Stock Options (Tables)

3 Months Ended

Mar. 31, 2013

Stock Options Tables

Stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at March 31, 2013:

	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years		Aggregate Intrinsic Value(1)
Outstanding at December 31, 2012		810,000	$	0.64		4.06	$	—
Granted		—	$	—		—	$	—
Exercised		—	$	—		—	$	—
Forfeited or Cancelled		—	$	—		—	$	—
Outstanding at March 31, 2013		810,000	$	0.64		3.82	$	—
Exercisable at March 31, 2013		599,000	$	0.83		4.09	$	—
Vested and expected to vest (2)		810,000	$	0.64		3.82	$	—

(1)	Aggregate intrinsic value represents the value of the closing price per share of our common stock on the last trading day of the fiscal period in excess of the exercise price multiplied by the number of options outstanding or exercisable, except for the “Exercised” line, which uses the closing price on the date exercised.
(2)	Number of shares includes options vested and those expected to vest net of estimated forfeitures.

Unvested share activity

Unvested share activity for the three months ended March 31, 2013 is summarized below:

	Unvested Number of Options			Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2012		236,000		$	0.04
Granted		—		$	—
Vested		(25,000	)	$	0.11
Forfeited		—		$	—
Unvested balance at March 31, 2013		211,000		$	0.08

Fair Value of Stock options

The fair values of all stock options granted during the three months ended March 31, 2013 and 2012 were estimated on the date of grant using the Black-Scholes option-pricing model with the following range of assumptions:

	For the three months ended
	March 31, 2013		March 31, 2012
Expected life (in years)		—		6.5
Average risk-free interest rate		—		1.66	%
Expected volatility		—		108	%
Expected dividend yield		—		0	%
Forfeiture rate		—		3	%