NOTE 9: COMMON STOCK

3 Months Ended

Jun. 30, 2012

Stockholders' Equity Note Disclosure [Text Block]

NOTE 9: COMMON STOCK

The Company is authorized to issue 200,000,000 shares of $0.10 par value common stock.  All shares have equal voting rights, are non-assessable and have one vote per share.  Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company.

During the first quarter of fiscal 2012, the Company issued 295,000 shares of common stock to an investor for net proceeds of $36,225.  In connection with this offering, the Company incurred a total of $8,025 in commission expenses paid to brokers. For every share purchased, the investor received one warrant to purchase one share of common stock. The warrants are exercisable at $0.25 per share and expire on August 1, 2013.  Also during the same quarter, the Company issued 516,000 common shares to four of its directors in exchange for services valued at $82,260 and also issued 173,000 common shares to others in exchange for services valued at $28,990.

Also during the same three-month period, the Company issued 1,010,000 shares of common stock to four investors for net proceeds of $136,700.  In connection with this offering, the Company incurred a total of $28,800 in commission expenses paid to brokers.  Of this amount, $14,800 was paid in cash and $14,000 was settled with the issuance of 140,000 shares of common stock.  For every share purchased, each investor received one warrant to purchase one share of common stock.  The warrants are exercisable at $0.25 per share and expire on August 1, 2013.