Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Deficit) (Tables)

v2.4.0.6
Stockholders' Equity (Deficit) (Tables)
 3 Months Ended
Mar. 31, 2013
Schedule of stock option activity

A summary of option activity under the 2010 Plan from December 31, 2012 to March 31, 2013 is presented below:

 

                Weighted -        
          Weighted -     Average        
          Average     Remaining     Aggregate  
    Number     Exercise Price     Contractual     Intrinsic  
    Outstanding     Per Share     Life (Years)     Value  
Outstanding at December 31, 2012     1,955,000     $ 0.77       4.44     $ -  
Granted     375,000     $ 0.25       4.95          
Exercised     -     $ -       -          
Canceled/forfeited/expired     (67,709 )   $ 1.19       3.80          
Outstanding at March 31, 2013     2,262,291     $ 0.67       4.34     $ -  
                                 
Options vested and exercisable at March 31, 2013     724,577     $ 0.90       4.34     $ -  
                                 
Unrecognized expense at March 31, 2013   $ 696,493                          
Schedule of shares vested and the fair value of shares vested

The total number of shares vested and the fair value of shares vested for the three months ended March 31, 2013 and 2012, respectively, was:

 

    Number of Options Vested     Fair Value of Options Vested  
Fair value of options vested during the three months ended March 31, 2013     168,125     $ 103,184  
Fair value of options vested during the three months ended March 31, 2012     398,636     $ 184,839  
Schedule of options outstanding

The following table summarizes information concerning options outstanding at March 31, 2013:

 

Awards Breakdown by Range as at March 31, 2013  
      Outstanding     Vested  
Exercise Price     Outstanding Stock Options     Weighted Average Remaining Contractual Life     Weighted Average Outstanding Exercise Price     Vested Stock Options     Weighted Average Remaining Vested Contractual Life     Weighted Average Vested Stock Price  
$ 0.25 to $0.69       1,747,500       4.34     $ 0.38       421,873       2.73     $ 0.32  
$ 1.16 to $1.80       514,791       6.23     $ 1.65       302,704       6.57     $ 1.70  

 

The following table summarizes information concerning options outstanding at December 31, 2012:

 

Awards Breakdown by Range as at December 31, 2012  
      Outstanding     Vested  
Exercise Price     Outstanding Stock Options     Weighted Average Remaining Contractual Life     Weighted Average Outstanding Exercise Price     Vested Stock Options     Weighted Average Remaining Vested Contractual Life     Weighted Average Vested Stock Price  
$ 0.32 to $0.69       1,410,000       3.71     $ 0.43       374,997       2.98     $ 0.32  
$ 1.16 to $1.80       545,000       6.33     $ 1.66       181,455       6.30     $ 1.69  
Schedule of range of assumptions

The ranges of assumptions used during the three months ended March 31, 2013 and 2012 are as follows:

 

    Stock Option Assumptions for the three months ended March 31,  
    2013     2012  
Expected volatility     122.0 %     65.0 %
Risk-free interest rate   0.42% to 0.60%     0.30% to 0.45%  
Forfeiture rate     16.0 %     0.0 %
Expected dividend rate     0.0 %     0.0 %
Expected life(yrs)   2.77 to 3.58     2.77 to 3.58  
Schedule of Weighted average grant date fair value activity

The following table summarizes weighted average grant date fair value activity:

 

    Weighted Average  
    Grant Date Fair Value  
    2013     2012  
Stock options granted during the three months ended March 31,   $ 0.17     $ 0.54  
Stock options vested during the three months ended March 31,   $ 0.61     $ 0.45  
Stock options canceled/forfeited/expired during the three months ended March 31,   $ 0.47     $ 0.26  
Non-Employee Warrant [Member]
  
Schedule of stock option activity

A summary of non-employee warrant activity under the 2010 Plan from December 31, 2012 to March 31, 2013 is presented below:

 

                Weighted -        
          Weighted -     Average        
          Average     Remaining     Aggregate  
    Number     Exercise Price     Contractual     Intrinsic  
    Outstanding     Per Share     Life (Years)     Value  
Outstanding at December 31, 2012     905,000     $ 0.33       4.10     $ -  
Granted     -       -       -          
Exercised     -       -       -          
Canceled/forfeited/expired     -       -       -          
Outstanding at March 31, 2013     905,000       0.33       3.85     $ -  
                                 
Warrants vested and exercisable at March 31, 2013     679,575     $ 0.33       3.54     $ -  
Schedule of options outstanding

The following table summarizes information concerning warrants outstanding at March 31, 2013:

 

Awards Breakdown by Range as at March 31, 2013  
      Outstanding     Vested  
Exercise Price     Outstanding Warrants     Weighted Average Remaining Contractual Life     Weighted Average Outstanding Exercise Price     Vested Warrants     Weighted Average Remaining Vested Contractual Life     Weighted Average Vested Stock Price  
$ 0.32       900,000       3.86     $ 0.32       677,076       3.54     $ 0.32  
$ 1.75       5,000       3.27     $ 1.75       2,499       3.27     $ 1.75  

 

The following table summarizes information concerning warrants outstanding at December 31, 2012:

 

      Outstanding     Vested  
Exercise Price     Outstanding Warrants     Weighted Average Remaining Contractual Life     Weighted Average Outstanding Exercise Price     Vested Warrants     Weighted Average Remaining Vested Contractual Life     Weighted Average Vested Stock Price  
$ 0.32       900,000       4.10     $ 0.32       620,827       3.76     $ 0.32  
$ 1.75       5,000       3.52     $ 1.75       2,187       3.52     $ 1.75