Quarterly report pursuant to Section 13 or 15(d)

3. Stock Based Compensation (Tables)

v2.4.0.8
3. Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Black-Scholes option pricing model assumptions
   

Three Months ended

September 30,

    

Nine Months ended

September 30,

  
    2013     2012     2013     2012  
Risk free interest rate     1.36 %     n/a       0.70 – 1.36 %     0.75 – 2.31 %
Dividend yield     0 %     n/a       0 %     0 %
Expected term   5 years       n/a     5 years     5-10 years  
Expected volatility     57.3 %     n/a       57.3 - 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  
Options granted     32,000       0.16  
Options exercised, expired or forfeited     (7,500 )     0.19  
Balance at September 30, 2013     1,001,000     $ 0.29  

 

    Options outstanding  
   

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 exercised, expired or forfeited     (27,000 )     0.30  
Balance at September 30, 2012     1,030,500     $ 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

  
  1,001,000     $ 0.29       5.73     $ 3,148       765,750     $ 0.32       4.61     $ 2,708  
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  
Granted     32,000       0.08  
Balance at September 30, 2013     235,250     $ 0.08