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Equity Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Equity Instruments [Abstract]

Schedule of warrant activity

A summary of our warrant activity for the three and six months ended June 30, 2012 and 2011 follows:


Warrants		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term
Outstanding at January 1, 2012			41,057,583			$	0.35				4.86 years
Granted			25,000			$	0.25
Forfeited or expired			(100,000	)		$	0.53

Outstanding at March 31, 2012			40,982,583			$	0.35				4.61 years
Forfeited or expired			(2,300,000	)		$	0.32

Outstanding at June 30, 2012			38,682,583			$	0.35				4.58 years

Exercisable at June 30, 2012*			37,615,583			$	0.33				4.62 years

Outstanding at January 1, 2011			27,209,750			$	0.38				4.25 years
Granted			1,291,500			$	0.89
Reclassified			500,000			$	0.55
Forfeited, expired, or cancelled			(650,000	)		$	0.51

Outstanding at March 31, 2011			28,351,250			$	0.40				4.05 years
Granted			433,000			$	0.25
Forfeited or expired			(1,000,000	)		$	1.00

Outstanding at June 30, 2011			27,784,250			$	0.37				3.77 years

Exercisable at June 30, 2011*			25,459,250			$	0.34				3.76 years

*	No aggregate intrinsic value.

Schedule of Option activity

A summary of our option activity for the three and six months ended June 30, 2012 and 2011 follows:


Options				Shares				Weighted- Average Exercise Price				Weighted-Average Remaining Contractual Term
Outstanding at January 1, 2012					8,795,400			$	0.33				7.74 years
Forfeited or expired					(40,000	)		$	0.38

Outstanding at March 31, 2012					8,755,400			$	0.33				7.49 years
Forfeited or expired					(119,500	)		$	0.35

Outstanding at June 30, 2012					8,635,900			$	0.33				7.24 years

Exercisable at June 30, 2012*					7,978,000			$	0.33				7.15 years

Outstanding at January 1, 2011					2,611,100			$	0.50				8.09 years
Granted					25,000			$	0.23				9.82 years
Forfeited or expired					(464,750	)		$	0.30

Outstanding at March 31, 2011					2,171,350			$	0.54				7.77 years
Forfeited or expired					(116,500	)		$	0.38

Outstanding at June 30, 2011					2,054,850			$	0.55				7.47 years

Exercisable at June 30, 2011*					1,125,650			$	0.68				6.70 years

*	No aggregate intrinsic value.

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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