The following summarizes the weighted-average information about the outstanding stock options as at December 31, 2013:
| Outstanding Stock Options | ||||||||
| Exercise Price | Number | Average Remaining Contractual Life | ||||||
| $ | 1.39 | 491,103 | 7.46 years | |||||
The following table provides information with respect to stock option transactions:
| Number of Stock Options Outstanding | Weighted Average Exercise Price | |||||||
| December 31, 2011 | 1,227,755 | $ | 1.39 | |||||
| Forfeited | (368,326 | ) | 1.39 | |||||
| December 31, 2012 | 859,429 | 1.39 | ||||||
| Forfeited | (368,326 | ) | 1.39 | |||||
| December 31, 2013 | 491,103 | $ | 1.39 | |||||
The 1,227,755 stock options granted on June 13, 2011 had an estimated fair value of $1,316,911 for an average value of $1.04 to $1.10 per stock option using the CRR option pricing model with the following key assumptions:
| June 13, 2011 | ||||
| Expected life | 5.5 - 6.5 years | |||
| Expected volatility | 95 | % | ||
| Risk-free interest rate | 1.74% - 2.10% | |||
| Dividend yield | 0 | % | ||