No options were granted as of December 31, 1999.
The incentive
stock option plan matures in 2001.
options.
At December 31, 1999 there were 500,000 options outstanding and exercisable
comprised of 400,000 shares exercisable at $.40 per share expiring December 31, 2000 and
100,000 shares exercisable at $1.00 per share expiring December 31, 2003.
No options were
exercised during 1999.
customer lists.
The amount assigned to each transaction is based upon contractual agreements.
Accordingly, no compensation cost has been recognized for options granted.
There are no charges
or credits to expense with respect to the granting or exercise of options since the options were
issued with exercise prices at or exceeding fair market value on their respective dates of grant.
However, using an option pricing model to determine the fair value of the options and considering
the expected option life, anticipation of no dividends, and the risk-free interest rate, determining
compensation cost for stock-based compensation plans consistent with SFAS 123 would not have
had a material impact on reported net income of the Company.
1999.
At December 31, 1999, the Company had federal and state net operating loss carry
forwards of approximately $948,025 available that expire through the year 2014.
against product failure.
In addition, the Company provides a warranty of its assembled product
workmanship.
Management has determined that no warranty reserve was necessary as of
December 31, 1999.
amount of $22,750 for credit card orders.
The Company is leasing
space on a month by month basis and expects to relocate from its current facilities by April 2001.