Common Stock

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Common Stock

12. Common Stock

On April 11, 2011, the Company issued to Emerging Markets, LLC, 60,000 shares of common stock valued at $0.30 per share as compensation per the month-to-month agreement for consultant work rendered during the three months ended March 31, 2011.

On July 7, 2011 the Company filed a Certificate of Amendment to its Certificate of Incorporation increasing the number of authorized shares of its common stock from 50,000,000 shares to 100,000,000 shares effective as of the close of business on July 26, 2011. The par value of the common stock did not change as a result of this charter amendment.

The Certificate of Amendment was adopted by our Board of Directors on May 23, 2011, and by the holders of a majority of our outstanding common stock by written consent dated July 1, 2011, as described in greater detail in our Definitive Information Statement on Schedule 14C as filed with the Securities and Exchange Commission on July 5, 2011.

On July 1, 2011, by written consent the holders of a majority of our outstanding common stock approved an Amendment, which was adopted by our Board of Directors on May 23, 2011, to the 2010 Stock Option Plan, increasing the number of shares of Common Stock covered by the Plan from 2,000,000 shares to 4,000,000 shares of Common Stock of the Corporation.

During 2011, pursuant to an obligation under an agreement dated May 19, 2011, for services rendered as a financial public relations firm and media relations consultant, the Company issued to Monarch Communications, Inc. shares of common stock as follows:

• On May 27, 13,333 shares of common stock valued at $0.30 per share

• On June 20, 14,286 shares of common stock valued at $0.28 per share

• On July 27, 14,815 shares of common stock valued at $0.27 per share

• On August 22, 16,000 shares of common stock valued at $0.25 per share

• On September 20, 20,000 shares of common stock valued at $0.20 per share

• On October 21, 20,000 shares of common stock valued at $0.20 per share

• On December 9, 22,222 shares of common stock valued at $0.18 per share

On January 12, 2012, effective December 31, 2011, the Company issued 45,560 shares of its common stock valued at $0.17 per share to two investors in connection with their exercise of warrants.

On January 31, 2012, effective December 31, 2011, the Company issued 45,000 shares of its common stock valued at $0.17 per share to an investor in connection with the exercise of warrants.