Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table summarizes our stock option activity for the nine months ended September 30, 2013:

			Weighted-
	Number		Average
	of Shares		Exercise
	Issuable		Price

Balance, January 1, 2013		5,710,125	$	1.10
Granted		-		-
Exercised		-		-
Expired		(962,076)		0.13
Balance, September 30, 2013		4,748,049	$	1.30

Options Outstanding

The following table summarizes options outstanding at September 30, 2013:

			Weighted-		Weighted-
	Number		Average		Average		Aggregate
	of Shares		Exercise		Remaining		Intrinsic
	Issuable		Price		Term (Years)		Value

Exercisable		3,348,049	$	1.11		2.4	$	6,000
Not vested		1,400,000		1.77		3.8		-
Balance, September 30, 2013:		4,748,049	$	1.30		2.8	$	6,000

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table sets forth our warrant activity during the nine months ended September 30, 2013:

			Weighted-
	Number		Average
	of Shares		Exercise
	Issuable		Price

Balance, January 1, 2013		27,353,151	$	0.76
Granted		4,375,004		0.60
Exercised		-		-
Cancelled		(400,000)		1.79
Balance, September 30, 2013		31,328,155	$	0.73

The following table sets forth the warrants outstanding at September 30, 2013:

			Weighted-
	Number		Average
	of Shares		Exercise
	Issuable		Price

10% convertible debenture - bonus warrants		483,357	$	0.60
10% convertible preferred stock – warrants		3,761,365		1.00
8% convertible promissory notes – warrants		22,195,474		0.60
Consultants		4,887,959		1.12
Total		31,328,155	$	0.73

- Definition

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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