Note 12- Stock Options
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Dec. 31, 2012
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Note 12- Stock Options |
NOTE 12 STOCK OPTIONS
On January 12, 2012, the Company ratified, confirmed and approved the granting of 2012 stock options in aggregate of 9,000,000 to Jorge Andrade, Neil Muller and Lourdes Felix, officers and directors of the Company under the Companys 2012 Stock Option Plan. The issued options are exercisable immediately at $0.015 per share for five years.
The following table summarizes the changes in options outstanding and the related prices for the shares of the Companys common stock issued to employees of the Company under the 2012 Stock Option Plan:
Transactions involving stock options issued to employees are summarized as follows:
On November 29, 2012, the Company granted an aggregate of 9,000,000 options to purchase the Companys common stock at an exercise price of $0.015 per share for five years to officers and directors with immediate vesting. The fair value of options was determined using the Black Scholes Option Pricing Model with the following assumptions: dividend yield $-0-, volatility of 261.40% and risk free rate of 0.63%.
The Company recorded $107,588 and nil as stock compensation expense for the years ended December 31, 2012 and 2011, respectively.
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