Quarterly report pursuant to Section 13 or 15(d)

I. CAPITAL STOCK

v2.4.0.8
I. CAPITAL STOCK
 9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
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. The Company has designated 215 shares as Series A preferred stock and 538 shares as Series B preferred stock. At each of September 30, 2013 and December 31, 2012, there were 185 shares of Series A outstanding. At September 30, 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 September 30, 2013 and December 31, 2012 the Company had 125,035,612 and 108,103,001 common shares issued and outstanding, respectively.

 

During the nine months ended September 30, 2013, 438 shares of Series B redeemable preferred stock were converted to, in aggregate, 16,846,139 shares of common stock.

 

During the nine months ended September 30, 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 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.