|
STOCK OPTION PLAN (Tables)
|
9 Months Ended |
|
Sep. 30, 2012
|
| Fair Value Assumptions of Each Option Award Granted |
The following assumptions were used for the nine months ended September 30, 2011 (no options were issued during the three months ended September 30, 2011, or the nine months ended September 30, 2012):
| |
|
Nine Months Ended
September 30, 2011
|
|
| Price of Nile stock on date of grants |
|
$ |
0.56-0.78 |
|
| Expected volatility |
|
97 |
% |
| Expected term |
|
3 - 5 years |
|
| Dividend yield |
|
0 |
% |
| Risk-free interest rate |
|
0.9-2.2 |
% |
|
| Summary of Status of Options Issued and Information with Respect to Changes in Options Outstanding |
A summary of the status of the options issued under the Plan at September 30, 2012, and information with respect to the changes in options outstanding is as follows:
| |
|
|
|
|
Options Outstanding |
|
| |
|
Shares |
|
|
Outstanding |
|
|
Weighted- |
|
|
Aggregate |
|
| |
|
Available for |
|
|
Stock |
|
|
Average |
|
|
Intrinsic |
|
| |
|
Grant |
|
|
Options |
|
|
Exercise Price |
|
|
Value |
|
| Balance at January 1, 2012 |
|
|
1,229,574 |
|
|
|
7,878,994 |
|
|
$ |
1.43 |
|
|
|
|
|
| Options granted under the Plan |
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
|
|
|
|
| Options exercised |
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
|
|
|
|
| Options forfeited |
|
|
1,927,948 |
|
|
|
(1,927,948 |
) |
|
$ |
2.60 |
|
|
|
|
|
| Balance at September 30, 2012 |
|
|
3,157,522 |
|
|
|
5,951,046 |
|
|
$ |
1.06 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable at September 30, 2012 |
|
|
|
|
|
|
5,838,546 |
|
|
$ |
1.07 |
|
|
$ |
- |
|
|
| Information about Stock Options Outstanding |
The following table summarizes information about stock options outstanding at September 30, 2012:
| |
|
Outstanding |
|
|
Exercisable |
|
Range of
Exercise
Prices |
|
Shares |
|
|
Weighted-
Average
Remaining
Contractual Life |
|
|
Weighted-Average
Exercise Price |
|
|
Total
Shares |
|
|
Weighted-
Average
Exercise
Price |
|
| $0.30 to $0.57 |
|
|
2,936,533 |
|
|
|
3.44 |
|
|
$ |
0.38 |
|
|
|
2,824,033 |
|
|
$ |
0.38 |
|
| $0.68 to $0.93 |
|
|
1,549,820 |
|
|
|
5.53 |
|
|
$ |
0.82 |
|
|
|
1,549,820 |
|
|
$ |
0.82 |
|
| $1.14 to $2.71 |
|
|
1,104,693 |
|
|
|
5.92 |
|
|
$ |
2.05 |
|
|
|
1,104,693 |
|
|
$ |
2.05 |
|
| $4.45 to $5.75 |
|
|
360,000 |
|
|
|
4.57 |
|
|
$ |
4.60 |
|
|
|
360,000 |
|
|
$ |
4.60 |
|
| Total |
|
|
5,951,046 |
|
|
|
4.52 |
|
|
$ |
1.06 |
|
|
|
5,838,546 |
|
|
$ |
1.07 |
|
| Employee Stock-based Compensation Costs |
Employee stock-based compensation costs for the three and nine months ended September 30, 2012 and 2011 and for the cumulative period from August 1, 2005 (inception) through September 30, 2012 are as follows:
| |
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
Period from |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
August 1, 2005 (inception) |
|
| |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
through September 30, 2012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative |
|
|
51,210 |
|
|
|
126,897 |
|
|
|
237,957 |
|
|
|
351,946 |
|
|
|
6,800,503 |
|
| Research and development |
|
|
- |
|
|
|
122,099 |
|
|
|
67,286 |
|
|
|
211,087 |
|
|
|
1,551,203 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
51,210 |
|
|
|
248,996 |
|
|
|
305,243 |
|
|
|
563,033 |
|
|
|
8,351,706 |
|
|