Quarterly report pursuant to Section 13 or 15(d)

5. Stockholders' Deficit (Tables)

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5. Stockholders' Deficit (Tables)
 9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Fair value of the warrants
Assumptions Series A Series A Series B Series C Aug/Sep 2011 Feb 2012
    (Affiliates)     Notes PIPE
Contractual life, in years 4.1 3.1 3.1 5.1 2.1 4.6
Expected volatility 132.0% 114.1% 114.1% 121.9% 126.6% 126.6%
Risk-free interest rate 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%
Exercise price $0.60 $0.60 $0.60 $0.60 $0.60 $0.60
Fair value per warrant $0.03 $0.03 $0.03 $0.03 $0.03 $0.03
Fair value of the warrants received
Assumptions Series J warrants February 6, 2013 Series J warrants March 28, 2013 Series J warrants May 20, 2013
Contractual life (in months) 36 36 36
Expected volatility 141.8 144.3 147.0
Risk-free interest rate 0.39% 0.36% 0.36%
Exercise price $0.40 $0.40 $0.40
Fair value per warrant $0.36 $0.26 $0.30
Warrants and Options Outstanding

 

        Stock Options   Warrants        
            Weighted       Weighted        
            Average price       Average price   Total    
         Shares   per share    Shares   per share    Shares   Exercisable
Balance outstanding, January 1, 2012 1,508,500    $2.33    4,775,501    $1.35    6,284,001   6,112,335
      Granted   1,896,250   .81   2,909,068   .62   4,805,318    
      Exercised   -   -    -       -      -    
      Expired    (130,000)   2.28   (116,490)   2.80   (246,490)    
      Forfeited   (1,669,000)   -   (880,980)   2.13   (2,549,980)    
Balance outstanding, December 31, 2012 1,605,750    $0.80   6,687,099    $0.81   8,292,849   7,989,331
      Granted   363,500   .40   5,347,500   0.40   5,711,000    
      Exercised   -   -    -       -       -       
      Expired   -   -    -       -      -    
      Forfeited   (175,500)   .86    -       -      (175,500)       
Balance outstanding, September 30, 2013 1,793,750    $0.72   12,034,599   $0.68   13,828,349   13,591,746

 

          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
  $0.40 - $0.59   577,250   9.3  $0.44   467,583   9.2  $0.45
  0.60 - 0.99   477,500   6.2 0.60   410,564   5.9  0.60
  1.00 - 1.50   739,000   3.5 1.00   679,000   3.1 1.00
  $0.40 - $1.50    1,793,750   6.1  $0.71   1,557,147   5.7  $0.73