15. 2010 STOCK OPTION, SAR AND STOCK BONUS PLAN
On October 8, 2010, the shareholders approved the 2010 Stock Option, SAR and Stock Bonus Plan (the “Plan”) authorizing 500,000 shares of Common Stock to be reserved for issuance under the Plan. The Plan allows us to issue awards as determined by the stock committee of the Company’s board of directors of incentive non-qualified stock options, stock appreciation rights, and stock bonuses to our consultants which may be subject to restrictions. As of September 30, 2012 there are 26,364 shares remaining in the Plan.
On February 25, 2011, the Company issued 112,584 shares of its common stock with a grant date fair value of $67,550 ($0.60 per share) based on quoted bid prices of our common stock for director’s compensation from the Plan.
On July 24, 2012, the Company issued 361,052 shares of its common stock with a grant date fair value of $72,210 ($0.20 per share) based on quoted bid prices of our common stock for compensation for services from the Plan.