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Stock Options | 12 Months Ended
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Oct. 31, 2012
Stock Options [Text Block] |
9. | Stock Options
On July 11, 2011, the Company granted 700,000 stock options to directors and officers of the Company with an exercise price of $0.35 per share, vested immediately and expiring on July 11, 2016. On November 15, 2011, the Company granted 40,000 stock options to consultants of the Company with an exercise price of $0.30 per share, vested immediately and expiring on November 15, 2016. The options have been cancelled as of October 31, 2012. On September 28, 2012, the Company granted 25,000 stock options to Directors and Officers of the Company with an exercise price of $0.20 per share, vested immediately and expiring on September 28, 2017. For the stock options granted during the year, the exercise price is greater than the market price at grant date and the weighted average exercise price $0.26 (2011: $0.35) and the weighted average fair value is $0.17 (2011:$0.26) . For the year ended October 31, 2012, the Company recorded a total of $11,336 (2011: $179,789) for stock based compensation expenses. The fair value of each option granted has been estimated as of the date of the grant using the Black-Scholes option pricing model with the following assumptions:
|  | Year ended October 31, 2012 | Year ended October 31, 2011
| Expected volatility | 129.14%-152.92% | 131.14%
| Risk-free interest rate | 2.75% | 2.75%
| Expected life | 5 years | 5 years
| Dividend yield | 0.0% | 0.0%
A summary of the stock options for the year ended October 31, 2012 is presented below:
|  |  | Options Outstanding |
|  |  |  |  |  | Weighted Average |
|  |  | Number of Shares |  |  | Exercise Price |
| Balance, October 31, 2010 |  | 1,525,000 |  | $ | 0.20 |
| Granted |  | 700,000 |  |  | 0.35 |
| Exercised |  | (225,000 | ) |  | 0.20 |
| Expired |  | (300,000 | ) |  | 0.20 |
| Balance, October 31, 2011 |  | 1,700,000 |  | $ | 0.26 |
| Granted |  | 65,000 |  |  | 0.25 |
| Expired |  | (40,000 | ) |  | 0.30 |
| Balance, October 31, 2012 |  | 1,725,000 |  | $ | 0.26 |
The Company has the following options outstanding and exercisable:
| October 31, 2012 |  |  |  |  | Options outstanding |  |  | Options exercisable |
|  |  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  |  | average |  |  | Average |  |  |  |  |  | Average |
| Range of |  | Number |  |  | remaining |  |  | Exercise |  |  | Number |  |  | Exercise |
| Exercise prices |  | of shares |  |  | contractual life |  |  | Price |  |  | of shares |  |  | Price |
| $0.20 |  | 150,000 |  |  | 2.80 years |  | $ | 0.20 |  |  | 150,000 |  | $ | 0.20 |
| $0.20 |  | 850,000 |  |  | 2.23 years |  | $ | 0.20 |  |  | 850,000 |  | $ | 0.20 |
| $0.35 |  | 700,000 |  |  | 3.70 years |  | $ | 0.35 |  |  | 700,000 |  | $ | 0.35 |
| $0.20 |  | 25,000 |  |  | 4.91 years |  | $ | 0.20 |  |  | 25,000 |  | $ | 0.25 |
| Total |  | 1,725,000 |  |  | 2.91 years |  | $ | 0.26 |  |  | 1,725,000 |  | $ | 0.26 |

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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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