Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
Beginning Balance, Amount at Dec. 31, 2011 $ 104,352 $ 124,483,161 $ (118,344,196) $ 6,243,317
Beginning Balance, Shares at Dec. 31, 2011 104,349,507      
Shares issued to directors and management, Amount 431 70,569    71,000
Shares issued to directors and management, Shares 431,721      
Stock-based compensation expense related to employee stock options    103,669    103,669
Accretion of redeemable preferred stock discount    (279,582)    (279,582)
Accretion of redeemable preferred stock dividends    (135,284)    (135,284)
Net loss     (571,640) (571,640)
Ending Balance, Amount at Jun. 30, 2012 $ 104,783 $ 124,242,533 $ (118,915,836) $ 5,431,480
Ending Balance, Shares at Jun. 30, 2012 104,781,228