v2.4.0.6
Note 7 - Stockholders Equity
 3 Months Ended
Mar. 31, 2012
Schedule of Stockholders Equity [Table Text Block]
Note 7 – Stockholders’ Equity

Stock Options

Following is a summary of the activity of options to an independent director:

   
Options
outstanding
   
Weighted
Average
Exercise
Price
   
Weighted
average
remaining
contractual life
   
Aggregate
Intrinsic Value
 
Outstanding, December 31, 2011
   
50,000
   
$
10.96
     
2.98
   
$
-
 
Exercisable, December 31, 2011
   
50,000
   
$
10.96
     
2.98
   
$
-
 
Outstanding, March 31, 2012
   
50,000
   
$
10.96
     
2.73
   
$
-
 
Exercisable, March 31, 2012
   
50,000
   
$
10.96
     
2.73
   
$
-
 

The exercise price for options outstanding at March 31, 2012, is as follows:

Number of Options
   
Exercise Price
 
 
50,000
   
$
10.96
 

The assumptions used in calculating the fair value of options granted using the Black-Scholes option-pricing model are as follows:

Risk-free interest rate
   
2.25
%
Expected life of the options
 
3 to 3.5 years
Expected volatility
   
80
%
Expected dividend yield
   
0
%

During the three months ended March 31, 2012 and 2011, the Company recorded $0 and $25,657 as stock option expense, respectively.

Warrants

At the end of 2010, all warrants were exercised. No new warrants were granted during the quarter ended March 31, 2012.