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EXCEL - IDEA: XBRL DOCUMENT - Aurum, Inc.Financial_Report.xls
10-K - AURUM, INC. 10-K - Aurum, Inc.a50542700.htm
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v2.4.0.6
ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN
12 Months Ended
Oct. 31, 2012
ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN
(12)         ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN
 
(i)  
Effective December 13, 2010, the Company issued 2,500,000 options over shares of Common Stock to employees under the 2010 Equity Incentive Plan that has been adopted by the Directors of the Company. The options vested 1/3 on December 13, 2010, 1/3 vested on November 17, 2011 and the balance will vest on November 17, 2012. The exercise price of the options is US$1.00 and the latest exercise date for the options is November 17, 2020.
 
The Company has accounted for all options issued based upon their fair market value using the Binomial pricing model.
 
An external consultant has calculated the fair value of the 2,500,000 options using the Binomial valuation method using the following inputs:
 
Grant date
Dec 13, 2010
Dec 13, 2010
Dec 13, 2010
Grant date share price
US$1.10
US$1.10
US$1.10
Vesting date
Dec 13, 2010
Nov 17, 2011
Nov 17, 2012
Expected life in years
4.5
5.0
5.5
Risk-free rate
1.91%
1.91%
1.91%
Volatility
95%
95%
95%
Exercise price
US$1.00
US$1.00
US$1.00
Call option value
US$0.78
US$0.81
US$0.83
 
   
Options
   
Option Price
Per Share
US$
   
Weighted
Average
Exercise Price
US$
 
Outstanding at November 1, 2010
    -       -       -  
Granted
    2,500,000       1.00       1.00  
Forfeited
    -       -       -  
Outstanding at October 31, 2011
    2,500,000       1.00       1.00  
Granted
    -       -       -  
Forfeited
    -       -       -  
Outstanding at October 31, 2012
    2,500,000       1.00       1.00  
 
The exercise price is US$1.00 per option. The weighted average per option fair value of options granted during fiscal 2011 was US$0.81 and the weighted average remaining contractual life of those options is 8 years. There are 1,666,666 options currently exercisable.
 
The total value of the outstanding unvested options equates to $40,686 and is being amortised over the vesting periods.
 
For fiscal 2012, the amortization amounted to $425,827.
 
(ii)  
In May 2011, the Company issued 750,000 options over shares of Common Stock to employees under the 2010 Equity Incentive Plan that has been adopted by the Directors of the Company. The options vested 1/3 upon grant date, 1/3 vested on February 1, 2012 and the balance will vest on February 1, 2013. The exercise price of the options is US$1.00 and the latest exercise date for the options is February 1, 2018.
 
The Company has accounted for all options issued based upon their fair market value using the Binomial pricing model.
 
An external consultant has calculated the fair value of the 750,000 options using the Binomial valuation method using the following inputs:
 
Grant date
May 1, 2011
May 1, 2011
May 1, 2011
Grant date share price
US$1.30
US$1.30
US$1.30
Vesting date
May 1, 2011
Feb 1, 2012
Feb 1, 2013
Expected life in years
3.5
4.0
4.5
Risk-free rate
1.04%
2.02%
2.02%
Volatility
100%
100%
100%
Exercise price
US$1.00
US$1.00
US$1.00
Call option value
US$0.91
US$0.95
US$0.99
 
   
Options
   
Option Price
Per Share
US$
   
Weighted
Average
Exercise Price
US$
 
Outstanding at November 1, 2010
    -       -       -  
Granted
    750,000       1.00       1.00  
Forfeited
    -       -       -  
Outstanding at October 31, 2011
    750,000       1.00       1.00  
Granted
    -       -       -  
Forfeited
    -       -       -  
Outstanding at October 31, 2012
    750,000       1.00       1.00  
 
The exercise price is US$1.00 per option. The weighted average per option fair value of options granted during fiscal 2011 was US$0.95 and the weighted average remaining contractual life of those options is 51/4 years. There are 500,000 options currently exercisable.
 
The total value of the outstanding unvested options equates to $35,853 and is being amortised over the vesting periods.
 
For fiscal 2012, the amortization amounted to $221,125.