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6. Stock Options and warrants (Tables)

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Stock option activity

Stock option activity for the period January 1, 2012 to September 30, 2012, was as follows:

Options		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term				Aggregate Intrinsic Value
Outstanding at January 1, 2012			24,067,892			$	0.30
Granted			4,850,000				0.26
Exercised			(58,334	)			0.27
Forfeited or expired			–				–
Outstanding at September 30, 2012			28,859,558			$	0.30				8.1			$	13,980,449
Vested and exercisable at September 30, 2012			11,279,558			$	0.37				7.3			$	4,838,849

				Outstanding Options												Exercisable Options
Option Exercise Price Per Share				Shares				Life (Years)				Weighted Average Exercise Price				Shares				Weighted Average Exercise Price
	$ 0.21 - $ 0.99				28,532,012				8.1			$	.28				10,952,012			$	0.34
	$ 1.00 - $ 1.99				327,546				2.6				1.25				327,546				1.25
					28,859,558				8.1			$	0.30				11,279,558			$	0.37

Black-Scholes-Merton pricing model with the following average assumptions

During the nine months ended September 30, 2012 and 2011, the Company valued options at the grant date using the Black-Scholes-Merton pricing model with the following average assumptions:

		September 30,
		2012		2011
Expected life (years)		5.0 – 7.0		6
Risk free interest rate		.75% - 1.27%		1.95%
Volatility		125%-132%		135.00%
Expected dividend yield		0.00%

Stock purchase warrants

The following table summarizes certain information about the Company’s stock purchase warrants from January 1, 2012 to September 30, 2012:

Warrants		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term				Aggregate Intrinsic Value
Outstanding at January 1, 2012			49,106,280			$	0.28
Granted			9,255,716				0.31
Exercised			(6,347,393	)			0.35
Forfeited or expired			(4,062,910	)			0.49
Outstanding at September 30, 2012			47,951,693			$	0.31				1.5			$	22,351,154
Vested and exercisable at September 30, 2012			46,585,026			$	0.31				1.1			$	21,708,821

				Outstanding Warrants												Exercisable Warrants
Warrant Exercise Price Per Share				Shares				Life (Years)				Weighted Average Exercise Price				Shares				Weighted Average Exercise Price
	$ 0.25 - $ 0.99				47,451,693				1.5			$	.30				46,085,026			$	.30
	$ 1.00 - $ 1.99				500,000				1.8				1.00				500,000				1.00
					47,951,693				1.5			$	0.31				46,585,026			$	0.31

X

- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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