Quarterly report pursuant to sections 13 or 15(d)

4. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)

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4. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2013
Stock Option Plan And Stock-Based Compensation Tables  
Assumptions for fair value of stock options
    2013     2012  
Risk-free interest rate     0.47% - 1.55 %     0.31% - 1.27 %
Expected dividend yield     0 %     0 %
Volatility factor     85 %     90 %
Expected life of option   3.25 to 6 years     2.90 to 7 years  
Activity under Stock Plans
    Shares     Exercise Price per Share     Weighted Average Exercise Price per Share  
Outstanding as of December 31, 2012     7,708,400     $ 0.10-1.85     $ 0.42  
      Granted     708,000       0.42-1.00       0.68  
      Exercised     -       -       -  
      Options forfeited/cancelled     (2,530,000 )     0.50-1.00       0.51  
Outstanding as of September 30, 2013     5,886,400     $ 0.10-1.85     $ 0.42  
Information about stock options vested or expected to vest

 

Vested or Expected to Vest     Exercisable Options  
            Weighted     Weighted                 Weighted     Weighted        
            Average     Average                 Average     Average        
            Exercise     Remaining     Aggregate     Number     Exercise     Remaining     Aggregate  
Exercise     Number of     Price Per     Contractual     Intrinsic     of     Price     Contractual     Intrinsic  
Price     Options     Share     Life (Years)     Value     Options     Per Share     Life (Years)     Value  
$ 0.10       1,800,000     $ 0.10       3.13     $ 1,026,000       1,612,500     $ 0.10       3.15     $ 919,125  
  0.42       98,000       0.42       7.26       24,500       -       0.42       -       -  
  0.50       3,330,000       0.50       2.09       566,100       2,371,668       0.50       2.34       403,184  
  0.57       400,000       0.57       4.87       40,000       83,280       0.57       4.87       8,328  
  1.00       180,000       1.00       2.32       -       135,000       1.00       1.63       -  
  1.85       78,400       1.85       2.00       -       78,400       1.85       2.00       -  
$ 0.10-1.85       5,886,400     $ 0.41       2.69     $ 1,656,600       4,280,848     $ 0.39       2.67     $ 1,330,637