8. Equity Incentive Plan

There were no new equity awards granted during the three months ended March 31, 2015.  The cost associated with stock options during the three months ended March 31, 2015 and 2014 was $411,964 and the unamortized cost of the options at March 31, 2015 was $1,479,477 to be recognized over a weighted-average life of 2.2 years.  At March 31, 2015, and December 31, 2014, 622,292 and 565,000 shares of the options were exercisable. In addition, there was no intrinsic value associated with the options as of March 31, 2015. The weighted-average remaining contractual life of the options outstanding is 8.4 years.