Quarterly report pursuant to sections 13 or 15(d)

ACCOUNTING FOR STOCK BASED COMPENSATION PLANS (Tables)

v2.4.0.6
ACCOUNTING FOR STOCK BASED COMPENSATION PLANS (Tables)
 9 Months Ended
Jul. 31, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

The table below summarizes compensation expenses from share-based payment awards:

 

    Three Months Ended     Nine months Ended  
    July 31,     July 31,  
    2012     2011     2012     2011  
                         
Research & Development   $ 128,011     $ 95,263     $ 397,231     $ 265,768  
General & Administrative     161,678       104,005       480,020       353,531  
Total stock compensation recognized   $ 289,689     $ 199,268     $ 877,251     $ 619,299  
Schedule Of Share Based Compensation Activity [Table Text Block]
The Company utilized the following assumptions in the Black-Scholes valuation model to arrive at a fair value of $0.1448 per option granted during the three and nine months ended July 31, 2012:

 

Exercise Price:   $ 0.148  
Stock Price:   $ 0.148  
Days to Maturity:     3,650 days (10-year life for all
options granted		 )
Risk-free Rate:     2.10 %
Volatility:     143 %
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of changes in the stock option plan for nine months ended July 31, 2012 is as follows:

 

    Number of     Weighted-Average  
    Options     Exercise Price  
Outstanding at October 31, 2011:     27,317,424     $ 0.16  
Granted     17,740,000     $ 0.15  
Exercised     -       —  
Expired     -          
Outstanding at January 31, 2012     45,057,424     $ 0.16  
Cancelled     250,000       0.15  
Outstanding at April 30, 2012     44,807,424       0.16  
Outstanding at July 31, 2012     44,807,424       0.16  
Exercisable at July 31, 2012     27,560,653     $ 0.16  
Not Exercisable at July 31, 2012     17,246,771     $ 0.15