Quarterly report pursuant to sections 13 or 15(d)

9. Stock Options (Tables)

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9. Stock Options (Tables)
 6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Stock Options Valuation Assumptions

 

The Company used the Black-Scholes valuation model to estimate the grant date fair value of the options granted in 2012. The Company used the following assumptions for the 2012 valuations:

 

Risk-free interest rate 0.82-0.85%
Expected life in years 5
Dividend yield 0
Expected volatility 59.19-63.64%

 
Stock Option Plan

 

The following schedule summarizes the changes in the Company’s stock option plan for the six months ended June 30, 2012:

 

                Weighted           Weighted  
    Options Outstanding     Average           Average  
    Number     Exercise     Remaining     Aggregate     Exercise  
    of     Price     Contractual     Intrinsic     Price  
    Shares     per Share     Life     Value     per Share  
Balance at December 31, 2011     14,995,000       $0.18-0.55       4.47 years       –     $ 0.43  
Options Granted     225,000       $0.44-0.50       4.83 years       –     $ 0.45  
Options Exercised     –       –       –       –       –  
Options Expired     –       –       –       –       –  
Balance at June 30, 2012     15,220,000       $0.18-0.55       4.23 years       –     $ 0.44  
                                         
Exercisable June 30, 2012     12,070,000       $0.18-0.55       2.52 years       –     $ 0.34