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12. STOCK OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2013
Stock Options Tables  
Stock option activity

The following table summarizes the Company’s stock option activity for the years ended December 31, 2013 and 2012:

 

   

Number

of shares

    

Exercise price

per share

     Weighted average exercise price  
                   
Balance, December 31, 2011     1,193,700     $ 1.50 - $3.60     $ 2.04  
Granted     94,000     $ 2.00 - 2.22     $ 2.14  
Cancelled or expired     (288,700 )   $ 1.50 - $3.60     $ 2.35  
Balance, December 31, 2012     999,000     $ 1.50 - $2.45     $ 1.96  
Granted     233,000     $ 1.21 - 1.50     $ 1.27  
Cancelled or expired     (68,000 )   $ 3.60     $ 3.60  
Balance, December 31, 2013     1,164,000     $ 1.21 – 2.45     $ 1.73  
Exercisable, December 31, 2013     1,034,000     $ 1.21 – 2.45     $ 1.75  
Fair value of each option grant

The fair value of each option grant is calculated using the following weighted average assumptions:

 

    2013     2012  
             
Expected life – years     5.0       5.0  
Interest rate     0.36 – 0.63 %     0.36 – 0.38 %
Volatility     51 - 63 %     51 - 58 %
Dividend yield     -- %     -- %
Weighted average fair value of options granted   $ 0.36 – 0.38     $ 0.38