Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Deficit) (Tables)

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Stockholders' Equity (Deficit) (Tables)
9 Months Ended
Sep. 30, 2012
Stockholders Equity Deficit Tables  
Stock-based Compensation

A summary of option activity under the 2010 Plan as of September 30, 2012 and changes during the nine 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       4.37  
 Granted     682,500       0.56       4.78  
 Exercised     -       -       -  
    Canceled/forfeited/expired     (318,752 )     0.52       3.36  
Outstanding at September 30, 2012     1,973,748     $ 0.78       4.68  
                         
Options vested and exercisable at September 30, 2012     554,368     $ 0.79       4.44  

 

Employee options valuation assumptions

The ranges of assumptions used during the nine months ended September 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  

 

Non-employee warrant valuation assumptions

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

 

    Non-Employee  
    Warrants  
Expected volatility   61% to 73.4%  
Risk-free interest rate   0.28% to 0.57%  
Forfeiture rate     0.0 %
Expected dividend rate     0.0 %
Expected life(yrs)   5.00  

 

Warrant activity

A summary of non-employee warrant activity during the nine months ended and as of September 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       4.35  
 Granted     25,000       1.16       4.34  
 Exercised     -       -       -  
    Canceled/forfeited/expired     -       -       -  
Outstanding at September 30, 2012     930,000     $ 0.35       4.35  
                         
Warrants vested and exercisable at September 30, 2012     583,118     $ 0.35       3.99  

Warrants included in derivative value

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