Annual report pursuant to Section 13 and 15(d)

J. CAPITAL STOCK

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J. CAPITAL STOCK
 12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
NOTE J - CAPITAL STOCK

The Company has authorized 15,000,000 shares of preferred stock (designated and undesignated), with a par value of $.001 per share. The Company has designated 215 shares as Series A preferred stock and 538 shares as Series B preferred stock. At December 31, 2013 and 2012, there were 185 shares of Series A outstanding. At December 31, 2013 and December 31, 2012, there were 55 and 493 shares of Series B outstanding, respectively.

 

The Company has authorized 190,000,000 shares of common stock with a par value of $.001 per share. As of December 31, 2013 and 2012 the Company has 125,035,612 and 108,103,001 common shares issued and outstanding, respectively.

 

During the year ended December 31, 2013, 438 shares of Series B redeemable preferred stock were converted to, in aggregate, 16,846,139 shares of common stock.

 

During the year ended December 31, 2013, 86,472 warrants were exercised to an equal number of common shares. These warrants were originally granted to the Company’s placement agent in lieu of cash compensation for services performed or financing expenses in connection with the placement of the April 2011 Series B convertible preferred stock issuance.

 

During the year ended December 31, 2012, the Company issued 638,104 shares of common stock to directors and management for services performed through December 31, 2012.  These shares were valued at $102,000, which approximated the fair value of the shares when they were issued.

 

During the year ended December 31, 2012, 3,115,390 of Series B preferred stock warrants were exercised to an equal number of common shares at an exercise price of $0.13 per share. Proceeds received from these exercised warrants were $405,000.