Note 16 - Employment Contracts |
6 Months Ended |
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Jun. 30, 2015 | |
| Contractors [Abstract] | |
| Long-term Contracts or Programs Disclosure [Text Block] |
Note 16 – Employment Contracts
During the year ended December 31, 2012, the Company entered into an amended and restated three-year employment contract with its Chief Operating Officer. The agreement continues through September 30, 2015. If the Company meets various goals and criteria during those three years, which have been set forth in the agreement, they will issue a prescribed amount of shares of its common stock to the Chief Operating Officer. The Company reserved 650,000 shares of its common stock as required by the agreement. As of December 31, 2014, in accordance with the terms of the agreement, the employee vested 335,000 shares of restricted stock for achieving milestones as set forth in the employment agreement and 112,500 shares remain reserved.
Effective January 1, 2015, the Company entered into the second amended and restated employment agreement with its COO. The COO had the ability to earn shares of common stock over the term of the agreement, which runs through December 31, 2017. In addition, the COO earned a base salary of $170,000. This agreement was terminated as of May 1, 2015.
During the year ended December 31, 2012, the Company entered into a three-year contact with its Vice President of Customer Support. The agreement continues through September 30, 2015. If the Company meets various goals and criteria during those three years they will issue a prescribed amount of its common shares to the Vice President of Customer Support. The Company reserved 288,000 shares of its common stock as required by the agreement. As of December 31, 2014, in accordance with the terms of the agreement, the employee vested 136,200 shares of restricted stock for achieving milestones as set forth in the employment agreement and 72,000 shares remain reserved.
Effective January 1, 2015, the Company entered into an amended and restated employment agreement with its Vice President of Customer Support. The Vice President of Customer Support has the ability to earn shares of common stock over the term of the agreement, which runs through December 31, 2017. In addition, the Vice President of Customer Service shall earn an initial base salary of $100,000.
On March 4, 2013, the Company entered into an employment agreement with its CEO/President. The CEO/President has the ability to earn shares of common stock over the term of the agreement, which runs through March 31, 2014. The Company reserved 750,000 shares of its common stock as required by the agreement. Per the agreement, the Company issued 150,000 common shares on the last day of every fiscal quarter as compensation through that period. As of December 31, 2014, all 750,000 common shares had vested. In addition, the Chief Executive Officer and President shall earn an initial base salary of $250,000, which began on January 1, 2013.
Effective January 1, 2015, the Company entered into an employment agreement with its CEO/President. The CEO/President has the ability to earn shares of common stock over the term of the agreement, which runs through December 31, 2017. In addition, the CEO/President shall earn an initial base salary of $250,000.
On March 4, 2013, the Company amended the agreement with its non-employee interim Chief Financial Officer (CFO). The CFO has the ability to earn shares of common stock over the term of the agreement, which ran through March 31, 2014. The Company reserved 416,250 shares of its common stock as required by the agreement. Per the contract, the Company issued a prescribed amount of common shares on the last day of every fiscal quarter, beginning with the second quarter of 2013 and ending on March 31, 2014. In addition, the Non-Employee Interim Chief Financial Officer will earn a base monthly retainer of $3,000, which began on January 1, 2013 and will continue until the Company completes certain requirements per the agreement. On May 22, 2014, the Company entered into a second amended agreement with its Non-Employee Interim CFO. The amendment extended the potential term of the Non-Employee Interim CFO agreement from April 1, 2014 through November 30, 2015. Further, the amendment provides for compensation to the CFO of up to 935,000 shares of the Company’s common stock, based upon the actual number of months served. As of December 31, 2014, 515,000 shares have vested, leaving 420,000 shares reserved as of December 31, 2014. During the first two quarters of 2015, 210,000 shares were authorized under this agreement, and 210,000 remain available under the agreement. In addition, the Non-Employee Interim CFO will continue to earn a base monthly retainer of $3,000.
On March 11, 2014, the Company entered into an employment agreement with its Lead Engineer. The Lead Engineer has the ability to earn shares of common stock over the term of the agreement, which runs through March 30, 2016. The Company reserved 82,287 shares of its common stock as required by the agreement. Per the agreement, the Company will issue up to 27,429 common shares per year. As of December 31, 2014, 60,000 common shares have been authorized and 22,287 shares remain reserved. In addition, the Lead Engineer shall earn an initial base salary of $96,000, which began on March 11, 2013.
Effective January 1, 2015, the Company entered into an amended and restated employment agreement with its Lead Engineer. The Lead Engineer has the ability to earn shares of common stock over the term of the agreement, which runs through December 31, 2017. In addition, the Lead Engineer shall earn an initial base salary of $105,000.
On November 1, 2014, the Company entered into an employment agreement with its Vice President of Finance. The Vice President of Finance has the ability to earn shares of common stock over the term of the agreement, which runs through October 31, 2017. The Company reserved 540,000 shares of its common stock as required by the agreement. Per the agreement, the Company will issue up to 180,000 common shares per year based upon the completion of performance related milestones as approved by the Board of Directors. As of December 31, 2014, 5,000 common shares have been authorized and 510,000 shares remain reserved. In addition, the VP Finance shall earn an initial base salary of $170,000 beginning on November 1, 2014.
On November 1, 2014, the Company entered into an employment agreement with its Vice President of Sales. The Vice President of Sales has the ability to earn shares of common stock over the term of the agreement, which runs through October 31, 2017. The Company reserved 420,000 shares of its common stock as required by the agreement. Per the agreement, the Company will issue up to 140,000 common shares per year based upon the completion of performance related milestones as approved by the Board of Directors. As of December 31, 2014, 5,000 common shares have been authorized and 396,667 shares remain reserved. In addition, the VP Sales shall earn an initial base salary of $140,000 beginning on November 1, 2014.
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