|
5. Stock Options and Warrants
|
12 Months Ended |
|---|---|
|
Dec. 31, 2011
|
|
| Shareholders' Equity and Share-based Payments [Text Block] |
5. Stock
Options and Warrants
On
January 12, 2010, the Company granted 450,000 stock options
to the former President of the Company with an exercise price
of $0.00001 per common share expiring on January 12, 2011.
The fair value of stock options granted was estimated at $0
at the date of grant using the Black-Scholes option-pricing
model. These options were exercised in December of
2010. See Note 4(k).
As
described in Note 4, during 2010, 661,000 warrants were
issued in conjunction with sales of common
stock. All warrants issued are exercisable at
$0.75 for the first year and $1.00 for the second
year. The aggregate intrinsic value of these
warrants was $0 and the weighted average remaining life was
0.71 years as of December 31, 2011.
|