Annual report pursuant to Section 13 and 15(d)

14. Stock Options

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14. Stock Options
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
14.0Stock Options

The Company has adopted the provisions of ASC 718 - Compensation which requires companies to measure the cost of employee services received in exchange for equity instruments based on the grant date fair value of those awards and to recognize the compensation expense over the requisite service period during which the awards are expected to vest.

 

On December 29, 2008, the Company adopted the Pacific Entertainment Corporation 2008 Stock Option Plan (the “Plan”), which provides for the issuance of qualified and non-qualified stock options to officers, directors, employees and other qualified persons. The Plan is administered by the Board of Directors of the Company or a committee appointed by the Board of Directors. The number of shares of the Company’s common stock initially reserved for issuance under the Plan was 110,000. On September 2, 2011, the shareholders holding a majority of the Company’s outstanding common stock adopted an amendment to the Company’s 2008 Stock Option Plan to increase the number of shares of common stock issuable under the plan to 500,000.

 

The following schedule summarizes the changes in the Company’s stock option plan during the twelve months ended December 31, 2014:

 

    Options Outstanding     Exercise   Weighted Average Remaining   Aggregate     Weighted Average Exercise  
    Number of     Price   Contractual   Intrinsic     Price  
    Shares     per Share   Life   Value     per Share  
                                 
Balance at December 31, 2013     37,150     $6.00 - 55.00   3.55 years   $ –     $ 32.00  
Options Granted     –                          
Options Exercised     –                          
Options Expired     36,800                          
Balance at December 31, 2014     350     $6.00 - 33.60   2.29 years   $ –     $ 15.09  
                                 
Exercisable December 31, 2013     37,150     $6.00 - 55.00   3.41 years   $ –     $ 32.00  
Exercisable December 31, 2014     350     $6.00 - 33.60   2.29 years   $ –     $ 15.09  

 

During the years ended December 31, 2014, the Company did not recognize any stock based compensation expense. During the year ended December 31, 2013, the Company recognized stock based compensation expense of $316,685.