7. Equity Incentive Plan

There were no new equity awards granted during the three and six months ended June 30, 2015.  The amortization expense associated with stock options during the three months ended June 30, 2015 and 2014 was $379,380 and $481,454, respectively. The stock option amortization expense for the six months ended June 30, 2015 and 2014 was $791,344 and $1,159,679, respectively. The unamortized cost of the options at June 30, 2015 was $2,066,112, to be recognized over a weighted-average life of 2.2 years. At June 30, 2015, and December 31, 2014, 923,333 and 565,000 shares of the options were exercisable. In addition, there was no intrinsic value associated with the options as of June 30, 2015. The weighted-average remaining contractual life of the options outstanding is 8.1 years.