Quarterly report pursuant to Section 13 or 15(d)

9. CAPITAL STOCK

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9. CAPITAL STOCK
9 Months Ended
Sep. 30, 2012
Capital Stock  
NOTE I - CAPITAL STOCK

The Company has authorized 15,000,000 shares of preferred stock (designated and undesignated), with a par value of $.001 per share. As of September 30, 2012 and December 31, 2011, the Company has 215 and 538 shares of preferred stock designated and 185 and 493 shares outstanding, designated Series A and B preferred stock, respectively.

 

The Company has authorized 190,000,000 shares of common stock with a par value of $.001 per share. As of September 30, 2012 and December 31, 2011 the company has 108,103,001 and 104,349,507 shares issued and outstanding.

 

During the nine months ended September 30, 2012, the Company issued 638,104 shares of common stock to directors and management for services performed through September 30, 2012.  These shares were valued at $102,000, which approximated the fair value of the shares when they were issued.

 

During the nine months ended September 30, 2011, the Company issued 584,455 shares of common stock to directors and management for services performed through September 30, 2011.  These shares were valued at $85,999, 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 quarter ended September 30, 2012, 3,115,390 of Series B preferred stock attached warrants were exercised to an equal number of common shares at an exercise price of $0.13 per share. The total proceeds received from these exercised warrants was $405,000.