Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v2.4.0.6
STOCKHOLDERS' EQUITY (Tables)
3 Months Ended
Sep. 30, 2012
Text Block [Abstract]  
Warrant Activity and Related Balances Outstanding

Warrant activity during the three months ended September 30, 2012 and related balances outstanding as of that date are reflected below:

 

    Number     Weighted
Average
Exercise
Price Per Share
    Weighted Average
Remaining
Contract
Term (# years)
 
Shares purchasable under outstanding warrants at June 30, 2012     2,400,328     $ 0.41        
Stock purchase warrants issued     458,732       0.41          
Stock purchase warrants exercised                    
Shares purchasable under outstanding warrants at September 30, 2012     2,859,060     $ 0.41       4.74  

 

Stock Option Activity

Activity in options during the three month period ended September 30, 2012 and related balances outstanding as of that date are reflected below:

 

    Number of
Shares
    Weighted
Average
Exercise Price
    Weighted
Average
Remaining
Contract
Term (# years)
 
Outstanding at June 30, 2012     4,536,949     $ 0.17          
Granted                      
Exercised                      
Forfeited and cancelled                      
Outstanding at September 30, 2012     4,536,949     $ 0.17       7.35  
Exercisable at September 30, 2012     2,213,413     $ 0.17       5.58  

 

 
Stock Options by Price Range

The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The Black-Scholes model assumptions for the three months ended September 30, 2012 set forth below are as follows:

 

    Employees     Non-Employees  
Expected volatility     100%       100%  
Risk free interest rate     0.8% to 3.0%       3.0%  
Forfeiture rate     5%       5%  
Dividend yield     0%       0%  
Expected term     5-10 years       10 years