Warrants

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements

Warrants

5. Warrants

At June 30, 2011, 4,598,194 warrants with an average exercise price of $0.96 remain outstanding and were fully vested.

A summary of the Company’s warrant activity as of June 30, 2011 and changes during the six month and three month periods then ended is presented below:

	Six Months Ended June 30, 2011
	Weighted Average Exercise
	Warrants	Price
Warrants outstanding at December 31, 2010	4,558,975	$	.97
Granted	39,219		.50
Exercised	—		—
Expired	—		—
Warrants outstanding at June 30, 2011	4,598,194	$	.96

	Three Months Ended June 30, 2011
	Weighted Average Exercise
	Warrants	Price
Warrants outstanding at March 31, 2011	4,598,194	$	.96
Granted	—		—
Exercised	—		—
Expired	—		—
Warrants outstanding at June 30, 2011	4,598,194	$	.96

	Warrants Outstanding
Range of Exercise Price	Number Outstanding	Remaining Average Contractual Life (In Years)	Weighted Average Exercise Price
$0.50 – $0.75	1,809,122	3.27	$	.52
$1.25	2,789,072	1.56		1.25
Totals	4,598,194	2.38	$	.96