Stock Options and Warrants (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of activity in the Company's stock option plan

	Number of Options		Range of Exercise Prices		Weighted Average Exercise Price

Balance outstanding, January 1, 2011	838,175		$	2.00-22.00	$	3.75

Expired in 2011	(500	)	3.00-12.00		5.40

Balance outstanding, December 31, 2011	837,675		$	2.00-22.00	$	3.80

Expired in 2012	(177,100	)	4.11-22.00		4.15

Balance outstanding, December 31, 2012	660,575		$	2.00-15.00	$	3.74

Exercisable, December 31, 2012	660,575		$	2.00-15.00	$	3.74

Summary of range of exercise prices for stock options outstanding

Additional information about the Company’s outstanding stock options at December 31, 2012 is as follows:

	Options Outstanding
		Weighted
		Average
		Remaining	Weighted
		Contractual	Average
Range of	Number of	Life	Exercise
Exercise Prices	Shares	(in Years)	Price

$0.01 to $2.00	75	3.00	$	2.00
$2.01 to $3.00	60,975	0.61	$	2.51
$3.01 to $3.50	412,250	3.39	$	3.50
$3.51 to $4.00	50,550	0.76	$	3.74
$4.01 to $10.00	136,550	1.94	$	5.00
$10.01 to $25.00	175	0.22	$	15.00
	660,575	2.63	$	3.74

Schedule of activity in the Company's warrants

Exercise Price

Balance,

per

Warrants

January 1,

Granted

Exercised

Expired

December 31,

Granted

Exercised

Expired

December 31,

Warrants

Expiring

2011

2012

—

3.00

11/30/2014

75,000

(*)

75,000

—

75,000

—

75,000

—

75,000

____________________________

(*) On November 30, 2009, TWC granted 75,000 five-year warrants to purchase TWC Common Stock at the then market price of $3.00 per share, in connection with the Company’s engagement of a capital markets advisor, Hurricana Capital LLC. The warrants vest over two-year period, with the first of three equal parts vested immediately upon the grant date, and the remaining parts upon the next succeeding anniversary dates of the grant. As of December 31, 2012, all warrants have been vested. (See also “Note 8 — Stockholders’ Equity” above).

- 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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