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STOCK OPTIONS
 9 Months Ended
Sep. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Options
STOCK OPTIONS
 
The following table summarizes stock option activity during the nine months ended September 30, 2012:
 
 
Number of
Options
 
Weighted Average
Exercise Price
Balance at January 1, 2012
4,172,000

 
$
1.10

Granted
626,500

 
1.03

Exercised
(20,000
)
 
(0.50
)
Forfeited
(439,000
)
 
(1.20
)
Canceled
(25,500
)
 
(5.42
)
Balance at September 30, 2012
4,314,000

 
$
1.06

Exercisable at September 30, 2012
2,752,471

 
$
1.02


    
During the nine months ended September 30, 2012, we granted options exercisable to purchase 626,500 shares of common stock at a weighted average exercise price of $1.03 per share under our 2006 Equity Incentive Plan. Options to purchase an aggregate of 2,335,500 shares of common stock were granted during the nine months ended September 30, 2011.