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10-K - FORM 10-K - West Texas Resources, Inc.wtxr_10k-093012.htm
EX-14 - CODE OF ETHICS - West Texas Resources, Inc.wtxr_10k-ex1401.htm
EX-31.2 - CERTIFICATION - West Texas Resources, Inc.wtxr_10k-ex3102.htm
EX-31.1 - CERTIFICATION - West Texas Resources, Inc.wtxr_10k-ex3101.htm
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EX-32.1 - CERTIFICATION - West Texas Resources, Inc.wtxr_10k-ex3201.htm
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6. Shareholders' Equity
12 Months Ended
Sep. 30, 2012
Shareholders' Equity  
6. Shareholders' Equity

The Company is authorized to issue 200,000,000 shares of common stock, par value of $0.001, and 10,000,000 shares of preferred stock, par value of $0.001.

 

Commencing on January 24, 2011, the Company began the sale of up to 2,000,000 shares of its common stock at $.25 per share in a private placement.  During fiscal 2011, the Company sold 962,000 shares for gross proceeds of $240,500. No selling commissions were incurred with respect to these sales of stock.

 

As of September 30, 2012, the Company had 13,106,500 shares of common stock issued and outstanding and had not issued any of its preferred stock.

 

On September 15, 2011, the Company adopted the West Texas Resources, Inc. 2011 Stock Incentive Plan (the “Plan”) providing for the grant of non-qualified stock options and incentive stock options to purchase its common stock and for grant of restricted and unrestricted grants. The Company has reserved 3,000,000 shares of its common stock under the Plan. All officers, directors, employees and consultants to the Company are eligible to participate under the Plan. The purpose of the Plan is to provide eligible participants with an opportunity to acquire an ownership interest in the Company.

 

The Company granted options to certain consultants to purchase 400,000 shares of the Company’s common stock. The options vest immediately and expire on September 15, 2016. The fair value of each share-based award was estimated using the Black-Scholes option pricing model or a lattice model. The fair value of these options, determined to be $65,402, was included in general and administrative expenses for the year ended September 30, 2011.

 

The following assumptions were used in the fair value method calculation:

 

  · Volatility: 83%
  · Risk free rate of return: 1%
  · Expected term: 5 years

 

The following information applies to all options outstanding at September 30, 2012:

 

  · Weighted average exercise price: $0.25
  · Options outstanding and exercisable: 400,000
  · Average remaining life: 4 years