Stock Based Compensation

3 Months Ended

Mar. 31, 2013

Stock Based Compensation [Text Block]

9.	Stock-based Compensation
	The Company adopted a Stock Option Plan dated November 7, 2005 under which the Company is authorized to grant stock options to acquire up to a total of 10,000,000 shares of common stock. No options shall be issued under the Stock Option Plan at a price per share less than the defined Market Price. On June 11, 2008, the Company modified the Stock Option Plan to define Market Price as the volume weighted average trading price of the Company’s common shares on the Toronto Stock Exchange or American Stock Exchange, now the NYSE MKT, whichever has the greater trading volume for the five trading days before the date of grant. On June 15, 2011, the Company amended the 2005 Non-Qualified Stock Option Plan to increase the number of shares authorized for issuance under the plan from 10,000,000 to 30,000,000 and extend the plan termination date for an additional 10 years.
	During the three month period ended March 31, 2013, the Company recorded $239,765 (2012 - $82,177) of stock-based compensation for the vesting of previously granted stock options. At March 31, 2013, the Company had 18,725,360 shares of common stock available to be issued under the Stock Option Plan.
	The total intrinsic value of stock options exercised during the three months ended March 31, 2013 and 2012, was $Nil, and $128,814 respectively.
	The following table summarizes the continuity of the Company’s stock options:

				Weighted-
			Weighted	Average
			Average	Remaining	Aggregate
	Number of		Exercise	Contractual	Intrinsic
	Options		Price	Term (years)	Value
			$		$
Outstanding, December 31, 2012	9,225,880		2.33
Expired	(168,000	)	3.14
Outstanding, March 31, 2013	9,057,880		2.32	6.26	384,350
Exercisable, March 31, 2013	7,850,830		2.45	5.80	384,350

A summary of the status of the Company’s non-vested stock options outstanding as of March 31, 2013, and changes during the three months ended March 31, 2013 is presented below:

		Weighted
	Number	Average
	of	Grant Date
Non-vested stock options	Options	Fair Value
		$
Non-vested at December 31, 2012 and March 31, 2013	1,207,050	1.25

As at March 31, 2013, there was $1,295,179 of unrecognized compensation cost related to non-vested stock option agreements. This cost is expected to be recognized over a weighted average period of 1.51 years.