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Stock Based Compensation
6 Months Ended
Jun. 30, 2012
Stock Based Compensation [Abstract]  
Stock Based Compensation [Text Block]

8.   Stock Based Compensation

 

The Company issued warrants and options to purchase common shares of the Company as compensation for consulting and Board of Directors services. The value of warrants and options issued for compensation are accounted for as a non-cash expense to the Company at the fair value of the warrants and options issued. The Company values the warrants and options at fair value as calculated by using the Black-Scholes option-pricing model. As of June 30, 2012 the Company has $0 in unamortized stock based compensation related to outstanding options and warrants.

 

The following table summarizes the warrant and option activity for the six months ended June 30, 2012:

 

  Number of    
(Unaudited) Warrants and Options  Weighted-Average
Exercise Price
 
Outstanding, December 31, 2011  25,000  $4.08 
Granted  0   0 
Exercised  0   0 
Cancelled  0   0 
Outstanding, June 30, 2012  25,000  $4.08 

 

The following summarizes the warrants issued, outstanding and exercisable as of June 30, 2012:

 

Grant DateNovember, 2008
Strike Price$3.20
Expiration DateOctober 31, 2012
Warrants Remaining15,000
Proceeds if Exercised$48,000
Call FeatureNone

 

The following summarizes the options issued, outstanding and exercisable as of June 30, 2012:

 

 

Grant DateJune 2, 2011
Strike Price$5.40
Expiration Date June 1, 2016
Options Remaining10,000
Proceeds if Exercised$54,000
Call FeatureNone