Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

Share-based Compensation [Abstract]

Stock-Based Compensation

Note 6:  Stock-Based Compensation

The Company has historically granted stock options to certain vendors and employees.  

On April 29, 2011, the Company increased the number of shares of the Company’s common stock available for issuance under the plan from 1,360,000 to 2,500,000.

Stock option awards are expensed on a straight-line basis over the requisite service period.  The Company recognized expense of $36,029 and $30,028, for the three months ended March 31, 2013 and March 31, 2012, respectively. At March 31, 2013, future stock compensation expense (net of estimated forfeitures) not yet recognized was $489,112 and will be recognized over a weighted average remaining vesting period of 3.34 years.  The following summarizes stock option activity for the three months ended March 31, 2013:

								Weighted
				Weighted		Weighted		Average
				Average		Average		Remaining
	Number of			Exercise		Fair		Contractual
	Shares			Price		Value		Life
Outstanding at December 31, 2012		1,695,250		$	1.08	$	0.58
Granted at market price		-
Exercised		(14,500	)
Forfeited		(425,500	)
Outstanding at March 31, 2013		1,255,250			1.02		0.59		9.1
Exercisable		189,250		$	1.09	$	0.58		8.5

The following table summarizes information about the Company’s stock options at March 31, 2013:

	Exercisable				Unexercisable				Total
			Weighted				Weighted				Weighted
			Average				Average				Average
	Number		Exercise		Number		Exercise		Number		Exercise
Range of Exercise Prices	Outstanding		Price		Outstanding		Price		Outstanding		Price
$.25 per share		70,000	$	0.25		107,000		0.25		177,000	$	0.25
$1.59 per share		119,250		1.59		169,000		1.59		288,250	$	1.59
$0.99 per share		-		-		790,000		0.99		790,000	$	0.99