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Share capital (Tables)

6 Months Ended

Jun. 30, 2012

The following table summarizes activity for compensatory stock options during the six months ended June 30, 2012:

	Number of Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Number of Shares Exercisable
Outstanding, January 1, 2012		8,881,668		$	1.36	$	6,318,733		6,860,000
Granted		250,000			1.89		-		-
Exercised		(108,333	)		0.60		-		-
Cancelled		(68,333	)		1.36		-		-
Outstanding, June 30, 2012		8,955,002		$	1.32	$	2,959,368		7,381,668

Outstanding Compensatory Stock Options

The following table summarizes information about outstanding compensatory stock options as of June 30, 2012:

	Options Outstanding						Options Exercisable
Exercise Prices	Number of Shares		Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price		Aggregate Intrinsic Value
$0.95 - $2.34		3,953,334		4.2	$	1.85		2,496,667	$	1.73	$	276,667
$0.58 - $0.71		2,221,668		3.0		0.61		2,105,001		0.61		1,548,851
$0.56 - $0.86		1,815,000		1.9		0.73		1,815,000		0.73		1,133,850
$2.00 - $3.36		965,000		0.9		2.40		965,000		2.40		-
		8,955,002		3.1	$	1.32		7,381,668	$	1.19	$	2,959,368

Summary of Stock Purchase Warrants

A summary of the Company’s stock purchase warrants as of June 30, 2012 is presented below:

	Number of Warrants			Weighted Average Exercise Price		Remaining Contractual Life (in years)
Balance, December 31, 2011		1,577,650		$	0.80		0.4
Issued		-			-		-
Exercised		(1,533,650	)		0.80		-
Expired		(24,000	)		0.80		-
Balance, June 30, 2012		-		$	-		-

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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- 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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