STOCK OPTION PLAN
|3 Months Ended|
Mar. 31, 2012
|Notes to Financial Statements|
|STOCK OPTION PLAN||
The Companys Board of Directors has approved the 2008 Stock Plan (the Plan). Under the Plan, the Board of Directors may grant up to 10,742,127 shares of incentive stock options, nonqualified stock options, or stock awards to eligible persons, including employees, nonemployees, members of the Board of Directors, consultants, and other independent advisors who provide services to the Company. In general, options are granted with an exercise price equal to the fair value of the underlying common stock on the date of the grant. Options generally have a contractual life of 10 years and vest over periods ranging from being fully vested as of the grant dates to four years.
Stock-based compensation expense for the three month periods ended March 31, 2012 and March 31, 2011, and the period from January 14, 2008 (date of inception) to March 31, 2012, is classified in the statements of operations as follows:
At March 31, 2012, there was a total of $28,178 of unrecognized compensation cost, net of estimated forfeitures, related to non-vested stock option awards, which is expected to be recognized over a weighted-average period of approximately 2.0 years.
The fair value of the Companys stock-based awards during the year ended December 31, 2011, and the period from January 14, 2008 (date of inception) to March 31, 2012, was estimated using the following weighted-average assumptions: