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v2.4.0.6
Stock Options (Tables)
9 Months Ended
Sep. 30, 2012
Stock Options [Abstract]  
Fair Value Assumptions in Options Valuations
The following assumptions were used to determine the fair value of the options at date of issuance:
   
Nine-months
Sept 30, 2012
   
Twelve-months
Dec 31, 2011
 
Dividend yield
    -       -  
Expected volatility
    86.8%       86.8%  
Risk-free interest rate
    1.6%       1.6%  
Term in years
    6.9       6.9  
Forfeiture rate
    10.3%       6.8%  
Summary of Stock Option Activity
A summary of option activity as of September 30, 2012, and changes during the period then ended is presented below:
   
Options
   
Weighted average
exercise price
   
Average Remaining
Contractual Life
(Years)
   
Aggregate Intrinsic
Value
 
                         
Option granted June 15, 2011
    1,170,000       1.02       6.92       -  
Option forfeited or expired
    (120,000 )     1.02       6.92       -  
Outstanding at Dec 31, 2011
    1,050,000     $ 1.02       6.42     $ -  
Options granted for the quarter ended Sept 30, 2012
    -       -       -       -  
Options exercised
    -       -       -       -  
Options forfeited or expired
    (250,000 )     1.02       5.67       -  
Outstanding at Sept 30, 2012
    800,000     $ 1.02       5.67     $ -  
                                 
Exercisable at Sept 30, 2012
    -     $ -       -     $ -  
Fair Value Assumptions in Modified Warrants Valuations
The fair value of these modified warrants was calculated using the Black Scholes valuation model with the following inputs:
   
Before
   
After
 
Date
 
September 5, 2012
   
September 5, 2012
 
Stock Price
  $ 0.45     $ 0.45  
Exercise Price
  $ 2.00     $ 0.45  
Expected Life (YRS)
 
6 months
   
6 months
 
Risk Free Rate
    0.14 %     0.14 %
Volatility
    203 %     203 %
Rate of Dividends:
    -       -