• Filing Date: 2012-11-19
  • Form Type: 10-Q/A
  • Description: Quarterly report (Amendment)
v2.4.0.6
6. STOCK OPTION PLAN (Tables)
9 Months Ended
Sep. 30, 2012
Stock Option Plan Tables  
Weighted average assumptions made in calculating the fair values of options

 

 

 

The weighted average assumptions made in calculating the fair values of options granted during the three and nine months ended September 30, 2012 and 2011 are as follows:

   

    Three Months Ended
September 30
    Nine Months Ended
September 30
 
    2012     2011     2012     2011  
                         
Expected volatility      – %     187.04 %     456.70 %     108.97 %
Expected dividend yield                        
Risk-free interest rate     %     92.0 %     184.70 %     3.01 %
Expected term (in years)           7.73       6.24       7.73  

  

    Share     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Term
    Aggregate
Intrinsic
Value
 
                                 
Outstanding, January 1, 2012     3,505,000       .84       4.50     $ 0  
Granted     370,000       .69       9.50       0  
Exercised                              
Cancelled & Expired     50,000                          
                                 
Outstanding, September 30, 2012     3,825,000       .82       4.66     $ 77,250  
                                 
Options exercisable, September 30, 2012     3,825,000       .82       4.66     $ 77,250  

 

Weighted average assumptions made in calculating the fair value of warrants

 

 

The weighted average assumptions made in calculating the fair value of warrants granted during the three and nine months ended September 30, 2012 and 2011 are as follows:

 

   

Three Months Ended

September 30

   

 Nine Months Ended

September 30

 
    2012     2011      2012     2011  
                                 
Expected volatility     52.88%       56.83%       52.88%       56.83%  
Expected dividend yield     -       -       -       -  
Risk-free interest rate     .3%       1.07%       .3%       1.07%  
Expected term (in years)     3.5       3       3.5       3  

 

  

    Share    

Weighted

Average

Exercise

Price

   

Weighted

Average

Remaining

Contractual

Term

   

Aggregate

Intrinsic

Value

 
                         
Outstanding, January 1, 2012     12,570,642     $ .48       1.84     $ 1,790,733   
Granted     1,730,556     $ .60       3.59          
Exercised     -       -                  
Cancelled     (2,524,877     -                  
Outstanding, September 30, 2012     11,776,321     $ .45       1.71       925,250   
                                 
Warrants exercisable, September 30, 2012     11,776,321     $ .45       1.71     $ 925,250