Quarterly report pursuant to Section 13 or 15(d)

Equity

v2.4.0.6
Equity
 3 Months Ended
Mar. 31, 2013
Equity [Abstract]  
Equity
Note 7 – Equity
 
Stock Option Plan
 
The following is a summary of stock options:
 
               
Weighted
        
               
Average
        
         
Weighted
    
Remaining
    
Aggregate
  
    Number of    
Average
    
Contractual
    
Intrinsic
  
   
Units
    
Exercise Price
    
Term (in years)
    
Value
  
                         
Outstanding, December 31, 2012
    
2,330,134
    
 $
0.96
      
8.91
    
 $
685,800
  
                                 
Outstanding, March 31, 2013
    
2,330,134
    
 $
0.96
      
8.66
    
 $
685,800
  
 
All options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at March 31, 2013 was $1,206,014. During the three months ended March 31, 2013 and 2012, the Company recorded option expense of $94,200 and $199,990, respectively.
 
Warrants
 
The following is a summary of warrants:
 
               
Weighted
        
               
Average
        
         
Weighted
    
Remaining
    
Aggregate
  
    Number of    
Average
    
Contractual
    
Intrinsic
  
   
 Units
    
Exercise Price
    
Term (in years)
    
Value
  
                         
Outstanding, December 31, 2012
    
12,770,636
      
0.97
      
4.48
      
6,114,768
  
                                 
Outstanding, March 31, 2013
    
12,770,636
    
$
0. 97
      
4.23
    
$
6,114,768