Quarterly report pursuant to sections 13 or 15(d)

STOCK WARRANTS AND OPTIONS (Tables)

v2.4.0.6
STOCK WARRANTS AND OPTIONS (Tables)
 9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
FAIR VALUE OF THE WARRANTS
    Warrants issued year ended December 31, 2011
Expected volatility     146 %
Expected dividend yield     0.00 %
Risk-free rate over the estimated expected life of the warrants     0.0066 %
Expected term (in years)     3.0  
SUMMARY OF CHANGES IN SHARE PURCHASE WARRANTS
    Common Stock Warrants   Weighted Average Exercise Price
  Outstanding, January 1, 2012       2,017,382     $ 0.43  
  Issued       —       —  
  Exercised       —       —  
  Expired       (686,429 )     0.40  
  Outstanding, September 30, 2012       1,330,953     $ 0.45  
SUMMARY OF STOCK OPTIONS PRICING
    Nine-months ended September 30, 2012
Dividend yield     0 %
Expected volatility     118 %
Risk free interest rate     0.33 %
Expected life (years)     3.00  
SUMMARY OF CHANGES IN STOCK OPTIONS
    Stock Options   Weighted Average Exercise Price
  Outstanding, January 1, 2012       615,000     $ 0.36  
  Issued       285,000       0.23  
  Exercised       —       —  
  Expired       (522,500 )     0.37  
  Outstanding, September 30, 2012       377,500     $ 0.25