Options

Weighted Average Exercise Price

Weighted Average Remaining Contractual Life (in years)

Options outstanding as of December 31, 2011

2,145,003

$

1.49

2.64

Granted at fair value

-

Exercised

-

Canceled/expired/forfeited

-

Options outstanding as of June 30, 2012

2,145,003

$

1.49

2.14

Options exercisable as of June 30, 2012

1,441,670

$

1.47

1.60