Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE STOCK OPTIONS (Tables)

v2.4.0.8
EMPLOYEE STOCK OPTIONS (Tables)
 9 Months Ended
Sep. 30, 2013
EMPLOYEE STOCK OPTIONS (Tables)  
Assumptions used to determine the fair value of options granted

The following are the assumptions used to determine the fair value of options granted during the nine months ended September 30, 2013:

 

Expected volatility

 

128% - 138%

Weighted-average volatility

 

137%

Expected dividends

 

0

Expected term (in years)

 

6.5

Risk-free interest rate

 

0.76% - 1.49%
A summary of the stock option activity

A summary of the stock option activity as of September 30, 2013 and changes during the nine months then ended is as follows:

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Weighted-

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

 

 

 

Exercise

 

Contractual

 

Intrinsic

 

 

 

Shares

 

Price

 

Term

 

Value

Outstanding, December 31, 2012

1,125,000

$

2.37

 

 

 

 

Granted

 

 

1,585,000

 

4.66

 

 

 

 

Forfeited

 

 

(137,500)

 

2.55

 

 

 

 

Exercised

 

 

(10,000)

 

2.00

 

 

 

 

Outstanding, September 30, 2013

2,562,500

$

3.78

 

9.0 Years

$

12,283,140

Exercisable, September 30, 2013

237,500

$

2.37

 

6.7 Years

$

2,931,520