Quarterly report pursuant to sections 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.0.6
STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2013
STOCK-BASED COMPENSATION [Abstract]  
Summary Of Status Of Stock Option Awards
A summary of the status of the Company's stock option awards is presented below:

   
Number of StockOptions
   
Weighted Average Exercise Price per Share
   
Weighted
Average
Remaining
Contractual
Life
 
                   
Outstanding at January 1, 2013
    1,173,180     $ 4.04        
   Granted
    --       --        
   Exercised
    --       --        
   Expired
    --       --        
   Cancelled
    --       --        
   Forfeited
    --       --        
Outstanding at March 31, 2013
    1,173,180     $ 4.04       7.3  
Exercisable at March 31, 2013
    437,676     $ 3.58       6.7  
Black-Scholes Option Valuation Assumptions
On February 1, 2013, the Company issued a warrant for the purchase of 100,000 shares of common stock to Genesis Select Corporation ("Genesis") at a strike price of $10.00 per share.  The term of the warrant is 5 years with 50% vesting in equal increments of 1/12th each calendar month throughout the first year.  The remaining 50% will vest in equal increments of 1/36th each calendar month over years 2 through 4 contingent upon continuous investor relations service under the consulting agreement with Genesis.  Investor relations expense recognized in connection with this warrant was approximately $30,000.   The fair value of the warrants granted was calculated using the Black-Scholes valuation model with the following range of assumptions:

Expected volatility
59% to 60%
Expected dividends
None
Expected term (in years)
5
Risk free interest rate
.77% to .89%