for three and nine months ended September 30, 2015, and $23,730 and $50,933, for three and nine months ended September 30, 2014, respectively. This charge is included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations. The Company issues shares of its common stock to settle the prior year obligations based on the fair market value of its common stock on the date the shares are issued (shares were issued at $2.00 per share during the nine months ended September 30, 2015 and $2.25 per share during the nine months ended September 30, 2014).
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