Quarterly report pursuant to Section 13 or 15(d)

3. Stock Options (Tables)

v2.4.0.6
3. Stock Options (Tables)
 6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Black-Scholes option pricing model assumptions
 

Three Months ended

June 30,

Six Months ended

June 30,
  2012 2011 2012 2011
Risk free interest rate 0.75 – 1.10 % 1.65 – 1.72 % 0.75 – 2.31 % 1.65 - 2.30 %
Dividend yield 0 % 0 % 0 % 0 %
Expected term 5 years   5 years   5-10 years   5 years  
Expected volatility 62.8 % 61.7 % 62.8 - 67.9 % 61.7 – 61.9 %
Options outstanding
    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 outstanding  
   

 

Number of shares

     Weighted average price per share  
Balance at December 31, 2010     1,119,000     $ 0.30  
  Options granted     10,000       0.16  
  Options exercised, expired or forfeited     4,500       0.27  
Balance at March 31, 2011     1,124,500     $ 0.30  
  Options granted     35,500       0.17  
  Options exercised, expired or forfeited     --       --  
Balance at June 30, 2011     1,160,000     $ 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  
  1,057,500     $ 0.29       4.69     $ 1,770       947,250     $ 0.31       4.12     $ 1,770  
Nonvested Stock awards
    Nonvested  
   

 

 

Number of shares

     Weighted average grant date fair value  
Balance at December 31, 2011     60,000     $ 0.09  
Granted     65,000       0.08  
Vested     18,500       0.11  
Expired before vesting     6,000       0.09  
Balance at March 31, 2012     100,500     $ 0.08  
Granted     42,500       0.08  
Vested     22,750       0.09  
Expired before vesting     10,000       0.08  
Balance at June 30, 2012     110,250     $ 0.08