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v2.4.0.6
WARRANTS AND OPTIONS
3 Months Ended
Sep. 30, 2012
Other Liabilities Disclosure [Abstract]  
WARRANTS AND OPTIONS

NOTE 5 – WARRANTS AND OPTIONS

  

Warrants

 

The following table summarizes the changes in warrants outstanding and related prices for the shares of the Company’s common stock issued to shareholders at September 30, 2012:

 

Exercise

Price

   

Number

Outstanding

   

Warrants Outstanding

Weighted Average

Remaining Contractual

Life (years)

   

Weighted

Average

Exercise price

   

Number

Exercisable

   

Warrants Exercisable

Weighted

Average

Exercise Price

 
$ 0.13       40,000       1.72     $ 0.13       40,000     $ 0.13  
  2.25       23,629       0.31       2.25       23,629       2.25  
          63,629                       63,629          

 

Transactions involving the Company’s warrant issuance are summarized as follows:

 

   

Number of

Shares

   

Weighted

Average

Price Per Share

 
        Outstanding at December 31, 2010     95,029     $ 1.29  
        Issued            
        Exercised            
        Expired     (17,500 )     (2.00 )
        Outstanding at December 31, 2011     77,529     $ 1.11  
        Issued            
        Exercised            
        Expired     (13,900 )     (2.00 )
        Outstanding at September 30, 2012     63,629     $ 0.92  

 

 Options

 

Employee Options

 

The following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common stock issued to employees under a stock option plan at September 30, 2012:

 

      Options Outstanding     Options Exercisable  

Exercise

Prices (S)

   

Number

Outstanding

   

Weighted Average

Remaining

Contractual Life

(Years)

   

Weighted

Average

Exercise

Price (S)

   

Number

Exercisable

   

Weighted

Average

Exercise

Price

 
$ 0.13       80,000       6.72     $ 0.13       80,000     $ 0.13  
  0.15       400,000       1.72       0.15       400,000       0.15  
  0.80       85,000       8.45       0.80       31,875       0.80  
  1.00       846,875       4.02       1.00       761,875       1.00  
  1.11       200,000       8.25       1.11       83,333       1.11  
  2.25       167,696       5.65       2.25       167,696       2.25  
          1,779,571              $ 0.89       1,524,779      $ 0.87  

 

 

13

 

Transactions involving employee stock options issued are summarized as follows:

 

    Number of Shares    

Weighted Average

Price Per Share

 
        Outstanding at December 31, 2010:     1,481,571     $ 0.86  
        Granted     285,000       1.02  
        Exercised            
        Canceled or expired     (72,000 )     (0.86 )
        Outstanding at December 31, 2011     1,694,571     $ 0.88  
        Granted     85,000       1.00  
        Exercised            
        Expired            
        Outstanding at September 30, 2012:     1,779,571     $ 0.89  

 

On July 11, 2012, the Company granted 85,000 employee stock options with an exercise price of $1.00 vesting over four years and expiring ten years from issuance. The fair value (as determined as described below) of $33,358 is charged ratably over the vesting term of the options.

 

The fair value of these stock options granted and the significant assumptions used to determine those fair values, using a Black-Scholes option-pricing model are as follows:

 

Significant assumptions:      
        Risk-free interest rate at grant date     1.54 %
        Expected stock price volatility     157.05 %
        Expected dividend payout      
        Expected option life-years (a)     10  

__________________________

(a)The expected option life is based on contractual expiration dates

 

The fair values of issued vesting options were $19,714 and $94,732 for the three and nine months ended September 30, 2012, respectively; and $41,439 and $115,597 for the three and nine months ended September 30, 2011, respectively.

 

Non-employee options

 

The following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common stock issued to non-employees under a stock option plan at September 30, 2012:

    

      Options Outstanding     Options Exercisable  

Exercise

Prices

   

Number

Outstanding

   

Weighted Average

Remaining

Contractual Life

(Years)

   

Weighted

Average

Exercise

Price

   

Number

Exercisable

   

Weighted

Average

Exercise

Price

 
 $ 1.00       110,000       3.45      $ 1.00       110,000      $ 1.00  
  1.40       105,000       6.48       1.40       105,000       1.40  
          215,000              $ 1.20       215,000      $ 1.20  

 

Transactions involving non-employee stock options issued are summarized as follows:

 

 

 

14

 

    Number of Shares    

Weighted Average

Price Per Share

 
       Outstanding at December 31, 2010:     375,000     $ 0.90  
       Granted            
       Exercised            
       Expired     (120,000 )     (0.50 )
       Outstanding at December 31, 2011     255,000     $ 1.09  
       Granted            
       Exercised            
       Expired     (40,000     (0.50 )
       Outstanding at September 30, 2012:     215,000     $ 1.20  

 

The fair value of the vested portion of previously granted non-employee options of $Nil and $6,672 was charged during the three and nine months ended September 30, 2012, respectively; and $6,848 and $22,605 for the three and nine months ended September 30, 2011, respectively.