Nevada
|
26-1394771
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer o
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company x
|
Common Stock, $0.001 par value per share
|
51,914,235
|
(Class)
|
(Outstanding at November 14, 2012)
|
PART I
|
FINANCIAL INFORMATION
|
|
3
|
||
3
|
||
4
|
||
6
|
||
7
|
||
20
|
||
24
|
||
24
|
||
PART II
|
OTHER INFORMATION
|
|
25 | ||
25
|
||
30
|
||
30
|
||
30
|
||
30
|
||
31
|
||
33
|
AMP Holding Inc.
|
||||||||
(A Development Stage Company)
|
||||||||
September 30, 2012 and December 31, 2011
|
||||||||
Assets
|
September 30, 2012
(Unaudited)
|
December 31, 2011
|
||||||
Current assets:
|
||||||||
Cash
|
$ | 15,148 | $ | 89,488 | ||||
Accounts receivable
|
5,019 | 5,019 | ||||||
Inventory
|
82,000 | 122,000 | ||||||
Prepaid expenses and deposits
|
13,025 | 51,210 | ||||||
115,192 | 267,717 | |||||||
Property, plant and equipment:
|
||||||||
Software
|
27,721 | 27,721 | ||||||
Leasehold improvements
|
19,225 | 19,225 | ||||||
Equipment
|
178,124 | 149,371 | ||||||
Vehicles and prototypes
|
164,959 | 189,746 | ||||||
390,029 | 386,063 | |||||||
Less accumulated depreciation
|
242,009 | 203,886 | ||||||
148,020 | 182,177 | |||||||
$ | 263,212 | $ | 449,894 | |||||
Liabilities and Stockholders' Equity (Deficit)
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 1,746,558 | $ | 1,367,367 | ||||
Accounts payable, related parties
|
309,572 | 211,640 | ||||||
Customer deposits
|
25,000 | 25,000 | ||||||
Shareholder advances
|
43,000 | 312,000 | ||||||
Convertible debentures
|
1,902,770 | - | ||||||
Current portion of long-term debt
|
21,160 | 20,641 | ||||||
4,048,060 | 1,936,648 | |||||||
Long-term debt
|
64,190 | 69,550 | ||||||
Commitments and contingencies
|
- | - | ||||||
Stockholders' equity (deficit):
|
||||||||
Series A preferred stock, par value of $.001 per share, 75,000,000
|
||||||||
shares authorized, 0 shares issued and outstanding at
|
||||||||
September 30, 2012 and December 31, 2011
|
- | - | ||||||
Common stock, par value of $.001 per share 250,000,000 shares authorized,
|
||||||||
41,187,165 shares issued and outstanding at September 30, 2012 and
|
||||||||
38,734,650 shares issued and outstanding at December 31, 2011
|
41,187 | 38,735 | ||||||
Additional paid-in capital
|
12,627,901 | 12,063,860 | ||||||
Stock based compensation
|
3,696,747 | 3,439,870 | ||||||
Accumulated deficit during the development stage
|
(20,214,873 | ) | (17,098,769 | ) | ||||
(3,849,038 | ) | (1,556,304 | ) | |||||
$ | 263,212 | $ | 449,894 | |||||
See accompanying notes to financial statements.
|
AMP Holding Inc.
|
||||||||||||||||||||
(A Development Stage Company)
|
||||||||||||||||||||
For the Three and Nine Months Ended September 30, 2012 and 2011
|
||||||||||||||||||||
and for the Period From Inception
|
||||||||||||||||||||
February 20, 2007 to September 30, 2012
|
||||||||||||||||||||
|
||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
September 30,
2012
(Unaudited)
|
September 30,
2011
(Unaudited)
|
September 30,
2012
(Unaudited)
|
September 30,
2011
(Unaudited)
|
Since Date
of Inception,
February 20,
2007 to
September 30, 2012
(Unaudited)
|
||||||||||||||||
Sales
|
$ | - | $ | - | $ | 222,098 | $ | 190,035 | $ | 552,840 | ||||||||||
Expenses:
|
||||||||||||||||||||
Payroll and payroll taxes
|
461,399 | 842,321 | 1,410,544 | 2,183,490 | 6,964,158 | |||||||||||||||
Employee benefits
|
32,104 | 55,730 | 118,964 | 189,668 | 615,043 | |||||||||||||||
Stock based compensation
|
36,951 | 168,457 | 256,877 | 1,367,818 | 3,714,487 | |||||||||||||||
Batteries and motors and supplies
|
49,692 | 266,453 | 173,199 | 1,017,309 | 2,667,848 | |||||||||||||||
Vehicles, development and testing
|
- | 190,415 | 57,786 | 190,415 | 322,201 | |||||||||||||||
Legal and professional
|
471,320 | 118,008 | 625,478 | 399,283 | 2,056,349 | |||||||||||||||
Advertising
|
26,062 | 76,481 | 84,480 | 245,870 | 921,377 | |||||||||||||||
Consulting
|
(21,663 | ) | 201,871 | 52,805 | 428,017 | 1,097,147 | ||||||||||||||
Engineering, temporary labor
|
903 | 3,465 | 1,773 | 22,320 | 248,822 | |||||||||||||||
Travel and entertainment
|
26,120 | 51,998 | 75,026 | 162,805 | 474,153 | |||||||||||||||
Depreciation
|
15,573 | 14,639 | 48,458 | 42,561 | 277,836 | |||||||||||||||
Rent
|
34,903 | 34,713 | 111,875 | 90,963 | 415,304 | |||||||||||||||
Insurance
|
45,275 | 39,878 | 83,028 | 104,552 | 351,740 | |||||||||||||||
Facilities, repairs & maintenance
|
5,901 | 31,029 | 18,616 | 64,128 | 180,851 | |||||||||||||||
Utilities
|
7,296 | 5,686 | 26,159 | 20,520 | 121,500 | |||||||||||||||
Interest and bank fees
|
70,493 | 951 | 156,364 | 3,483 | 182,804 | |||||||||||||||
Loss on sale of assets
|
14,452 | - | 14,452 | - | 27,542 | |||||||||||||||
Other
|
6,564 | 18,700 | 22,318 | 51,376 | 128,551 | |||||||||||||||
1,283,345 | 2,120,795 | 3,338,202 | 6,584,578 | 20,767,713 | ||||||||||||||||
Net loss during the development stage
|
$ | (1,283,345 | ) | $ | (2,120,795 | ) | $ | (3,116,104 | ) | $ | (6,394,543 | ) | $ | (20,214,873 | ) | |||||
Basic and diluted loss per share
|
$ | (0.03 | ) | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.20 | ) | $ | (0.83 | ) | |||||
Weighted average number of common
|
||||||||||||||||||||
shares outstanding
|
39,570,618 | 37,115,591 | 39,082,846 | 32,528,929 | 24,280,799 | |||||||||||||||
See accompanying notes to financial statements.
|
AMP Holding Inc.
|
||||||||||||||||||||||||||||||||
(A Development Stage Company)
|
||||||||||||||||||||||||||||||||
Statements of Stockholders' Equity (Deficit)
|
||||||||||||||||||||||||||||||||
From Inception, February 20, 2007
|
||||||||||||||||||||||||||||||||
to September 30, 2012
|
||||||||||||||||||||||||||||||||
Common Stock
|
Series A
Preferred Stock
|
Additional
|
Stock
|
Accumulated
Deficit
During the
|
Total
Stockholders'
|
|||||||||||||||||||||||||||
Number
of Shares
|
Amount
|
Number
of Shares
|
Amount
|
Paid-in
Capital
|
Based
Compensation
|
Development
Stage
|
Equity
(Deficit)
|
|||||||||||||||||||||||||
Beginning capital - inception
|
- | $ | - | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
7,210 | 900,000 | - | - | - | - | - | 900,000 | ||||||||||||||||||||||||
Net loss from operations, period of inception,
|
||||||||||||||||||||||||||||||||
February 20, 2007 to December 31, 2007
|
- | - | - | - | - | - | (456,145 | ) | (456,145 | ) | ||||||||||||||||||||||
7,210 | $ | 900,000 | - | $ | - | $ | - | $ | - | $ | (456,145 | ) | $ | 443,855 | ||||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
4,305 | 875,000 | - | - | - | - | - | 875,000 | ||||||||||||||||||||||||
March 10, 2008 stock dividend
|
62,720 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2008
|
- | 9,757 | - | - | - | - | - | 9,757 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2008
|
- | - | - | - | - | - | (1,383,884 | ) | (1,383,884 | ) | ||||||||||||||||||||||
74,235 | $ | 1,784,757 | - | $ | - | $ | - | $ | - | $ | (1,840,029 | ) | $ | (55,272 | ) | |||||||||||||||||
January 1, 2009 stock re-pricing agreement
|
18,025 | - | - | |||||||||||||||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
168,210 | 753,511 | - | - | 49,989 | - | - | 803,500 | ||||||||||||||||||||||||
Share based compensation to
|
||||||||||||||||||||||||||||||||
December 28, 2009
|
- | 7,983 | - | - | - | - | - | 7,983 | ||||||||||||||||||||||||
Shares issued out of stock option plan on
|
||||||||||||||||||||||||||||||||
December 31, 2009
|
3,220 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Net effect of purchase accounting adjustments
|
17,508,759 | (2,528,479 | ) | - | - | 2,528,479 | - | - | - | |||||||||||||||||||||||
Conversion of convertible notes
|
- | - | 8,375 | 8 | 264,992 | - | - | 265,000 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2009
|
- | - | - | - | - | - | (1,524,923 | ) | (1,524,923 | ) | ||||||||||||||||||||||
17,772,449 | $ | 17,772 | 8,375 | $ | 8 | $ | 2,843,460 | $ | - | $ | (3,364,952 | ) | $ | (503,712 | ) | |||||||||||||||||
Conversion of convertible note
|
29,750 | 30 | - | - | 9,970 | - | - | 10,000 | ||||||||||||||||||||||||
Issuance of preferred stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
- | - | 625 | 1 | 24,999 | - | - | 25,000 | ||||||||||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
9,808,566 | 9,809 | - | - | 3,682,530 | - | - | 3,692,339 | ||||||||||||||||||||||||
Conversion of account payable
|
101,636 | 102 | - | - | 86,898 | - | - | 87,000 | ||||||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2010
|
- | - | - | - | - | 1,436,979 | - | 1,436,979 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2010
|
- | - | - | - | - | - | (5,028,106 | ) | (5,028,106 | ) | ||||||||||||||||||||||
27,712,401 | $ | 27,713 | 9,000 | $ | 9 | $ | 6,647,857 | $ | 1,436,979 | $ | (8,393,058 | ) | $ | (280,500 | ) | |||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
9,912,447 | 9,911 | - | - | 5,404,830 | - | - | 5,414,741 | ||||||||||||||||||||||||
Stock options and warrants exercised
|
38,692 | 39 | - | - | 12,236 | - | - | 12,275 | ||||||||||||||||||||||||
Conversion of preferred stock to common stock
|
1,071,110 | 1,072 | (9,000 | ) | (9 | ) | (1,063 | ) | - | - | - | |||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2011
|
- | - | - | - | - | 2,002,891 | - | 2,002,891 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2011
|
- | - | - | - | - | - | (8,705,711 | ) | (8,705,711 | ) | ||||||||||||||||||||||
38,734,650 | $ | 38,735 | - | $ | - | $ | 12,063,860 | $ | 3,439,870 | $ | (17,098,769 | ) | $ | (1,556,304 | ) | |||||||||||||||||
Issuance of detached warrants in conection
|
||||||||||||||||||||||||||||||||
with convertible debentures
|
- | - | - | - | 91,493 | - | - | 91,493 | ||||||||||||||||||||||||
Conversion of account payable
|
2,452,515 | 2,452 | - | - | 472,548 | - | - | 475,000 | ||||||||||||||||||||||||
Share based compensation for the nine months
|
||||||||||||||||||||||||||||||||
ended September 30, 2012
|
- | - | - | - | - | 256,877 | - | 256,877 | ||||||||||||||||||||||||
Net loss from operations for the nine months
|
||||||||||||||||||||||||||||||||
ended September 30, 2012
|
- | - | - | - | - | - | (3,116,104 | ) | (3,116,104 | ) | ||||||||||||||||||||||
41,187,165 | $ | 41,187 | - | $ | - | $ | 12,627,901 | $ | 3,696,747 | $ | (20,214,873 | ) | $ | (3,849,038 | ) | |||||||||||||||||
A vehicle with a fair market value of $30,400 and cash of $69,600 was accepted as consideration for issuance of common stock in February 2007.
|
||||||||||||||||||||||||||||||||
A vehicle with a fair market value of $30,884 and cash of $69,116 was accepted as consideration for issuance of common stock in June 2007.
|
||||||||||||||||||||||||||||||||
Consulting services valued at $50,000 were accepted as consideration for issuance of common stock in October 2008.
|
||||||||||||||||||||||||||||||||
Legal services valued at $87,000 were accepted as consideration for issuance of common stock in December 2010.
|
||||||||||||||||||||||||||||||||
Legal and consulting services valued at $60,000 were accepted as consideration for issuance of common stock in March 2012.
|
||||||||||||||||||||||||||||||||
Investment Agreement fees valued at $375,000 were accepted as consideration for issuance of common stock in August 2012.
|
||||||||||||||||||||||||||||||||
Legal services valued at $40,000 were accepted as consideration for issuance of common stock in September 2012.
|
||||||||||||||||||||||||||||||||
See accompanying notes to financial statements.
|
AMP Holding Inc.
|
||||||||||||||||||||
(A Development Stage Company)
|
||||||||||||||||||||
For the Three and Nine Months Ended September 30, 2012 and 2011
|
||||||||||||||||||||
and for the Period From Inception
|
||||||||||||||||||||
February 20, 2007 to September 30, 2012
|
||||||||||||||||||||
|
||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
September 30,
2012
(Unaudited)
|
September 30,
2011
(Unaudited)
|
September 30,
2012
(Unaudited)
|
September 30,
2011
(Unaudited)
|
Since Date
of Inception,
February 20,
2007 to
September 30, 2012
(Unaudited)
|
||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net loss during the development stage
|
$ | (1,283,345 | ) | $ | (2,120,795 | ) | $ | (3,116,104 | ) | $ | (6,394,543 | ) | $ | (20,214,873 | ) | |||||
Adjustments to reconcile net loss from operations
|
||||||||||||||||||||
to cash used by operations:
|
||||||||||||||||||||
Depreciation
|
15,573 | 14,639 | 48,458 | 42,561 | 277,836 | |||||||||||||||
Loss on sale of assets
|
14,452 | - | 14,452 | - | 27,542 | |||||||||||||||
Stock based compensation
|
36,951 | 168,457 | 256,877 | 1,367,818 | 3,714,487 | |||||||||||||||
Amortized discount on convertible debentures
|
23,243 | - | 55,013 | - | 55,013 | |||||||||||||||
Legal and professional services
|
415,000 | - | 475,000 | - | 612,000 | |||||||||||||||
Effects of changes in operating assets and liabilities:
|
||||||||||||||||||||
Accounts receivable
|
- | 24,000 | - | 53,023 | (5,019 | ) | ||||||||||||||
Inventory
|
40,000 | (40,000 | ) | 40,000 | (122,000 | ) | (82,000 | ) | ||||||||||||
Prepaid expenses and deposits
|
26,310 | (56,795 | ) | 38,185 | (62,545 | ) | (13,025 | ) | ||||||||||||
Accounts payable
|
178,920 | 364,419 | 379,191 | 409,183 | 1,746,558 | |||||||||||||||
Accounts payable, related parties
|
15,668 | (36,018 | ) | 97,932 | (55,860 | ) | 309,572 | |||||||||||||
Customer deposits
|
- | - | - | (52,393 | ) | 25,000 | ||||||||||||||
Net cash used by operations
|
(517,228 | ) | (1,682,093 | ) | (1,710,996 | ) | (4,814,756 | ) | (13,546,909 | ) | ||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Capital expenditures
|
- | (51,177 | ) | (28,753 | ) | (137,525 | ) | (376,650 | ) | |||||||||||
Proceeds on sale of assets
|
- | - | - | - | 32,900 | |||||||||||||||
Net cash used by investing activities
|
- | (51,177 | ) | (28,753 | ) | (137,525 | ) | (343,750 | ) | |||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Proceeds from debentures and notes payable
|
500,000 | - | 1,939,250 | - | 2,099,250 | |||||||||||||||
Payments on notes payable
|
- | - | - | - | (150,000 | ) | ||||||||||||||
Proceeds from long-term debt
|
- | - | - | - | 50,000 | |||||||||||||||
Payments on long-term debt
|
(1,635 | ) | (1,558 | ) | (4,841 | ) | (4,610 | ) | (13,014 | ) | ||||||||||
Shareholder advances
|
- | 62,000 | (269,000 | ) | 62,000 | 43,000 | ||||||||||||||
Issuance of common and preferred stock
|
- | 103,498 | - | 4,613,515 | 11,876,571 | |||||||||||||||
Net cash provided by financing activities
|
498,365 | 163,940 | 1,665,409 | 4,670,905 | 13,905,807 | |||||||||||||||
Change in cash and cash equivalents
|
(18,863 | ) | (1,569,330 | ) | (74,340 | ) | (281,376 | ) | 15,148 | |||||||||||
Cash and cash equivalents at inception, February 20, 2007
|
- | |||||||||||||||||||
Cash and cash equivalents at December 31, 2010
|
385,293 | |||||||||||||||||||
Cash and cash equivalents at June 30, 2011
|
1,673,247 | |||||||||||||||||||
Cash and cash equivalents at September 30, 2011
|
$ | 103,917 | $ | 103,917 | ||||||||||||||||
Cash and cash equivalents at December 31, 2011
|
89,488 | |||||||||||||||||||
Cash and cash equivalents at June 30, 2012
|
34,011 | |||||||||||||||||||
Cash and cash equivalents at September 30, 2012
|
$ | 15,148 | $ | 15,148 | $ | 15,148 | ||||||||||||||
Supplemental disclosure of non-cash activities:
|
||||||||||||||||||||
Vehicles valued at $61,284 were contributed as consideration for issuance of common stock during the period from February to December 2007.
|
||||||||||||||||||||
Consulting services valued at $50,000 were accepted as consideration for issuance of common stock in October 2008.
|
||||||||||||||||||||
During March 2010 a note payable of $10,000 was converted to 29,750 shares of common stock.
|
||||||||||||||||||||
A vehicle valued at $33,427 was acquired through bank financing in September 2010.
|
||||||||||||||||||||
Legal services valued at $87,000 were accepted as consideration for issuance of common stock in December 2010.
|
||||||||||||||||||||
Equipment valued at $14,937 was acquired through debt financing in December 2011.
|
||||||||||||||||||||
Legal and consulting services valued at $60,000 were accepted as consideration for issuance of common stock in March 2012.
|
||||||||||||||||||||
Detachable warrants associated with convertible debentures valued at $91,493 were recorded as increases to additional paid-in capital from January to August 2012.
|
||||||||||||||||||||
Investment Agreement fees valued at $375,000 were accepted as consideration for issuance of common stock in August 2012.
|
||||||||||||||||||||
Legal services valued at $40,000 were accepted as consideration for issuance of common stock in September 2012.
|
||||||||||||||||||||
See accompanying notes to financial statements.
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING PRINICPLES
|
2.
|
CONVERTIBLE DEBENTURES AND LONG-TERM DEBT
|
2012 | $ | 15,800 | ||
2013
|
21,416 | |||
2014
|
23,147 | |||
2015
|
14,822 | |||
2016
|
10,165 | |||
$ | 85,350 |
3.
|
SHAREHOLDER ADVANCES
|
4.
|
LEASE OBLIGATIONS
|
2012
|
$ | 36,694 | ||
2013
|
147,876 | |||
2014
|
152,312 | |||
2015
|
156,881 | |||
2016
|
161,588 | |||
2017 and thereafter
|
294,050 | |||
$ | 949,401 |
5.
|
STOCK BASED COMPENSATION
|
Number of Shares
|
Weighted
Average
Exercise Price
per Share
|
Weighted
Average Grant
Date Fair Value
per Share
|
Weighted
Average
Remaining
Exercise Term
in Months
|
|||||||||||||
Outstanding at January 1, 2010
|
- | $ | - | $ | - | - | ||||||||||
Granted
|
4,940,000 | 0.56 | 0.33 | 81 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2010
|
4,940,000 | $ | 0.56 | $ | 0.33 | 77 | ||||||||||
Exercisable at December 31, 2010
|
1,854,625 | $ | 0.53 | $ | 0.32 | 75 | ||||||||||
Granted
|
3,425,000 | 0.63 | 0.28 | 54 | ||||||||||||
Exercised
|
(29,750 | ) | 0.41 | 0.26 | - | |||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2011
|
8,335,250 | $ | 0.59 | $ | 0.31 | 58 | ||||||||||
Exercisable at December 31, 2011
|
4,588,875 | $ | 0.57 | $ | 0.31 | 60 | ||||||||||
Granted
|
600,000 | 0.18 | 0.07 | 48 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
(1,975,000 | ) | 0.58 | 0.29 | 53 | |||||||||||
Outstanding at September 30, 2012
|
6,960,250 | $ | 0.56 | $ | 0.29 | 48 | ||||||||||
Exercisable at September 30, 2012
|
5,415,250 | $ | 0.57 | $ | 0.30 | 45 |
Number of Shares
|
Weighted
Average
Exercise Price
per Share
|
Weighted
Average Grant
Date Fair Value
per Share
|
Weighted
Average
Remaining
Exercise Term
in Months
|
|||||||||||||
Outstanding at January 1, 2010
|
- | $ | - | $ | - | - | ||||||||||
Granted
|
810,000 | 0.67 | 0.23 | 36 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2010
|
810,000 | $ | 0.67 | $ | 0.23 | 32 | ||||||||||
Exercisable at December 31, 2010
|
380,000 | $ | 0.63 | $ | 0.22 | 31 | ||||||||||
Granted
|
70,000 | 0.59 | 0.18 | 31 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2011
|
880,000 | $ | 0.66 | $ | 0.23 | 20 | ||||||||||
Exercisable at December 31, 2011
|
755,000 | $ | 0.64 | $ | 0.22 | 20 | ||||||||||
Granted
|
- | - | - | - | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at September 30, 2012
|
880,000 | $ | 0.66 | $ | 0.23 | 11 | ||||||||||
Exercisable at September 30, 2012
|
880,000 | $ | 0.66 | $ | 0.23 | 11 |
Number of Shares
|
Weighted
Average
Exercise Price
per Share
|
Weighted
Average Grant
Date Fair Value
per Share
|
Weighted
Average
Remaining
Exercise Term
in Months
|
|||||||||||||
Outstanding at January 1, 2010
|
- | $ | - | $ | - | - | ||||||||||
Granted
|
785,001 | 0.80 | 0.11 | 24 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2010
|
785,001 | $ | 0.80 | $ | 0.11 | 24 | ||||||||||
Exercisable at December 31, 2010
|
785,001 | $ | 0.80 | $ | 0.11 | 24 | ||||||||||
Granted
|
4,956,224 | 0.80 | 0.11 | 24 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2011
|
5,741,225 | $ | 0.80 | $ | 0.11 | 17 | ||||||||||
Exercisable at December 31, 2011
|
5,741,225 | $ | 0.80 | $ | 0.11 | 17 | ||||||||||
Granted
|
1,450,000 | 0.50 | 0.06 | 36 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at September 30, 2012
|
7,191,225 | $ | 0.74 | $ | 0.10 | 12 | ||||||||||
Exercisable at September 30, 2012
|
7,191,225 | $ | 0.74 | $ | 0.10 | 12 |
Number of Shares
|
Weighted
Average
Exercise Price
per Share
|
Weighted
Average Grant
Date Fair Value
per Share
|
Weighted
Average
Remaining
Exercise Term
in Months
|
|||||||||||||
Outstanding at January 1, 2010
|
614,680 | $ | 0.39 | $ | 0.18 | 60 | ||||||||||
Granted
|
3,103,304 | 0.64 | 0.21 | 57 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2010
|
3,717,984 | $ | 0.60 | $ | 0.21 | 52 | ||||||||||
Exercisable at December 31, 2010
|
2,617,984 | $ | 0.61 | $ | 0.19 | 51 | ||||||||||
Granted
|
887,910 | 0.60 | 0.27 | 60 | ||||||||||||
Exercised
|
(44,638 | ) | 0.40 | 0.18 | 39 | |||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2011
|
4,561,256 | $ | 0.60 | $ | 0.22 | 43 | ||||||||||
Exercisable at December 31, 2011
|
4,081,256 | $ | 0.59 | $ | 0.21 | 42 | ||||||||||
Granted
|
- | - | - | - | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited or expired
|
- | - | - | - | ||||||||||||
Outstanding at September 30, 2012
|
4,561,256 | $ | 0.60 | $ | 0.22 | 34 | ||||||||||
Exercisable at September 30, 2012
|
4,311,256 | $ | 0.59 | $ | 0.21 | 34 |
Number of Shares
|
Weighted
Average
Exercise Price
per Share
|
Weighted
Average Grant
Date Fair Value
per Share
|
Weighted
Average
Remaining
Exercise Term
in Months
|
|||||||||||||
Outstanding at January 1, 2010
|
- |