v2.4.0.6
OPTIONS
 9 Months Ended
Sep. 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 September 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
     0.33  
October 22, 2010
     800,000       0.30  
5 years
     4.00  
March 30, 2011
     200,000       0.30  
5 years
     4.50  
      1,000,300                 4.20  
 
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 September 30, 2011
    
1,000,300
    
$
0.30
  
 
Total stock-based compensation expense recognized by us for the three and nine month periods ended September 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
0.72%
Expected stock price volatility
56.03%
Expected dividend payout
0%
Expected option life (in years)
4.2 years
Common share price
$0.30