Quarterly report pursuant to sections 13 or 15(d)

STOCK OPTION PLAN (Tables)

v2.3.0.11
STOCK OPTION PLAN (Tables)
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
SCHEDULE OF STOCK OPTIONS PLAN
    Outstanding Options
      Weighted- Weighted-
  Shares   Average Average
  Available for Number of Exercise Remaining
  Grant Shares Price Contractual Term
Balance - January 14, 2008        
(date of inception)                        
                         
Shares added to the plan   6,085,136                    
                         
Balance - December 31, 2008   6,085,136                    
                         
Balance - December 31, 2009   6,085,136                    
                         
Shares added to the plan   4,656,991           0.01        
                         
Options granted (weighted average fair values of $0.0237)   (3,206,494 )   3,206,494     0.01     9.2  
                         
Balance - December 31, 2010   7,535,633     3,206,494     0.01     9.2  
                         
Shares added to the plan                        
                         
Options granted (weighted average fair value of $0.0237)                        
Employee   (4,610,422 )   4,610,422     0.01        
Non-Employee   (3,601,407 )   3,601,407     0.01        
                         
Cancelled Shares   2,212,071     (2,212,071 )   0.01        
                         
Options exercised         (7,532,454 )   0.01        
                         
Balance - December 31, 2011   1,535,875     1,673,798              
                         
Options vested-                        
June 30,2012   6,698,179                    
                         
Options vested and expected to vest-                        
June 30, 2012   7,951,362                    
SCHEDULE OF SHARE BASED COMPENSATION EXPENSES
                    Period From
    Three   Three   Six   Six   January 14, 2008
    Months Ended   Months Ended   Months Ended   Months Ended   Date of Inception
    June 30,   June 30,   June 30,   June 30,   to June 30,
    2012   2011   2012   2011   2012
Research and development   $ 1,794   $ 429,144     $ 6,926     $ 459,279     $ 549,417  
General and administrative     4,484     68,628       12,134       93,556       151,071  
                                       
Total   $ 6,278   $ 497,772     $ 19,060     $ 552,835     $ 700,488  
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS FOR FAIR VALUES OF STOCK OPTIONS
            Period From
            January 14, 2008
    Period Ended   Year Ended   (Date of Inception)
    June 30,   June 30,   to June 30,
    2012   2011   2012
                         
Weighted-average volatility     71.0 %     71.0 %     71.0 %
Expected term (in years)     5       5       5  
Expected dividends     None       None       None  
Risk-free interest rate     0.72 %     1.76 %     1.76 %