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NOTE H - CAPITAL STOCK
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6 Months Ended |
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Jun. 30, 2011
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| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
NOTE H
- 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 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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