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STOCK BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2012

A summary of the activity under the Company’s stock option plans is as follows:

	Options				Weighted-
			Weighted-		Average
			Average		Remaining
			Exercise		Contractual
			Price		Term (Years)
Balance at December 31, 2010		1,463,295	$	0.71		8.1
Granted		367,000	$	1.11		—
Expired/Cancelled		(107,995)	$	1.35		—
Exercised		(14,587)	$	0.28		—

Balance at December 31, 2011		1,707,713	$	0.76		7.6
Granted		1,437,500	$	0.89		—
Expired/Cancelled		(89,068)	$	0.92		—
Exercised		(24,924)	$	0.29		—

Balance at December 31, 2012		3,031,221	$	0.82		7.9

Stock options outstanding and exercisable

The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2012:

		Options Outstanding						Options Exercisable
Exercise Price				Weighted-
				Average		Weighted-				Weighted-
		Number		Remaining Life		Average		Number		Average
		Outstanding		(Years)		Exercise Price		Exercisable		Exercise Price

$	0.17–0.27		478,221		6.0	$	0.19		478,721	$	0.19
$	0.54-0.74		809,000		7.7	$	0.72		534,758	$	0.71
$	0.77-1.15		1,642,000		8.8	$	0.96		297,324	$	1.06
$	1.45-2.74		102,000		3.0	$	2.28		102,000	$	2.28
Total			3,031,221						1,412,803

Common stock reserved for future issuance

The following table summarizes the common stock reserved for future issuance as of December 31, 2012:

	Common Stock

Convertible preferred stock – Series B		45,384
Convertible notes payable		171,183
Stock options outstanding		3,031,221
Warrants outstanding		18,788,485
Restricted stock grants		240,000
Authorized for future grant under stock option plans		955,934
		23,232,207

- 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.

+ References+ Details