Quarterly report pursuant to Section 13 or 15(d)

WARRANTS (Tables)

v2.4.0.6
WARRANTS (Tables)
 6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Warrants outstanding

The Company has the following shares of common stock reserved for the warrants outstanding as of June 30, 2012:

 

    June 30, 2012  
          Weighted  
          Average  
          Exercise  
    Shares     Price  
Warrants outstanding – beginning of year     6,188,400     $ 0.35  
Warrants exercised     -       -  
Warrants granted     190,000       0.54  
Warrants expired     -       -  
                 
Warrants outstanding – end of period     6,378,400     $ 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 June 30, 2012, are as follows:

 

    June 30, 2012  
    Weighted        
    Average     Weighted  
    Exercise     Average  
    Price     Fair Value  
Weighted average of warrants granted during the            
six months whose exercise price exceeded fair market            
value at the date of grant   $ 0.54     $ 0.26  
                 
Weighted average of warrants granted during the                
six 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     June 30,   Contractual   Average  
Prices     2012   Life   Exercise Price  
$ 0.33       5,588,400   27 Months   $ 0.33  
$ 0.46       600,000   38 Months   $ 0.46  
$ 0.46       150,000   43 Months   $ 0.46  
$ 0.85       40,000   34 Months   $ 0.85  
          6,378,400