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Stock Options and Warrants (Tables)

9 Months Ended

Sep. 30, 2012

A summary of stock option activity for the nine months ended September 30, 2012 is presented below:

	Number of Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term (# years)		Intrinsic Value
Outstanding at January 1, 2012		1,771,705		$	1.93
Granted		1,616,767			0.93
Exercised		-			-
Forfeited and canceled		(110,250	)		3.13

Outstanding at September 30, 2012		3,278,222		$	1.39		7.9	$	145,443

Exercisable at September 30, 2012		1,681,544		$	1.78		6.6	$	136,943

Warrant Activity

A summary of warrant activity for the nine months ended September 30, 2012 is presented below:

	Number of Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term (# years)		Intrinsic Value
Outstanding at January 1, 2012		10,430,286		$	1.90
Granted		3,829,689			1.25
Exercised		-			-
Forfeited and canceled		(1,858,336	)		1.53

Outstanding at September 30, 2012		12,401,639		$	1.72		2.4	$	120,912

Exercisable at September 30, 2012		8,571,950		$	1.93		1.3	$	120,912

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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