NOTE H - CAPITAL STOCK |
6 Months Ended |
|---|---|
Jun. 30, 2011 | |
| Stockholders' Equity Note Disclosure [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 September 30,
2011, the Company has 215 shares of Series A preferred stock
issued and 185 shares outstanding. The Company also has 538
shares of Series B preferred stock issued and 493 shares
outstanding as of September 30, 2011. The Company has
authorized 190,000,000 shares of common stock, with a par
value of $.001 per share. As of September 30, 2011 and
December 31, 2010, the Company has 104,164,253 and
101,258,725, respectively, shares of common stock issued and
outstanding.
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 three months ended September 30, 2011, 30 shares of
Series A redeemable preferred stock were converted to 413,223
shares of common stock and 40 shares of Series B redeemable
preferred stock were converted to 1,538,460 shares of common
stock.
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