Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - TRANS ENERGY INCFinancial_Report.xls
10-Q/A - FORM 10-Q AMENDMENT NO.1 - TRANS ENERGY INCd369941d10qa.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR7.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR4.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR9.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR3.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR6.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR2.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR1.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR8.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR5.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR31.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR24.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR28.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR32.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR27.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR19.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR22.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR20.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR15.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR29.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR12.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR30.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR23.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR21.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR25.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR14.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR11.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR16.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR10.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR33.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR18.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR17.htm
EX-31.1A - EX-31.1A - TRANS ENERGY INCd369941dex311a.htm
XML - IDEA: XBRL DOCUMENT - TRANS ENERGY INCR26.htm
EX-31.2A - EX-31.2A - TRANS ENERGY INCd369941dex312a.htm
v2.4.0.6
Stockholders' Equity
6 Months Ended
Jun. 30, 2012
Stockholders' Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 7 — STOCKHOLDERS’ EQUITY

On April 8, 2009, Trans Energy granted 375,000 common stock options to four key employees under the long term incentive bonus program. These options are being amortized to share-based compensation expense quarterly over the vesting period, for which $70,534 of the share-based compensation expense was recorded during the six month period ended June 30, 2010. As of June 30, 2010, these options have been fully expensed. 50,000 of these options were exercised in June 2011.

On May 14, 2009, Trans Energy granted 50,000 shares of common stock to one key employee under the long term incentive bonus program. The 50,000 shares are not performance based and vest quarterly over one year, subject to ongoing employment. These shares were valued at $57,500 using the fair market value of the common stock at the date of grant and will be amortized to compensation expense quarterly over one year. During the year ended December 31, 2010, Trans Energy recorded $14,375 of share-based compensation related to these shares. As of June 30, 2010, this award has been fully expensed in 2010. In addition, Trans Energy also granted 50,000 common stock options to this employee under the long term incentive bonus program. The options are being amortized to share-based compensation expense over the vesting period, for which $9,405 of share-based compensation expense was recorded during the year ended December 31, 2010. These options have been fully expensed in 2010.

In December 2010, Trans Energy granted 136,500 shares of stock to nine employees under the long-term incentive bonus program. The 136,500 shares are not performance based and vest semi-annually over six years, subject to ongoing employment. These shares were valued at $409,500 using fair market value of the common stock at the date of grant and will be amortized to compensation expense over six years. During the six months ended June 30, 2012 and 2011, we recorded $50,250 and $50,250, respectively, of share based compensation related to these shares. During the three months ended June 30, 2012 and 2011, we recorded $25,125 and $16,125, respectively of share based compensation related to these shares.

In December 2010, Trans Energy granted 332,000 common stock options to nine employees and one outside board member. These options vest semi-annually over six years and have a five year term. These stock options were granted at an exercise price of $3.00 per common share, which was equal to the fair market value of the common stock at the date of grant and were valued using the Black Scholes valuation model. The options are being amortized to share-based compensation expense over the vesting period. During the six months ended June 30, 2012 and 2011, we recorded $114,246 and $101,886 of share based compensation related to these options, and for the three months ended June 30, 2012 and 2011, we recorded $57,125 and $38,569 related to these options. 36,000 of the options were cancelled in June 2011.

In May 2011, Trans Energy granted 420,000 shares of stock to eight employees and six outside board members under the long-term incentive bonus program. The 420,000 shares are not performance based and vest semi-annually over a six year period, subject to ongoing employment. These shares were valued at $1,125,600 using fair market value of the common stock at the date of grant and will be amortized to compensation expense over six years. During the six months ended June 30, 2012 and 2011, we recorded $187,600 of share-based compensation expense related to these shares, and for the three months ended June 30, 2012 and 2011, we expensed $93,800 and $187,600, respectively.

In May 2011, Trans Energy also granted 378,000 common stock options to eight employees and four outside board members. These options vest semi-annually over five years and have a five year term. These stock options were granted at an exercise price of $2.68 per common share, which was equal to the fair market value of the common stock at the date of grant and were valued using the Black Scholes valuation model. The options are being amortized to share-based compensation expense over the vesting period. During the six months ended June 30, 2012 and 2011, we recorded $108,662 and $65,197, respectively, of share-based compensation expense related to these options. During the three months ended June 30, 2012 and 2011, we recorded $54,331 and $65,197, respectively, of share-based compensation expense related to these options.

In December, 2011, Trans Energy granted 12,000 shares of common stock and 36,000 common stock options to an employee with the same vesting terms as the May 2011 issuances. These shares were valued at $5,360 using fair market value of common stock at the date of grant. The stock options were granted at an exercise price of $2.68 per common share and were valued using the Black Scholes valuation model and similar assumptions as the May 2011 options. During the six months ended June 30, 2012, we recorded $5,360 and $10,349 of share based compensation for these common shares and stock options, respectively. During the three months ended June 30, 2012 and 2011, we recorded $2,680 and $5,175 of share-based compensation for these common shares and stock options, respectively.

Effective April 26, 2012, Trans Energy granted 804,000 common stock options to nine employees and four board members. These options vest semi-annually over five years and have a five year term. The stock options were granted at an exercise price of $2.30 per common share which was equal to the fair market value of the common stock at the date of the grant and were valued using the Black Scholes valuation model. The model uses key estimates such as estimated useful lives of the options and the estimated volatility of our stock price. The options are being amortized to share-based compensation expense over the vesting period. During the second quarter of 2012, we recorded $117,480 of share-based compensation expense related to these options.

The following are assumptions made in computing the option fair value:

 

         

Average risk-free interest rate

    1.72

Dividend yield

    0

Expected term

    5 years  

Average expected volatility

    77.09

In March 2012, Trans Energy granted 60,000 shares of stock to six employees under the long-term incentive bonus, which became effective April 26, 2012. The 60,000 shares are not performance based and vest semi-annually over a six year period, subject to ongoing employment. These shares were valued at $138,000 using fair market value of the common stock at the date of grant and will be amortized to compensation expense over six years. During the second quarter of 2012, we recorded $23,000 of share-based compensation expense related to these shares.

 

In August 2006, Trans Energy granted 800,000 common stock options to two employees with an expiration date of August 16, 2011. Trans Energy extended those options in June 2011 to August 16, 2012. Trans Energy recorded $11,831 of additional stock-based compensation related to the one year extension.

Due to severance agreements, effective in June 2012, certain employees became vested 100% on their stock options and stock awards, we recorded an additional $399,536 of share-based compensation expense for accelerating the vesting of these stock options and stock awards. (See Note 9.)

As a result of the above stock and option transactions, Trans Energy recorded total share-based compensation of $1,016,485 and $416,764 for the six months ended June 30, 2012 and 2011, respectively.