Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Stock Options, Stock Purchase Plan and Warrants (Tables)

v2.4.0.6
Stock Options, Stock Purchase Plan and Warrants (Tables)
12 Months Ended
Dec. 31, 2012
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]  
Fair value of each stock option award granted
                 
    2012     2011  
     

Expected term (in years)

    3.7       3.6  

Risk-free interest rate (%)

    0.6     1.18

Expected volatility (%)

    51     55

Dividend yield (%)

    0     0
     

Weighted average fair value/share at grant date

  $ 0.73     $ 0.51  
Status of our stock options and stock awards
                 
    Number
Of
Shares
    Weighted
Average
Exercise
Price
 

Outstanding at December 31, 2010

    5,470,044     $ 0.87  
     

Granted

    519,000       1.39  

Exercised

    (382,500     0.95  

Canceled

    (827,374     1.15  
   

 

 

         

Outstanding at December 31, 2011

    4,779,170       0.87  
     

Granted

    1,298,000       1.64  

Exercised

    (197,209     1.02  

Canceled

    (102,747     1.60  
   

 

 

         

Outstanding at December 31, 2012

    5,777,214       1.02  
   

 

 

         

Exercisable at December 31, 2012

    4,074,834     $ 0.79  
   

 

 

         
Summarizes information about our options outstanding
                                                 
    Options Outstanding     Options Exercisable  

Range of

Exercise

Prices ($)

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

0.00 – 0.30

    975,000       1.9     $ 0.25       975,000       1.9     $ 0.25  

0.31 – 0.46

    5,000       3.2       0.31       5,000       3.2       0.31  

0.47 – 0.61

    101,500       3.3       0.50       101,500       3.3       0.50  

0.62 – 0.83

    1,988,674       2.9       0.77       1,973,922       2.9       0.77  

0.84 – 1.08

    254,497       1.9       1.03       216,622       1.8       1.03  

1.09 – 1.47

    1,111,918       3.5       1.42       511,790       3.3       1.43  

1.48 – 1.84

    1,340,625       3.7       1.67       291,000       2.7       1.58  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      5,777,214       3.0     $ 1.02       4,074,834       2.6     $ 0.79  
Valuation of option items under trinomial lattice model
         

Expected term in years

    3.8  

Risk-free interest rate (%)

    0.4

Weighted average expected volatility (%)

    53

Dividend yield (%)

    0
Warrants issued to members of board of directors
                                 

Type of Exercise

  Warrant Shares     Exercise Price /
Share
    Cash Received     Common Stock
Shares Issued
 

For cash

    175,000     $ 1.50     $ 262,500       175,000  

Cashless net exercise

    725,000     $ 1.50     $ —         75,066  

Expired unexercised

    98,417     $ 1.50     $ —         —    
Warrant activity is summarized
                 
    Shares     Weighted Average
Exercise Price
 
     

Warrants outstanding, December 31, 2010

    6,326,750       0.65  

Granted

    —         —    

Exercised

    (4,170,000     0.29  

Expired

    —         —    

Cancelled

    —         —    
   

 

 

   

 

 

 
     

Warrants outstanding, December 31, 2011

    2,156,750       1.34  

Granted

    200,000       1.43  

Exercised

    (900,000     1.50  

Expired

    (98,417     1.50  

Cancelled

    —         —    
   

 

 

   

 

 

 

Warrants outstanding, December 31, 2012

    1,358,333     $ 1.24  
   

 

 

   

 

 

 
Summarizes information on warrants outstanding
                             
Number
outstanding
    Exercise
price
    Issued     Expire  
       
  83,333     $ 0.75       02/09/2009       02/08/2014  
  625,000     $ 1.05       03/16/2009       03/15/2014  
  450,000     $ 1.50       5/3/2010       5/2/2017  
  200,000     $ 1.43       1/12/2012       1/12/2017  

 

 

   

 

 

                 
  1,358,333     $ 1.24                  

 

 

   

 

 

                 
Warrant [Member]
 
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]  
Valuation of option items under trinomial lattice model
         

Expected term in years

    3.7  

Risk-free interest rate (%)

    0.5

Weighted average expected volatility (%)

    52

Dividend yield (%)

    0
Chief Executive Officer [Member]
 
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]  
Valuation of option items under trinomial lattice model
         

Expected term in years

    3.8  

Risk-free interest rate (%)

    0.6

Weighted average expected volatility (%)

    52

Dividend yield (%)

    0