v2.4.0.6
STOCK OPTIONS AND WARRANTS (Tables)
6 Months Ended
Jun. 30, 2012
Stock Options And Warrants Tables  
Stock optionand warrant activity

The following table summarizes all stock optionand warrant activity for the six months ended June 30, 2012:

 

    Shares    

Weighted-average

exercise Price

Per Share

 
                 
Outstanding, December 31, 2011     19,648,462     $ 0.34  
Granted     4,544,000       0.42  
Exercised     -       -  
Forfeited     (6,553,846 )     0.33  
Expired     -       -  
                 
Outstanding, June 30, 2012     17,638,616     $ 0.36  
                 
Exercisable at June 30, 2012     17,638,616     $ 0.36  

Outstanding and exercisable options and warrants

The following table disclosesinformation regarding outstanding and exercisable options and warrants at June 30, 2012:

 

      Outstanding     Exercisable  

Range of Exercise

 Prices

   

Number of 

Option Shares

   

Weighted-

Average

Exercise Price

   

Remaining

Weighted-

Average

Contractual

Term (Years)

   

Number of 

Option Shares

   

Weighted-average

Exercise Price

 
                                             
$ 0.20 – $0.25       2,000,000     $ 0.20       4.4       2,000,000     $ 0.20  
$ 0.26 – $0.30       1,000,000       0.28       4.5       1,000,000       0.28  
$ 0.31 – $0.35       2,024,616       0.33       4.5       2,024,616       0.33  
$ 0.36 – $0.40       10,814,000       0.38       4.2       10,814,000       0.38  
$ 0.41– $0.50       1,800,000       0.50       4.8       1,800,000       0.50  
          17,638,616     $ 0.36       4.3       17,638,616     $ 0.36  

Black-Scholes option pricing model

The assumptions used in these calculations are summarized as follows:

 

   

Year Ended

December 31,

2011

 
       
Expected term of options granted   5 years  
Expected volatility range     211 – 229 %
Range of risk-free interest rates     0.81 – 1.80 %
Expected dividend yield     0 %