Annual report pursuant to Section 13 and 15(d)

WARRANTS (Tables)

v2.4.0.6
WARRANTS (Tables)
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Warrants outstanding

The Company has the following shares of common stock reserved for the warrants outstanding as of December 31, 2012:

 

   December 31, 2012  
    Shares    

Weighted

Average

Exercise

Price

  
Warrants outstanding – beginning of year     6,188,400     $ 0.35  
Warrants exercised     -       -  
Warrants granted     523,333       0.45  
Warrants expired     -       -  
Warrants outstanding – end of period     6,711,733     $ 0.35  

Weighted exercise price and weighted fair value of the warrants granted

The weighted exercise price and weighted fair value of the warrants granted by the Company as of December 31, 2012, are as follows:

 

    December 31, 2012  
   

Weighted

Average

Exercise

Price

   

Weighted

Average

Fair Value

  
             
Weighted average of warrants granted during the twelve months whose exercise price exceeded fair market value at the date of grant   $ 0.45     $ 0.26  
           
Weighted average of warrants granted during the twelve months whose exercise price was equal or lower than fair market value at the date of grant   $ -     $ -  

 
Summarizes information about fixed-price warrants outstanding

The following table summarizes information about fixed-price warrants outstanding:

 

      Number     Average        
Range of     Outstanding at     Remaining     Weighted  
Exercise     September 30,     Contractual     Average  
Prices     2012     Life     Exercise Price  
$0.33       5,588,400     21 Months     $0.33  
$0.46       600,000     32 Months     $0.46  
$0.46       150,000     37 Months     $0.46  
$0.85       40,000     28 Months     $0.85  
$0.40       333,333     32 Months     $0.40  
        6,711,733