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OPTIONS AND WARRANTS (Tables)
9 Months Ended
Jul. 31, 2012
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of option activity and movement during the three and nine months ended at July 31, 2012 and 2011, respectively, are as follow:

 

  Options  Weighted average
exercise price
  Aggregate
intrinsic value
  Weighted average
remaining contractual
term
 
             
For the three months ended July 31, 2012                
Outstanding at May 1, 2012  284,998  $1.96  $381,886   4.15 
Granted  -   -   -   - 
Exercised  -   -   -   - 
Forfeited or expired  -   -   -   - 
Outstanding at July 31, 2012  284,998  $1.96  $381,886   3.90 
                 
For the three months ended July 31, 2011                
Outstanding at May 1, 2011  270,000  $2.26  $426,083   4.81 
Granted  -   -   -   - 
Exercised  -   -   -   - 
Forfeited or expired  -   -   -   - 
Outstanding at July 31, 2011  270,000  $2.26  $426,083   4.62 

 

 Options  Weighted
average exercise
price
  Aggregate
intrinsic
value
  Weighted average
remaining
contractual term
 
             
For the nine months ended July 31, 2012                
Outstanding at November 1, 2011  284,998  $1.96  $381,886   4.64 
Granted  -   -   -   - 
Exercised  -   -   -   - 
Forfeited or expired  -   -   -   - 
Outstanding at July 31, 2012  284,998  $1.96  $381,886   3.90 
                 
For the nine months ended July 31, 2011                
Outstanding at November 1, 2010  70,000  $2.57  $166,832   2.45 
Granted  200,000   2.15   259,251   5.38 
Exercised  -   -   -   - 
Forfeited or expired  -   -   -   - 
Outstanding at July 31, 2011  270,000  $2.26  $426,083   4.62 
Schedule of Nonvested Share Activity [Table Text Block]

A summary of the status of the Company’s non-vested options as of July 31, 2012 and 2011, respectively, and movements during the three and nine months then ended are as follow:

 

  Options  Weighted average granted
date fair value
 
       
For the three months ended July 31, 2012        
Non-vested at May 1, 2012  181,668  $1.60 
Granted  -   - 
Vested  (4,166)  0.68 
Forfeited or expired  -   - 
Non-vested at July 31, 2012  177,502  $1.17 
         
For the three months ended July 31, 2011        
Non-vested at May 1, 2011  240,835  $2.22 
Granted  -   - 
Vested  -   - 
Forfeited or expired  -   - 
Non-vested at July 31, 2011  240,835  $2.22 

 

  Options  Weighted average granted
date fair value
 
       
For the nine months ended July 31, 2012        
Non-vested at November 1, 2011  250,000  $1.17 
Granted  -   - 
Vested  (72,498)  1.19 
Forfeited or expired  -   - 
Non-vested at July 31, 2012  177,502  $1.17 
         
For the nine months ended July 31, 2011        
Non-vested at November 1, 2010  58,334  $2.57 
Granted  200,000   2.15 
Vested  (17,499)  2.57 
Forfeited or expired  -   - 
Non-vested at July 31, 2011  240,835  $2.22 
Schedule Of Warrant Activity [Table Text Block]

A summary of warrant activity and movement during the three and nine months ended at July 31, 2012 and 2011, respectively, are as follow:

 

  Warrants  Average exercise price 
       
For the three months ended July 31, 2012        
Outstanding warrants at May 1, 2012  1,231,428  $1.03 
Warrants granted  -   - 
Exercised  -   - 
Expired/cancelled  1,071,428   0.88 
Outstanding warrants at July 31, 2012  160,000  $2.00 
         
For the three months ended July 31, 2011        
Outstanding warrants at May 1, 2011  1,231,428  $1.03 
Warrants granted  -   - 
Exercised  -   - 
Expired/cancelled  -   - 
Outstanding warrants at July 31, 2011  1,231,428  $1.03 

 

  Warrants  Average exercise price 
       
For the nine months ended July 31, 2012        
Outstanding warrants at November 1, 2011  1,231,428  $1.03 
Warrants granted  -   - 
Exercised  -   - 
Expired/cancelled  1,071,428   0.88 
Outstanding warrants at July 31, 2012  160,000  $2.00 
         
For the nine months ended July 31, 2011        
Outstanding warrants at November 1, 2010  1,231,428  $1.03 
Warrants granted  -   - 
Exercised  -   - 
Expired/cancelled  -   - 
Outstanding warrants at July 31, 2011  1,231,428  $1.03 
Schedule Of Warrants Outstanding [Table Text Block]

Information regarding the warrants outstanding at July 31, 2012 and 2011 are summarized as below:

 

  Warrants
Outstanding
  Weighted average
remaining
contractual
life(years)
  Weighted average
exercise price
 
          
Warrants outstanding at July 31, 2012  160,000   0.65   2.00 
             
   1,071,428   0.79  $0.88 
   160,000   1.65   2.00 
Warrants outstanding at July 31, 2011  1,231,428   0.90  $1.03 
Omnibus 2003 Plan A [Member]
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The valuation was based on the assumptions noted in the following table.

 

Expected volatility  96.46%
Expected dividends  0.00%
Expected term (in years)  3 years 
Risk-free rate  1.06%
Omnibus 2003 Plan B [Member]
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The valuation was based on the assumptions noted in the following table.

 

Expected volatility  127.76%
Expected dividends  0.00%
Expected term (in years)  3 years 
Risk-free rate  1.12%