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OPTIONS
 6 Months Ended
Jun. 30, 2011
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
OPTIONS
NOTE C – OPTIONS

Non-Employee Stock Options

The weighted average remaining contractual life of the options and warrants issued by the Company as of June 30, 2011 is set forth below:

Date of Issuance
Number of
Options/Warrants
Exercise Price
Contractual Life
Weighted
Average
Remaining
Contractual Life
(Years)
January 29, 2002
300
500.00
10 years
0.53
October 22, 2010
800,000
0.30
5 years
4.31
March 30, 2011
200,000
0.30
5 years
4.75
1,000,300
4.40

Transactions involving stock options issued are summarized as follows:
Number of Shares
Weighted Average
Price Per Share
Outstanding at December 31, 2010
800,480
$
0.41
Granted
200,000
0.30
Exercised
-
-
Canceled or expired
180
$
500.00
Outstanding at June 30, 2011
1,000,300
$
0.30

Total stock-based compensation expense recognized by us for the three and six month periods ended June 30, 2011 attributable to the issuance of options was $16,403 for both periods, respectively. The weighted-average significant assumptions used to determine the fair those fair values, using a Black-Scholes option pricing model are as follows:

Significant assumptions (weighted-average):
Risk-free interest rate
1.47%
Expected stock price volatility
22.79%
Expected dividend payout
0%
Expected option life (in years)
4.4 years
Common share price
$0.30