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NOTE M - CAPITAL STOCK
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12 Months Ended |
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Dec. 31, 2011
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| Stockholders' Equity Note Disclosure [Text Block] |
NOTE M –
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 December 31, 2011 the Company has 215 and 538
shares of preferred stock issued and 185 and 493 shares
outstanding, designated Series A and B preferred stock,
respectively. As of December 31, 2010 the Company had 215 and
267 shares outstanding, respectively.
During
the year ended December 31, 2010, the Company issued
4,144,231 shares of common stock to directors and management
for services performed and services accrued in fiscal
2011. These shares were valued at $1,134,666,
which approximated the fair value of the shares when they
were issued.
During the year ended December 31,
2011, the Company issued 769,709 shares of common stock to directors
and management for services performed through December 31,
2011. These shares were valued at $117,000,
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 year ended December 31, 2011, 30 shares of Series A
redeemable preferred stock were converted to 413,223 shares
of common stock and 45 shares of Series B redeemable
preferred stock were converted to 1,730,767 shares of common
stock.
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