Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plan (Tables)

v2.4.0.6
Stock Compensation Plan (Tables)
12 Months Ended
Dec. 31, 2012
Stock Compensation Plan [Abstract]  
Summary of assumptions used to estimate the fair value of stock options granted
         
    2012   2011

Expected dividend yield

  0%   0%

Weighted-average expected volatility

  161%   145% - 146%

Weighted-average risk-free interest rate

  1.96%   2.03% - 2.48%

Expected life of options

  2-10 years   10 years
Summary of stock option activity
                     
     Number of 
Options
    Option
Price Per
Share
  Weighted
Average
Exercise
Price
 

Outstanding at December 31, 2010

    379,837     $5.40 - 17.00   $ 7.86  

Forfeited

    (151,164   5.40 - 14.80     6.50  

Granted

    496,500     1.50 - 5.00     3.50  

Exercised

    —       —       —    
   

 

 

             
       

Outstanding at December 31, 2011

    725,173     $1.50 - 17.00   $ 4.85  

Forfeited

    (164,750   1.50 - 14.00     3.42  

Granted

    100,000     1.20     1.20  

Exercised

    —       —       —    
   

 

 

             
       

Outstanding at December 31, 2012

    660,423     $1.20 - 17.00   $ 4.70  
   

 

 

             
       

Exercisable at December 31, 2012

    498,548     $4.00 - 17.00   $ 5.35