Stock Based Compensation

3 Months Ended

Dec. 31, 2011

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 7 - Stock Based Compensation

The fair value of the stock options granted is estimated at the date of grant using the Black-Scholes options pricing model.

	December 2, 2010 (Date of most recent grant)
Expected term in years	3 years
Risk-free interest rate	3.95%
Expected volatility	85.21%
Expected dividend yield	0.00%

The expected volatility was determined with reference to the historical volatility of the Company's stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that the options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant.

During the three months ended December 31, 2011, no stock options were granted or exercised. During the three months ended December 31, 2011, 10,000 unvested stock options were cancelled with an exercise price of $5.65. For the three months ended December 31, 2011, stock-based compensation charged to operations for option-based arrangements amounted to $36,978. Additionally, during the three months ended December 31, 2011, 37,500 shares of restricted stock vested with a compensation value of $148,325. Total stock compensation charged to operations for the period ended December 31, 2011 was $273,208.

At December 31, 2011, there was approximately $160,467 of total unrecognized compensation expense related to non-exercisable option-based compensation arrangements under the 2010 Stock Incentive Plan.