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General form of registration statement for all companies including face-amount certificate companies

12. Stockholders' Equity (Deficiency) (Tables)

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12. Stockholders' Equity (Deficiency) (Tables)
12 Months Ended
Dec. 31, 2012
Stockholders Equity Deficiency Tables  
Assets and Liabilities acquired

The assets acquired and liabilities assumed from the publicly-held company were as follows:

 

Cash and cash equivalents   $ 337  
Liabilities assumed     (21,206 )
Net   $ (20,869 )

 

Warranty Activity

A summary of the Company’s warrant activity during the year ended December 31, 2012 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
Warrants   Shares     Price     Term     Value  
                             
Balance Outstanding, December 31, 2011     456,000     $ 0.33              
Granted     8,662,903       0.44              
Exercised     -       -              
Forfeited     (150,000 )     0.50              
Expired     -       -              
Balance Outstanding, December 31, 2012     8,968,903     $ 0.43       4.5     $ 62,316  
                                 
Exercisable, December 31, 2012     8,968,903     $ 0.43       4.5     $ 62,316  

 

Compensation Expense for Stock Options Granted

The following table summarizes the assumptions the Company utilized to record compensation expense for stock options granted to employees during the years ended December 31, 2012 and 2011:

 

    For the   For the
    Year Ended   Year Ended
Assumptions   December 31, 2012 December 31, 2011
         
Expected life (years)   2.5 - 3.8   N/A
Expected volatility   44.2% - 50.9%   N/A
Weighted-average volatility   49.0%   N/A
Risk-free interest rate   0.31% - 0.60%   N/A
Dividend yield   0.00%   N/A
Expected forfeiture rate   1.7%   N/A

 

Stock Options Activity to Employees

A summary of the Company’s stock option activity for employees and directors during the year ended December 31, 2012 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
Options   Shares     Price     Term     Value  
                           
Balance Outstanding, December 31, 2011     -                    
Granted     8,672,967     $ 0.49              
Exercised     -                      
Forfeited     (1,895,000 )   $ 1.00              
Expired     -                      
Balance Outstanding, December 31, 2012     6,777,967     $ 0.35       4.7     $ -  
                                 
Exercisable, December 31, 2012     1,457,832     $ 0.35       4.8     $ -  

 

Stock Options Grants to Non-Employees

The following table summarizes the assumptions the Company utilized to record compensation expense for stock options granted to non-employees during the years ended December 31, 2012 and 2011:

 

    For the   For the
    Year Ended   Year Ended
Assumptions   December 31, 2012 December 31, 2011
         
Expected life (years)   2.7 - 5.0   N/A
Expected volatility   44.2% - 50.0%   N/A
Weighted-average volatility   47.4%   N/A
Risk-free interest rate   0.37% - 0.60%   N/A
Dividend yield   0.00%   N/A
Stock option activity for non employees

A summary of the Company’s stock option activity for non-employees during the year ended December 31, 2012 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
Options   Shares     Price     Term     Value  
                           
Balance Outstanding, December 31, 2011     -                    
  Granted     390,000     $ 0.65              
  Exercised     -                      
  Forfeited     (195,000 )   $ 0.95              
  Expired     -                      
Balance Outstanding, December 31, 2012     195,000     $ 0.35       4.5     $ -  
                                 
Exercisable, December 31, 2012     -       N/A       N/A       N/A