Note 9 - Stock Options

12 Months Ended

Dec. 31, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock Options

Note 9 – Stock Options

Stock option activity for the year ended December 31, 2012, is summarized as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Options outstanding at December 31, 2010		—			—
Granted		1,950,000			0.91
Expired or forfeited		(200,000	)		—
Options outstanding at December 31, 2011		1,750,000		$	0.91		10.00
Granted		1,000,000			0.56		10.00
Options outstanding at December 31, 2012		2,750,000		$	0.78		10.00

During the fourth quarter of 2012, the Company issued to a consultant a 10-year option to purchase 1,000,000 shares of common stock at $.56 per share.

Total stock-based compensation for the years ended December 31, 2012 and 2011 was $658,381 and $466,908 respectively.

The remaining unrecognized stock-based compensation of approximately $121,000 will be recognized as research and development expense in 2013.