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STOCK OPTION PLANS | 12 Months Ended
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Dec. 31, 2012
STOCK OPTION PLANS [Abstract] |
STOCK OPTION PLANS | NOTE 11 - STOCK OPTION PLANS We account for stock based compensation expense in accordance with FASB ASC 718, Stock Based Compensation. We have several stock-based compensation plans under which incentive and non-incentive qualified stock options and restricted shares may be granted to employees, directors and consultants. We measure the cost of the employee/director/consultant services received in exchange for an award of equity instruments based on the grant date fair value of the award. Our various stock-based employee compensation plans described below: 2005 Equity Incentive Plan We have a stock awards plan, (the 2005 Equity Incentive Plan), under which 5,000,000 shares of our authorized but unissued common stock were reserved for issuance to employees, consultants, or to non-employee members of the Board or to any board of directors (or similar governing authority) of any affiliate of the Company. The 2005 Equity Incentive Plan replaced the previously approved stock option plan (the 1995 Stock Awards Plan). For the 2005 Equity Incentive Plan, the fair value of options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in fiscal 2012: dividend yield of 0%; volatility of 98%; risk-free interest rate of 0.45%; and expected lives of 5.5 years. The weighted average fair value of options granted was $0.29 per share during 2012. The assumptions for grants in fiscal 2011 were: dividend yield of 0%; volatility of 117%; risk-free interest rate of 1.42%; and expected lives of 5.6 years. The weighted average fair value of options granted was $1.87 per share during 2011. Summarized information for the 2005 Equity Incentive Plan is as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | average |
|  |  |  |  | exercise |
|  | Options |  |  | price |
Outstanding options at January 1, 2011 |  |  | 1,748,733.00 |  |  | $ | 2.13 |
Granted, fair value of $ 1.87 per share |  |  | 580,000.00 |  |  |  | 2.22 |
Exercised/forfeited |  |  | (61,949.00 | ) |  |  | 1.38 |
Outstanding options at December 31, 2011 |  |  | 2,266,784.00 |  |  |  | 2.17 |
Granted, fair value of $ 0.29 per share |  |  | 1,235,000.00 |  |  |  | 0.39 |
Expired/forfeited |  |  | (838,000.00 | ) |  |  | 2.14 |
Outstanding options at December 31, 2012 |  |  | 2,663,784.00 |  |  |  | 1.36 |
Exercisable at December 31, 2012 |  |  | 1,797,742.00 |  |  |  | 1.72 |
The intrinsic value of options under this plan related to the outstanding and exercisable options were $7,000 and $1,000 at December 31, 2012, respectively. The intrinsic value of options under this plan related to the outstanding and exercisable options were $324,000 and $324,000, respectively at December 31, 2011. The total intrinsic value of options exercised during 2012 was none and during 2011 was none. Further information regarding options outstanding under the 2005 Equity Incentive Plan at December 31, 2012 is summarized below:
|  |  | Number of |  |  | Weighted average |  |  | Number of |  |  | Weighted-average |
|  |  | options |  |  | Remaining |  |  | Exercise |  |  | options |  |  | Remaining |  |  | Exercise |
Range of exercise prices |  |  | outstanding |  |  | life in years |  |  | price |  |  | exercisable |  |  | life in years |  |  | price |
$ | 0.23 |  |  |  | 725,000 |  |  |  | 10.0 |  |  | $ | 0.23 |  |  |  | 106,250 |  |  |  | 10.0 |  |  | $ | 0.23 |
$ | 0.61 - 0.85 |  |  |  | 640,000 |  |  |  | 7.3 |  |  | $ | 0.63 |  |  |  | 510,000 |  |  |  | 6.7 |  |  | $ | 0.63 |
$ | 1.38 |  |  |  | 220,000 |  |  |  | 7.0 |  |  | $ | 1.38 |  |  |  | 220,000 |  |  |  | 7.0 |  |  | $ | 1.38 |
$ | 2.27 – 3.15 |  |  |  | 1,078,784 |  |  |  | 7.9 |  |  | $ | 2.54 |  |  |  | 961,492 |  |  |  | 7.9 |  |  | $ | 2.55 |
|  |  |  |  | 2,663,784 |  |  |  |  |  |  |  |  |  |  |  | 1,797,742 |  |  |  |  |  |  |  |  |
2007 Special Stock Option Plan In January 2007 we adopted the 2007 Special Stock Option Plan and Agreement (the Plan). The Plan provides for the award of options to purchase 450,000 shares of the authorized but unissued shares of common stock of the Company. At December 31, 2012, all 450,000 shares were available for grant under the Plan. 1995 Stock Awards Plan Under the 1995 Stock Awards Plan, as amended, 500,000 shares of our authorized but unissued common stock were reserved for issuance to optionees including officers, employees, and other individuals performing services for us. At December 31, 2012, there were no additional shares available for grant under the 1995 Stock Awards Plan. A total of 39,500 options were outstanding under this plan at December 31, 2012. Options granted under all the plans generally vest ratably over a four to five year period and are generally exercisable over a ten-year period from the date of grant. Stock options were generally granted with an exercise price equal to the market value at the date of grant. Summarized information for the 1995 Stock Awards Plan is as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | average |
|  |  |  |  | exercise |
|  | Options |  |  | price |
Outstanding options at January 1, 2011 |  |  | 59,500.00 |  |  |  | 16.80 |
Expired |  |  | (2,000.00 | ) |  |  | 23.05 |
Outstanding options at December 31, 2011 |  |  | 57,500.00 |  |  |  | 16.58 |
Expired |  |  | (18,000.00 | ) |  |  | 18.14 |
Outstanding options at December 31, 2012 |  |  | 39,500.00 |  |  |  | 15.87 |
Exercisable at December 31, 2012 |  |  | 39,500.00 |  |  |  | 15.87 |
There was no intrinsic value related to outstanding or exercisable options under this plan at December 31, 2012 or 2011. Further information regarding options outstanding under the 1995 Stock Awards Plan at December 31, 2012 is summarized below:
|  |  | Number of |  |  | Weighted average |  |  | Number of |  |  | Weighted-average |
|  |  | Options |  |  | Remaining |  |  | Exercise |  |  | options |  |  | Remaining |  |  | Exercise |
Range of exercise prices |  |  | outstanding |  |  | life in years |  |  | price |  |  | exercisable |  |  | life in years |  |  | price |
$ | 10.10 - 12.40 |  |  |  | 29,000 |  |  |  | 2.1 |  |  | $ | 11.09 |  |  |  | 29,000 |  |  |  | 2.1 |  |  | $ | 11.09 |
$ | 28.50 – 29.25 |  |  |  | 10,500 |  |  |  | 2.0 |  |  | $ | 29.07 |  |  |  | 10,500 |  |  |  | 2.0 |  |  | $ | 29.07 |
|  |  |  |  | 39,500 |  |  |  |  |  |  |  |  |  |  |  | 39,500 |  |  |  |  |  |  |  |  |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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