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STOCK OPTION PLAN (Tables)
 6 Months Ended
Jun. 30, 2012
Text Block [Abstract]  
Plan activity

A summary of the Plan activity for the six months ended June 30, 2012 is as follows:

 

    Number of shares     Weighted Avg. Exercise Price     Weighted Avg. Remaining Contractual Life     Aggregate Intrinsic Value  
Outstanding - January 1, 2012     150,152     $ 9.68              
Granted     4,975,000       0.73              
Exercised     -                      
Cancelled/Forfeited     (625,000 )     0.64              
Outstanding - June 30, 2012     4,500,152     $ 1.03       5.26     $ 75,000  
Exercisable - June 30, 2012     1,053,402     $ 1.97       5.78     $ 15,885  
Vested and expected to vest - June 30, 2012     4,155,477     $ 1.06       5.27     $ 70,625  

 
Fair value per share

The table below illustrates the fair value per share determined by the Black-Scholes-Merton option pricing model with the following assumptions used for the grants issued to employees and directors during the six months ended June 30, 2012:

 

    Six Months Ended June 30, 2012  
Weighted-average fair value of options granted   $ 0.64  
Expected terms (in years)     3-5.5  
Expected volatility     219-360 %
Risk-free interest rate     0.36-1.03 %
Dividend yield     -  

 


The table below illustrates the fair value per share determined by the Black-Scholes-Merton option pricing model with the following assumptions used for the grants issued to consultants during the six months ended June 30, 2012:

 

    Six Months Ended June 30,2012  
Weighted-average fair value of options granted   $ 0.68  
Expected terms (in years)     4.83-5.00  
Expected volatility     306% - 361 %
Risk-free interest rate     0.62%-1.03 %
Dividend yield     -