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EXCEL - IDEA: XBRL DOCUMENT - Game Plan Holdings, Inc.Financial_Report.xls
10-Q/A - FORM 10-Q AMENDMENT - Game Plan Holdings, Inc.gameplan_10qa-093012.htm
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v2.4.0.6
9. STOCK OPTION PLAN
9 Months Ended
Sep. 30, 2012
Stock Option Plan  
Note 9. STOCK OPTION PLAN

 

On December 22, 2008, the Board of Directors of the Company ratified, approved, and adopted a Stock Option Plan for the Company allowing for the grant of up to 1,400,000 options to acquire common shares with terms of up to 5 years. In the event an optionee ceases to be employed by or to provide services to the Company for reasons other than cause, any Stock Option that is vested and held by such optionee may be exercisable within up to thirty days after the effective date that his position ceases. No Stock Option granted under the Stock Option Plan is transferable. Any Stock Option held by an optionee at the time of his death may be exercised by his estate within one year of his death or such longer period as the Board of Directors may determine.

As approved by the Board of Directors, on December 22, 2008, the Company granted 600,000 fully vested stock options to certain officers of the Company at $0.50 per share for terms of two years. The two year terms commence on the start date when the common stock of the Company begins trading on the Over the Counter Bulletin Board. The total fair value of these options at the date of grant was estimated to be $305,940 and was determined using the Black-Scholes option pricing model with an expected life of 4 years, a risk free interest rate of 1.40%, a dividend yield of 0% and expected volatility of 82.29% and was recorded as a stock based compensation expense in 2008.

 

On September 13, 2011, the Company granted a total of 200,000 stock options to consultants of the Company at $0.50 per option for a term of 2 years. Upon each anniversary of the agreement, a total of 100,000 options will become vested and available for purchase by the Consultants. The total fair value of these options at the date of grant was estimated at $12,820 and determined using the Black-Scholes option pricing model with the following assumptions; a term of 2 years, a risk free interest rate of 0.25%, a dividend yield of 0%, and an expected volatility of 66.59%. The estimated incremental fair value of these options of $1,651 and $1,870 was recorded as a stock based compensation expense for March 31, 2012 and December 31, 2011, respectively.

 

On February 24, 2012, the Company granted a total of 4,000,000 stock options as part of an executive compensation agreement with the Company’s new president at $0.30 per option for a term of one year. The one year term commenced on the date the option agreement was executed. The total fair value of these options at the grant date was estimated to be $368,000 and was determined using the Black- Scholes option pricing model with an expected life of one year, a risk free interest rate of 0.33%, a dividend yield of 0%, and expected volatility of 67.05% and was recorded as stock based compensation for the period ended March 31, 2012.

  

The Company’s stock option activity for the periods ended September 30, 2012 and December 31, 2011 is summarized as follows:

 

    Number of Options     Weighted average exercise
Price per share
    Weighted average remaining
contractual life (in years)
 
Balance, December 31, 2009     600,000     $ 0.50       3.00  
Granted                  
Exercised                  
Expired / cancelled                  
Balance, December 31, 2010     600,000     $ 0.50       2.00  
Granted     200,000       0.50       2.00  
Exercised                  
Expired / cancelled                  
Balance, December 31, 2011     800,000     $ 0.50       2.00  
Granted     4,000,000       0.30       1.00  
Exercised                  
Expired / cancelled                  
Balance, September 30, 2012     4,800,000     $ 0.33       1.17