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STOCK-BASED COMPENSATION PLAN (Tables)
6 Months Ended
Jun. 30, 2012
Activity for Warrants to Certain Investor Relations IR Firms

The following table summarizes activity for the warrants to certain investor relations IR firms:

 

    Number of
Shares
    Average
Exercise
Price per Share
    Weighed
Average
Remaining
Contractual
Term in Years
 
                   
Outstanding at December 31, 2011     50,000       1.50       2.75  
Exercisable at December 31, 2011     50,000       1.50       2.75  
Granted     -       -       -  
Exercised     -       -       -  
Forfeited     -       -       -  
Outstanding at June 30, 2012     50,000       1.50       2.25  
Exercisable at June 30, 2012     50,000     $ 1.50       2.25  
Employee Stock Option
 
Summary of Option Activity

The following table summarizes activity for employees in the Company’s Plan: 

 

    Number of
Shares
    Average
Exercise
Price per Share
    Weighed
Average
Remaining
Contractual
Term in Years
 
                   
Outstanding at December 31, 2011     4,466,667       1.64       2.34  
Exercisable at December 31, 2011     3,675,333       1.35       2.07  
Granted     -       -       -  
Exercised     -       -       -  
Forfeited     -       -       -  
Outstanding at June 30, 2012     4,466,667       1.64       1.84  
Exercisable at June 30, 2012     3,675,333     $ 1.35       1.57  
Independent Directors
 
Summary of Option Activity

The following table summarizes option activity with respect to the independent directors:

 

    Number of
Shares
    Average
Exercise
Price per Share
    Weighed
Average
Remaining
Contractual
Term in Years
 
                   
Outstanding at December 31, 2011     210,000       2.60       3.05  
Exercisable at December 31, 2011     210,000       2.60       3.05  
Granted     -       -       -  
Exercised     -       -       -  
Forfeited     -       -       -  
Outstanding at June 30, 2012     210,000       2.60       2.55  
Exercisable at June 30, 2012     210,000     $ 2.60       2.55