Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY (Tables)

v2.4.0.6
STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2012
Equity [Abstract]  
Fair value of options on the date of grant
  Year Ended
 

December 31,

 

2012

2011

     
Risk-free interest rates 0.71% - 1.75% 2.05% - 2.18%
Expected option life in years 5 years – 10 years 5 years
Expected stock price volatility 43.54% - 45.86% 42.04%
Expected dividend yield 0.00% 0.00%
Summary of stock option activity
 

2012

2011

    Weighted   Weighted
    Average   Average
  Options Exercise Options Exercise
 

Outstanding

Price

Outstanding

Price

         
Options outstanding at beginning of year 7,208,070

 

$0.69

7,947,613

 

        $0.62

Granted    925,000 $1.24    430,000         $1.60
Cancelled/expired/exercised (2,550,570) $0.66 (1,169,531)         $0.55
         
Options outstanding at end of year 5,582,500

 

$0.78

7,208,070

 

       $0.69

         
Options exercisable at end of year 4,826,250

 

$0.71

6,853,903

 

       $0.65

Stock options outstanding and exercisable
      Weighted    
    Weighted Average   Weighted
Range of   Average Remaining   Average
Exercise Options Exercise Life in Options Exercise

Price

Outstanding

Price

Years

Exercisable

Price

           
$0.21 - $1.60 5,582,500 $0.78          3.05   4,826,250 $   0.71
           
           
           
           
Outstanding warrants to purchase common stock
Number of Exercise  

Warrants

Price

Expiration Date

     
250,000 $0.68 October 8, 2013