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Note 9 Subsequent Events
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Note 9 Subsequent Events

NOTE 9 – SUBSEQUENT EVENTS

 

In August 2012, the board of directors approved a grant to a new employee of an option to purchase up to 100,000 shares of common stock at a purchase price of $0.925 per share. Using the Black-Scholes Option Pricing Formula, the option was valued at $74,486, fair value. The option expires in 5 years and vests in equal quarterly installments of 12,500 over the next two years beginning November 1, 2012. The option will be expensed over the vesting terms.

 

In August 2012, the board of directors approved a grant to a new employee of an option to purchase up to 50,000 shares of common stock at a purchase price per share equal to the closing stock price on the employment date. The option will expire in 5 years from date of issuance and will vest in equal quarterly installments of 6,250 over the next two years beginning three months from employment. The option will be expensed over the vesting terms.