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Stock Options (Tables)
9 Months Ended
Sep. 30, 2012
Stock Options [Abstract]  
Schedule of Stock Option Activity


                 

 

 

Nine Months Ended

September 30, 2012

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise Price

 

Options outstanding at December 31, 2011

 

 

2,993,972

 

 

$

.37

 

Options granted

 

 

920,000

 

 

 

.14

 

Options exercised

 

 

-

 

 

 

-

 

Options cancelled

 

 

25,000

 

 

 

.14

 

Options expired

 

 

10,000

 

 

 

.37

 

Options at end of period

 

 

3,878,972

 

 

 

.32

 

Options exercisable at September 30, 2012

 

 

2,135,722

 

 

 

.42

 


Schedule of Nonvested Share Activity


                 
   

Nine Months Ended

September 30, 2012

 
   

Number of

Options

   

Weighted

Average

Exercise Price

 

Non-Vested options at December 31, 2011

 

 

1,561,699

 

 

$

.25

 

Options granted

 

 

920,000

 

 

 

.14

 

Options vested

 

 

713,449

 

 

 

.24

 

Options cancelled

 

 

25,000

 

 

 

.14

 

Non-Vested options at September 30, 2012

 

 

1,743,250

 

 

 

.13

 


                                           
 
Schedule of Shares Authorized under Stock Option Plans, by Exercise Price Range
                                           
     

Options Outstanding

   

Options Exercisable

 

Range of

Exercise Price

   

Number

Outstanding

   

Remaining Average

Contractual Life

(In Years)

   

Weighted Average

Exercise Price

   

Number

Exercisable

   

Weighted Average

Exercise Price

 

$ .11 - $1.70

 

 

 

3,834,972

 

 

 

3.69

 

 

$

.30

 

 

 

2,091,722

 

 

$

.25

 

$1.99 - $2.60

 

 

 

44,000

 

 

 

.58

 

 

 

2.31

 

 

 

44,000

 

 

 

2.31

 

Totals

 

 

 

3,878,972

 

 

 

5.79

 

 

$

.32

 

 

 

2,135,722

 

 

$

.24

 


Fair value of each stock option grant


           

 

Nine Months Ended

September 30,

 

2012

 

2011

Risk-free interest rate

2.23

%

 

3.68

%

Expected term (life) of options (in years)

10.0

 

 

10.0

 

Expected dividends

-

 

 

-

 

Expected volatility

243.1

%

 

138.0

%