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v2.4.0.6
STOCK-BASED COMPENSATION AND OTHER EQUITY BASED PAYMENTS
9 Months Ended
Sep. 30, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
STOCK-BASED COMPENSATION AND OTHER EQUITY BASED PAYMENTS
Note D - STOCK-BASED COMPENSATION AND OTHER EQUITY BASED PAYMENTS
 
Stock-based expense included in our net loss for the three months and nine months ended September 30, 2012consisted of $28,953 and $186,859 respectively for stock options granted to officers and directors. Stock-based expense included in our net loss for the three months and nine months ended September 30, 2011 consisted of a credit of $13,759 and expense of $61,018respectively.
 
As of September 30, 2012, there was approximately $173,696 of unrecognized cost related to stock option and warrant grants. The cost is to be recognized over the remaining vesting periods that average approximately 1.5 years.
 
As a part of the Company’s settlement with Mr. William Quirk in September 2010, Mr. Quirk exchanged his 32,527,776 warrants for three new warrants, with varying expirations and strike prices. In addition, the Company established a credit account with a value equal to the fair market value of two million phantom shares. The value of this credit account, based on the closing price on the date prior to the date of exercise of the new warrants, will be applied toward the conversion price of all or a part of the warrants. Two of the three warrants expired unexercised. On September 14, 2012, Mr. Quirk gave the Company notice to exercise the last warrant using the value of the two million phantom shares. As a result, the Company issued Mr. Quirk 473,334 shares of common stock in accordance with his settlement agreement. The shares were issued at the market price of the Company’s stock which was $0.071.
 
The following schedule summarizes combined stock option and warrant information for the nine months ended September 30, 2012 and the twelve months ended December 31, 2011:
 
 
 
2011
Option and
Warrant
Shares
Weighted Average
Exercise Price
 
Outstanding, January 1, 2011
36,625,000 $ 0.16
Granted
4,000,000 $ 0.12
Exchanged
- -
Exercised
(386,563 ) $ 0.08
Forfeited
(2,500,000 ) $ 0.22
Expired un-exercised
(7,446,770 ) $ 0.13
Outstanding, December 31, 2011
30,291,667 $ 0.16
2012
Granted
-- --
Exercised
(473,334 ) $ 0.30
Expired un-exercised
(15,568,333 ) $ 0.22
Outstanding, September 30, 2012
14,250,000 $ 0.10
 
The following schedule summarizes combined stock option and warrant information as of September 30, 2012:
 
Exercise Prices
Number
Outstanding
Weighted-
Average
Remaining
Contractual Life
(years)
Number
Exercisable
Weighted Average
Remaining
Contractual Life
(years) of
Exercisable
Warrants and
Options
$0.08
7,750,000 2.50 7,750,000 2.50
$0.12
4,000,000 3.50 2,000,000 3.50
$0.19
2,500,000 8.00 2,500,000 8.00
Total
14,250,000 12,250,000
 
The weighted average remaining life of all outstanding warrants and options at September 30, 2012 is 4.25 years. As of September 30, 2012, the aggregate net intrinsic value of all options and warrants outstanding is $77,500.