Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

10. Stockholders' Equity

Common Stock: As of December 31, 2011 and December 31, 2010, the Company had 100,000,000 and 100,000,000 shares authorized and 44,662,579 and 44,107,464 common shares issued and outstanding.

555,115 shares of common stock were issued in connection with stock options exercised during the twelve months ended December 31, 2011 and 337,835 shares of common stock were issued in connection with stock options exercised during the twelve months ended December 31, 2010.

In May 2010, the Company issued 1,428,570 shares of common stock and 285,714 warrants with an exercise price of $1.80, for a total consideration of $2,000 through a private placement memorandum. The investors also received a price protection provision for up to one-year from the closing, whereby should the Company effectuate an equity raise by offering new shares below $1.40 per share, they would be entitled to additional shares.

On July 16, 2010, the Company issued 4,615,384 shares of common stock to an unrelated group of investors at a per share value of $1.30 for total consideration of $6 million.

As a result of the above transaction, the Company was required to issue additional shares under a price protection provision to the (3) three shareholders who participated in a private placement transaction in May of 2010. The total amount of new shares issued was 109,891.

Preferred Stock: As of December 31, 2011 and December 31, 2010, the Company had 10,000,000 shares authorized and -0- preferred shares issued and outstanding for both periods.

Stock Options: The following table summarizes information about the stock options outstanding:

	Stock Options
	Shares			Wtd. Avg. Exercise Price
Outstanding at December 31, 2009		1,465,645			.57
Granted		119			.41
Exercised		(337,835	)		.41
Expired		(50,000	)		1.05
Canceled		—			—
Outstanding at December 31, 2010		1,077,929			.54
Granted		360,001			2.29
Exercised		(555,115	)		.54
Expired		(48,563	)		1.43
Canceled		—
Outstanding at December 31, 2011		834,252			1.24

Options exercisable as of December 31, 2011 were 556,252 and as of December 31, 2010 were 1,077,929. There were 360,001 options granted during 2011. The weighted average fair value of the options granted during the twelve months ended December 31, 2011 was $2.29. There were 119 options granted during 2010. The weighted average fair value of options granted during the twelve months ended December 31, 2010 was $.41.

As of December 31, 2011, vested options totaled 556,252 with an average price of $.69. Unvested options totaled 278,000. Total outstanding options that were "in the money" at December 31, 2011 were 487,252 with an average price per option of $.45. Of those options, the vested "in the money" options totaled 487,252 with an average price of $.45. There were no "in the money" unvested options at December 31, 2011. As of December 31, 2010, vested options totaled 1,077,929 with an average price of $.54. Unvested options totaled 0. Total outstanding options that were "in the money" at December 31, 2010 were 1,069,596 with an average price per option of $.52. Of those options, the vested "in the money" options totaled 1,069,596 with an average price of $.52 and the "in the money" unvested options totaled 0.

During the twelve months ended December 31, 2011; there were 360,001 options granted, 48,563 options expired, 0 options cancelled, and 555,115 options exercised. The Company received $284 from exercised options during the period.

The following table breaks down the number of outstanding options with their corresponding contractual life as well as the exercisable weighted average (WA), outstanding exercise price, number of vested options with the corresponding exercise price by price range.

Options Breakdown by Range at 12/31/11

Outstanding					Exercisable
Range	Outstanding Options		Remaining Contractual Life		WA Outstanding Exercise Price		Vested Options		WA Vested Exercise Price
$0.41 to $1.19		487,252		.5		.45		487,252		.45
$1.20 to $2.75		347,000		4.3		2.35		69,000		2.35
$.41 to $2.75		834,252		2.08		1.24		556,252		.69

At December 31, 2011, exercisable options had aggregate intrinsic values of $827.

Warrants

In May 2010, the Company issued 285,714 warrants as part of a private common stock placement. The warrants are exercisable within 3 years of issuance at a strike price of $1.80 per share. Upon completion of the private placement the Company issued 50,000 additional warrants exercisable within three years of issuance at a strike price of $1.80 per share to a consultant for services rendered in connection with the procurement of funding. The 50,000 warrants were valued at approximately $40. The fair value of the warrants at the grant date was estimated using the Black Scholes models with the following assumptions made:

Risk free Rate	.45	%
Dividend yield	0	%
Volatility factor	100	%
Expected life	1.8 years