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NOTE I - CAPITAL STOCK
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6 Months Ended |
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Jun. 30, 2011
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| Stockholders' Equity Note Disclosure [Text Block] |
NOTE I –
CAPITAL STOCK
The
Company has authorized 15,000,000 shares of preferred stock,
with a par value of $.001 per share. As of June 30, 2011, the
Company has 215 shares of Series A preferred stock issued and
outstanding and 538 shares of Series B preferred stock issued
and 533 shares outstanding. The Company has authorized
190,000,000 shares of common stock, with a par value of $.001
per share. As of June 30, 2011 and December 31, 2010, the
Company has 102,037,171 and 101,258,725, respectively, shares
of common stock issued and outstanding.
During
the six months ended June 30, 2011, the Company issued
409,056 shares of common stock to directors and management
for services performed through June 30,
2011. These shares were valued at $55,500, which
approximated the fair value of the shares when they were
issued. In addition, 177,083 shares were
issued to a current member of the Company’s Board of
Directors for consulting fees incurred prior to, but not paid
until after, his election to Board of Directors. These shares
were valued at $25,000.
During
the three and six months ended June 30, 2011, five shares of
Series B redeemable preferred stock were converted to 192,307
shares of common stock.
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- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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