Quarterly report pursuant to sections 13 or 15(d)

11. Stock Options

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11. Stock Options
 3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock 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 three months ended March 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     –                                  
Balance at March 31, 2014     37,150       $6.00 - 55.00       3.31 years     $ –     $ 32.00  
                                         
Exercisable March 31, 2014     37,150       $6.00 - 55.00       3.31 years     $ –     $ 32.00  
Exercisable December 31, 2013     37,150       $6.00 - 55.00       3.41 years     $ –     $ 32.00  
                                         

 

During the three months ended March 31, 2014 and 2013, the Company recognized stock based compensation expense of $0 and $58,279, respectively.