Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Deficit) (Tables)

v2.4.0.6
Stockholders' Equity (Deficit) (Tables)
6 Months Ended
Jun. 30, 2012
Stockholders Equity Deficit Tables  
Stock-based Compensation

 

A summary of option activity under the 2010 Plan as of June 30, 2012 and changes during the six months then ended is presented below:

 

          Weighted -    

 

Weighted -

 
          Average    

 

Average

 
    Number     Exercise Price    

 

Remaining

Contractual

 
    Outstanding     Per Share     Life (Years)  
Outstanding at January 1, 2012     1,610,000     $ 0.82       4.63  
Granted     367,500       0.70       4.94  
Exercised     -       -       -  
Canceled/forfeited/expired     (187,814 )     0.32       3.48  
Outstanding at June 30, 2012     1,789,686     $ 0.85       4.81  
                         
Options vested and exercisable at June 30, 2012     557,803     $ 0.76       4.63  

Valuation Assumptions

 

The ranges of assumptions used during the six months ended June 30, 2012 are as follows:

 

    Employee  
    Options  
Expected volatility   65% to 73.4%  
Risk-free interest rate   0.39% to 0.51%  
Forfeiture rate     0.0 %
Expected dividend rate     0.0 %
Expected life(yrs)   3.00 to 4.00  

Warrants valuation assumptions

The ranges of assumptions used during the six months ended June 30, 2012 are as follows:

 

    Non-Employee  
    Warrants  
Expected volatility   65% to 73.4%  
Risk-free interest rate   0.30% to 1.04%  
Forfeiture rate     0.0 %
Expected dividend rate     0.0 %
Expected life(yrs)   3.00 to 6.00  
Warrant activity

A summary of non-employee warrant activity during the six months ended and as of June 30, 2012 is presented below:

 

          Weighted -    

 

Weighted -

 
          Average    

 

Average

 
    Number     Exercise Price    

 

Remaining

Contractual

 
    Outstanding     Per Share     Life (Years)  
Outstanding at January 1, 2012     905,000     $ 0.33       4.60  
Granted     25,000       1.16       4.59  
Exercised     -       -       -  
Canceled/forfeited/expired     -       -       -  
Outstanding at June 30, 2012     930,000     $ 0.35       4.60  
                         
Warrants vested and exercisable at June 30, 2012     518,120     $ 0.34       4.20  
Warrants included in derivative value

These warrants are included in the “Common Stock and Warrants” derivative value (see Note 5) as of June 30, 2012 and December 31, 2011.

 

Beginning balance January 1, 2012     842,184  
Warrants issued     -  
Warrants exercised     -  
Warrants expired     -  
Ending balance June 30, 2012     842,184