Quarterly report pursuant to Section 13 or 15(d)

3. Stock Options (Tables)

v2.4.0.8
3. Stock Options (Tables)
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Black-Scholes option pricing model assumptions
   

Three Months ended

June 30,

    

Six Months ended

June 30,

  
    2013     2012     2013     2012  
Risk free interest rate     0.70%       0.75 – 1.10%       0.70 – 0.90%       0.75 – 2.31%  
Dividend yield     0%       0%       0%       0%  
Expected term   5 years     5 years     5 years     5-10 years  
Expected volatility     62.2%       62.8%       62.2 - 62.8%       62.8 – 67.9%  
Options outstanding
    Options outstanding  
   

 

Number of shares

     Weighted average price per share  
Balance at December 31, 2012     1,032,500     $ 0.29  
  Options granted     160,000       0.16  
  Options exercised, expired or forfeited     (10,000 )     0.15  
Balance at March 31, 2013     1,182,500       0.28  
  Options granted     20,000       0.18  
  Options exercised, expired or forfeited     (226,000 )     0.22  
Balance at June 30, 2013     976,500     $ 0.29  

 

   

 

Number of shares

     Weighted average price per share  
Balance at December 31, 2011     1,003,000     $ 0.31  
  Options granted     65,000       0.15  
  Options exercised, expired or forfeited     (28,000 )     0.36  
Balance at March 31, 2012     1,040,000     0.30  
  Options granted     42,500       0.15  
  Options exercised     (5,000 )     0.07  
  Options expired or forfeited     (20,000 )     0.20  
Balance at June 30, 2012     1,057,500     $ 0.29  

 

 
Options Summary
Options outstanding     Options exercisable  
Total shares    

 

Weighted average exercise price

     Weighted average remaining contractual life in years     Aggregate intrinsic value     Total shares    

 

Weighted average exercise price

     Weighted average remaining contractual life in years    

 

Aggregate intrinsic value

  
  976,500     $ 0.29       5.81     $ 6,295       773,250     $ 0.32       4.82     $ 4,170  
Nonvested Stock awards
    Nonvested  
    Number of shares     Weighted average grant date fair value  
Balance at December 31, 2012     112,250     $ 0.08  
Granted     160,000       0.08  
Vested     (50,000 )     0.08  
Balance at March 31, 2013     222,250     0.08  
Granted     20,000       0.09  
Vested     (39,000 )     0.08  
Balance at June 30, 2013     203,250     $ 0.08