Common Stock

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

9. Common Stock

The following table reconciles the number of Common Stock and Series B Convertible Preferred Stocks as to the date of this report.

Date		B Series Preferred Stocks			Common Stocks
December 31, 2011	Issued and outstanding		1,456,647			25,690,402
May 17, 2012	Conversion of shares of Series B Preferred Stock into shares of Common Stock		(405,000	)		270,000
July 27, 2012	Conversion of shares of Series B Preferred Stock into shares of Common Stock		(410,000	)		273,333
August 28, 2012	Conversion of shares of Series B Preferred Stock into shares of Common Stock		(411,500	)		274,333
October 1, 2012(1)	Conversion of shares of Series B Preferred Stock into shares of Common Stock		(230,147	)		153,431
Date of this report	Issued and outstanding		-			26,661,499

(1)   Please refer to Note 10 “Subsequent Event.”

As of September 30, 2012, the Company had outstanding warrants to purchase 175,000 shares of the Company’s Common Stock.