LITTLEFIELD CORP - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - May 11, 2012

Attached files
FileFilename
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR30.htm
10-Q - LITTLEFIELD CORPlittlefield10q033112.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR20.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR38.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR27.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR10.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR5.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR26.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR21.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR34.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR16.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR14.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR15.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR19.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR23.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR11.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR12.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR4.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR18.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR1.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR17.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR3.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR7.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR24.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR36.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR22.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR35.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR6.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR2.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR32.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR8.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR31.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR28.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR29.htm
EXCEL - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR9.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR37.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR25.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR33.htm
XML - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPR39.htm
EX-32.1 - LITTLEFIELD CORPex32-1.htm
EX-31.1 - LITTLEFIELD CORPex31-1.htm
v2.4.0.6
NOTE 8 - ACCOUNTING FOR STOCK BASED COMPENSATION
 3 Months Ended
Mar. 31, 2012
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
NOTE 8 - STOCK BASED COMPENSATION.

The Company applies FASB ASC 718, Compensation – Stock Compensation (FASB ASC 718) and FASB ASC 505, Equity (FASB ASC 505), using the modified prospective method of implementation, whereby the prospective method records the compensation expense from the implementation date forward, however, it leaves prior periods unchanged in accounting for its stock options.  At December 31, 2011, the Company has implemented five shareholder approved stock option plans.  These plans are intended to comply with Section 422 of the Internal Revenue Code of 1986, as amended.  The plans collectively provide for the total issuance of 3,600,000 common shares over ten years from the date of each plan’s approval.  In addition, the plans allow for additional increases of 15% of the then outstanding shares.  Effective January 1, 2012, the plans were increased by an additional 3,600,000 common shares over ten years allowing for additional increases of 15% of the then outstanding shares by unanimous approval of the Board of Directors.

Transactions under the stock option plans are summarized below. At March 31, 2012, a total of 3,534,910 options were outstanding under these plans.

   
Employee Stock Plans
 
   
 
 
 Options
   
Weighted
Average 
Exercise Price
 
Outstanding at 12/31/11
    2,022,410     $ 0.46  
Granted
    1,512,500       0.40  
Exercised
    ---       ---  
Forfeited
    --       ---  
Outstanding at 03/31/12
    3,534,910     $ 0.44  

The fair value of options granted during the three month period ended March 31, 2012, was approximately $488,588; with 12,500 options vested upon grant and 1,500,000 vesting over a five year period.

The aggregate intrinsic value represents the value of the Company’s closing stock price of $0.31 on the last trading day of the period in excess of the exercise price multiplied by the number of options outstanding or exercisable. The total intrinsic value of options exercised during 2012 was $0, as no options were exercised. Total unrecognized stock-based compensation expense related to non-vested stock options was approximately $650,000 as of March 31, 2012, related to approximately 1,844,000 shares with a per share weighted average fair value of  $0.35. We anticipate this expense to be recognized over a weighted average period of approximately 4.4 years.

The following table summarizes information about options outstanding at March 31, 2012, under the Employee Stock Plans:

         
Options Outstanding
   
Options Exercisable
 
   
 
Range of
Exercise Prices
   
 
Number
Outstanding
 
Weighted Avg.
Remaining
Contractual Life
 
 
Weighted Avg.
Exercise Price
   
 
Number
Exercisable
   
Weighted Avg.
Exercise Price
 
2012:
  $ 1.26 - 1.87       16,500  
4.3 years
  $ 1.32       16,500     $ 1.32  
    $ 0.00 - $1.25       3,518,410  
4.7 years
  $ 0.43       1,674,660     $ 0.43  
Total  
 
      3,534,910  
4.7 years
  $ 0.44       1,691,160     $ 0.43  
                                           
Aggregate intrinsic value         $ 1,800               $ 1,800          

The weighted average remaining contractual life of options exercisable as of March 31, 2012, was 2.4 years.

User Contributions:

Comment about this document or add new information about this topic:

CAPTCHA


This web site and associated pages are not associated with, endorsed by, or sponsored by LITTLEFIELD CORP and has no official or unofficial affiliation with LITTLEFIELD CORP


Based on public records. Inadvertent errors are possible.
Faqs.org does not guarantee the accuracy or timeliness of any information on this site.  Use at your own risk. This website is not associated with the SEC

Some parts © 2013 Advameg, Inc.