Quarterly report pursuant to Section 13 or 15(d)

5. Stockholders’ Deficit (Tables)

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5. Stockholders’ Deficit (Tables)
 6 Months Ended
Jun. 30, 2012
Equity [Abstract]  
Series C exchange fair value assumptions for warrrants received
Assumptions   Warrants Received
Expected term (in months)   64
Expected volatility 106.7%
Risk-free interest rate 0.75%
Exercise price   $0.74
Fair value per warrant $0.46
Warrants and Options Outstanding
      Stock Options        Warrants
    Weighted     Weighted                  
    Average price     Average price       Total  
       Shares       per share        Shares       per share        Shares       Exercisable  
Balance outstanding, 12/31/2010     1,605,603     $ 2.49       2,681,350     $ 2.24       4,286,953       4,114,792  
     Granted     180,000       1.00       2,094,151       1.44       2,274,151          
     Exercised     (41,103 )     1.07       —         —         (41,103 )        
     Expired     (161,000 )     2.78       —         —         (161,000 )        
     Forfeited     (75,000 )     2.57       —         —         (75,000 )        
Balance outstanding, 12/31/2011     1,508,500     $ 2.33       4,775,501     $ 1.35       6,284,001       6,112,335  
     Granted     127,000       0.80       1,221,012       0.74       1,348,012          
     Exercised     —                 —         —         —            
     Expired     (80,000 )     3.08       —         —         (80,000 )        
     Forfeited     —                 (880,980 )     2.13       (880,980 )        
Balance outstanding, 6/30/2012     1,555,500     $ 2.17       5,115,533     $ 1.06       6,671,033       6,372,367  
                                                 

 

            Options Outstanding   Options Exercisable
                Weighted Average       Weighted Average
Range of Exercise Prices   Number of Options   Remaining Contractual Life (Years)   Exercise Price   Number of Options   Remaining Contractual Life (Years)   Exercise Price
$ 0.55       —       $ 2.70       870,000       7.2     $ 1.07       571,334       6.1     $ 1.14  
  2.71       —         3.08       219,500       3.7       2.88       219,500       3.7       2.88  
  3.09       —         3.95       302,000       3.9       3.67       302,000       3.9       3.67  
  3.96       —         5.93       164,000       4.5       4.27       164,000       4.5       4.27  
$ 0.55       —       $ 5.93       1,555,500       5.8     $ 2.17       1,256,834       4.9     $ 2.46