7.	EMPLOYEE STOCK PLANS

 

A summary of activity under the Employee Stock Plans as of September 30, 2012 and changes during the period then ended is presented below:

		Stock Options								Restricted Stock
		Options				Weighted Average Exercise Price				Shares
Outstanding – June 30, 2012			33,336,613			$	0.31				5,712,010
Exercisable – June 30, 2012			5,761,013			$	0.52				-
Granted			-			$	0.00				2,713,170
Exercised or Vested			-			$	0.00				(3,120,833	)
Forfeited or Expired			(17,894,910	)		$	0.33				( -	)
Outstanding – September 30, 2012			15,441,703			$	0.35				5,304,347
Exercisable –  September 30, 2012			5,394,503			$	0.51				-

 

The weighted-average grant-date calculated value of options granted during the period ended September 30, 2012 is not applicable.  Options outstanding at September 30, 2012 had an aggregate intrinsic value of $0 and a weighted-average remaining contractual term of 2.2 years. Options that were exercisable at September 30, 2012 had an aggregate intrinsic value of $-0- and a weighted-average remaining contractual term of 2.0 years.

 

A summary of the status of the Company’s nonvested options and restricted stock as of and for the Quarters Ended September 30, 2012 June 30, 2012 and March 31, 2012 is presented below:

 

		Stock Options
Nonvested Shares		Options				Weighted- Average Grant Date.Calculated Value				Restricted Stock
Nonvested - Beginning of Year 2012			6,028,450			$	-				2,990,356
Granted			-			$	-				3,120,833
Vested			(49,600	)		$	-				(1,206,933	)
Forfeited			(1,250	)		$	-				( 30,000	)
Nonvested–Quarter Ended March 31, 2012			5,977,600			$	-				4,874,256
Granted			27,700,000			$	-				1,833,986
Vested			(202,000	)		$	-				(996,232	)
Forfeited or cancelled			(5,900,000	)		$	-				-
Nonvested–Quarter Ended June 30, 2012			27,575,600			$	-				5,712,010
Granted			-			$	-				2,713,170
Vested			-			$	-				(3,120,833	)
Forfeited or cancelled			(17,528,400	)		$	-				-
Nonvested–Quarter Ended Sept 30, 2012			10,047,200			$	-				5,304,347

 

As of September 30, 2012, there was $-0- unrecognized compensation cost related to nonvested share-based compensation arrangements under the stock bonus plan. The weighted-average remaining vesting period is 5.9 months.