Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCFinancial_Report.xls
10-Q/A - 11 GOOD ENERGY INCc66669_10-qa.htm
EX-32.2 - 11 GOOD ENERGY INCc66669_ex32-2.htm
EX-31.1 - 11 GOOD ENERGY INCc66669_ex31-1.htm
EX-32.1 - 11 GOOD ENERGY INCc66669_ex32-1.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR14.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR12.htm
EX-31.2 - 11 GOOD ENERGY INCc66669_ex31-2.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR9.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR4.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR8.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR5.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR1.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR7.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR2.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR6.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR3.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR17.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR16.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR11.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR15.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR10.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR19.htm
XML - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCR13.htm
v2.3.0.11
OPTIONS AND WARRANTS
6 Months Ended
Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 12 – OPTIONS AND WARRANTS


The following table summarizes options outstanding and the related prices for the shares of the Company’s common stock issued to consultants and employees as of June 30, 2011:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

 

 

Options Exercisable

 

Exercise
Prices

 

Number
Outstanding

 

Weighted Average
Remaining
Contractual Life
(Years)

 

Weighted
Average
Exercise
Price

 

Number
Exercisable

 

Weighted
Average
Exercise
Price

 


 


 


 


 


 


 

$

3.00

 

 

500,000

 

 

1.00

 

$

3.00

 

 

500,000

 

$

3.00

 

 

3.00

 

 

150,000

 

 

2.08

 

 

3.00

 

 

45,833

 

 

3.00

 

 

5.00

 

 

785,000

 

 

3.00

 

 

5.00

 

 

567,500

 

 

5.00

 

 

 

 

 

1,435,000

 

 

2.21

 

 

4.00

 

 

1,113,333

 

 

4.02

 


Transactions involving stock options issued are summarized as follows:


 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

Weighted
Average
Price
Per Share

 

 

 


 


 

 

Outstanding at December 31, 2010:

 

 

500,000

 

 

3.00

 

Granted

 

 

935,000

 

 

4.53

 

Exercised

 

 

 

 

 

Canceled or expired

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2011:

 

 

1,435,000

 

$

4.00

 

 

 



 



 


On June 24, 2011, the Company granted an aggregate of 935,000 stock options to consultants and employees in connection with services rendered at the exercise price of $5.00 over three years.


The fair values of the vested options were determined using the Black Scholes option pricing model with the following assumptions:


 

 

 

 

 

Dividend yield:

 

 

-0-

%

Volatility

 

 

108.00

%

Risk free rate:

 

 

4.95

%

Expected option life

 

 

3 years

 


The fair value of vested options in the amount of $1,911,895 was charged to operations during the three and six months ended June 30, 2011.


The following table summarizes in warrants outstanding and the related prices for the shares of the Company’s common stock issued as of June 30, 2011:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants Outstanding

 

 

 

Warrants Exercisable

 

Exercise
Prices

 

Number
Outstanding

 

Weighted Average
Remaining
Contractual Life
(Years)

 

Weighted
Average
Exercise
Price

 

Number
Exercisable

 

Weighted
Average
Exercise
Price

 


 


 


 


 


 


 

$

2.55

 

 

3,519,830

 

 

1.23

 

$

2.55

 

 

3,519,830

 

$

2.55

 

 

4.50

 

 

2,383,599

 

 

1.46

 

 

4.50

 

 

2,383,599

 

 

4.50

 

 

7.50

 

 

22,500

 

 

2.00

 

 

7.50

 

 

22,500

 

 

7.50

 

 

5.00

 

 

62,500

 

 

2.00

 

 

5.00

 

 

62,500

 

 

5.00

 



















 

 

 

 

5,988,429

 

 

1.33

 

$ 

 3.37

 

 

5,988,429

 

$ 

 3.37

 


Transactions involving warrants issued are summarized as follows:


 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

Weighted
Average
Price
Per Share

 







Outstanding at December 31, 2010:

 

 

5,903,429

 

$

3.34

 

Granted

 

 

85,000

 

 

5.66

 

Exercised

 

 

 

 

 

Cancelled or forfeited

 

 

 

 

 









Outstanding at June 30, 2011:

 

 

5,988,429

 

$ 

3.37

 


In connection with the sale of the common stock, the Company issued an aggregate of 22,500 warrants to shareholders and placement agent to purchase the Company’s common stock for $5.00 per share expiring in June 2013 (See Note 8).


In connection with the issuance of convertible notes (see Note 11 above), the Company issued 62,500 detachable warrants during the three and six months ended June 30, 2011 granting the holder the right to acquire an aggregate of shares of the Company’s common stock at $5.00 per share. The warrants expire on June 30, 2013. The Company valued the warrant commitment in accordance with ASC 470-20 using the Black-Scholes pricing model and the following assumptions: contractual terms of 2 years, an average risk free interest rate of 4.95%, a dividend yield of 0%, and volatility of 108%. The debt discount attributed to the value of the warrant commitment issued is amortized over the notes’ maturity period (till December 31, 2011) as interest expense.