|
NOTE I - CAPITAL STOCK
|
6 Months Ended |
|---|---|
|
Jun. 30, 2011
|
|
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE I –
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 nine months ended September 30, 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.
|