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12. STOCK OPTIONS AND WARRANTS (Tables) | 12 Months Ended
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Dec. 31, 2013
Stock Options And Warrants |
Assumptions for options granted | We used the following assumptions for options granted in fiscal 2013 and 2012:
| 2013 | 2012
Expected volatility | 128.75 -134.02% | 106.70%
Expected lives | 5 -10 Years | 3 -5.5 Years
Risk-free interest rate | 0.02% | 0.21%
Expected dividend yield | None | None
Option activity | Option activity for the years ended December 31, 2013 and 2012 under the 2008 and 2011 Plans is as follows:
|  |  | Number of Options |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2011 |  |  |  | 22,755,291 |  |  | $ | 0.31 |
Granted |  |  |  | 600,000 |  |  |  | 0.24 |
Exercised |  |  |  | – |  |  |  | – |
Forfeited |  |  |  | – |  |  |  | – |
Expired |  |  |  | (305,429 | ) |  |  | 0.33 |
Outstanding at December 31, 2012 |  |  |  | 23,049,862 |  |  | $ | 0.31 |
Exercisable at December 31, 2012 |  |  |  | 13,887,006 |  |  | $ | 0.29 |
Weighted average grant date fair value |  |  |  |  |  |  | $ | 0.17 |
Granted |  |  |  | 1,000,000 |  |  |  | 0.19 |
Exercised |  |  |  | – |  |  |  | – |
Forfeited |  |  |  | – |  |  |  | – |
Expired |  |  |  | – |  |  |  | – |
Outstanding at December 31, 2013 |  |  |  | 24,049,862 |  |  | $ | 0.30 |
Exercisable at December 31, 2013 |  |  |  | 14,555,583 |  |  | $ | 0.29 |
Weighted average grant date fair value |  |  |  |  |  |  | $ | 0.16 |
Stock options outstanding | The following table summarizes information about employee stock options outstanding at December 31, 2013:
Options Outstanding |  | Options Exercisable
Range of Exercise Price |  | Number Outstanding at December 31, 2013 |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Number Exercisable at December 31, 2013 |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
$ | 0.165-1.31 |  | 24,049,862 |  | 6.85 Years |  | $ | 0.30 |  | $ | – |  | 14,555,583 |  | $ | 0.29 |  | $ | –
|  |  | 24,049,862 |  | 6.85 Years |  | $ | 0.30 |  | $ | – |  | 14,555,583 |  | $ | 0.29 |  | $ | –
Assumptions for Warrants | 2013 The assumptions used in the valuation of these warrants include:
Assumptions |
Expected term | 5 yrs
Expected Volatility | 30.96%
Risk free rate | 0.14%
Dividend Yield | 0.00%
2012 The assumptions used in the valuation of these warrants include:
Assumptions |
Expected term | 5 yrs
Expected Volatility | 105.82%
Risk free rate | 0.214%
Dividend Yield | 0.00%
Warrant activity | Warrant activity for the years ended December 31, 2013 and 2012 are as follows:
|  |  | Number of Warrants |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2011 |  |  |  | 10,537,003 |  |  | $ | 0.46 |
Granted |  |  |  | 278,966 |  |  |  | 0.28 |
Exercised |  |  |  | – |  |  |  | – |
Forfeited |  |  |  | – |  |  |  | – |
Expired |  |  |  | (3,009,814 | ) |  |  | 0.50 |
Outstanding at December 31, 2012 |  |  |  | 7,806,155 |  |  | $ | 0.44 |
Exercisable at December 31, 2012 |  |  |  | 7,806,155 |  |  | $ | 0.44 |
Weighted average grant date fair value |  |  |  |  |  |  | $ | 0.15 |
Granted |  |  |  | 7,095,734 |  |  |  | 0.43 |
Exercised |  |  |  | – |  |  |  | – |
Forfeited |  |  |  | – |  |  |  | – |
Expired |  |  |  | (5,050,349 | ) |  |  | 0.52 |
Outstanding at December 31, 2013 |  |  |  | 9,851,540 |  |  | $ | 0.23 |
Exercisable at December 31, 2013 |  |  |  | 9,851,540 |  |  | $ | 0.23 |
Weighted average grant date fair value |  |  |  |  |  |  | $ | 0.20 |

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