Warrants

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Warrants

5. Warrants

At September 30, 2011, 4,651,765 warrants with an average exercise price of $0.97 remain outstanding and were fully vested.

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

	Nine Months Ended September 30, 2011
	Weighted Average Exercise
	Warrants	Price
Warrants outstanding at December 31, 2010	4,612,546	$	.97
Granted	39,219		.50
Exercised	—		—
Expired	—		—
Warrants outstanding at September 30, 2011	4,651,765	$	.97

	Three Months Ended September 30, 2011
	Weighted Average Exercise
	Warrants	Price
Warrants outstanding at June 30, 2011	4,651,765	$	.97
Granted	—		—
Exercised	—		—
Expired	—		—
Warrants outstanding at September 30, 2011	4,651,765	$	.97

	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	3.02	$	0.52
$1.25	2,842,643	1.28		1.25
Totals	4,651,765	2.10	$	0.97