NOTE 10 - Warrants and options

3 Months Ended

Mar. 31, 2012

Shareholders' Equity and Share-based Payments [Text Block]

NOTE 10 – Warrants and options

Warrants

As of March 31, 2012 and December 31, 2011, there are no outstanding warrants.

Options

On January 1, 2007, the Company granted options to purchase up to 500,000 shares of its common stock pursuant to its employment agreement with the chief executive officer. The holder has the right to purchased up to 500,000 shares of common stock of the Company for an aggregate purchase price of $500,000 or $1 per share.  The options expired on December 31, 2011.

On June 2, 2008, the Company granted Mr. Grant Bettingen an option to purchase 500,000 shares of its common stock with an exercise price of $1.00 pursuant to his employment agreement with NCS.  The options expire on June 2, 2013.

A summary of stock options and warrants as of March 31, 2012 and December 31, 2011 is as follows:

	Options			Weighted Average Exercise Price		Warrants		Weighted Average Exercise Price
Outstanding as of 01/01/11:		1,000,000		$	1.00		-	$	-
Granted		-			-		-		-
Cancelled		-			-		-		-
Expired		(500,000	)		1.00		-		-
Outstanding as of 12/31/11:		500,000		$	1.00		-	$	-
Granted		-			-		-		-
Cancelled		-			-		-		-
Expired		-			-		-		-
Outstanding as of 3/31/12:		500,000		$	1.00		-	$	-
Vested as of 3/31/12:		500,000		$	1.00		-	$	-