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STOCK WARRANTS AND OPTIONS
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
NOTE 5 - STOCK WARRANTS AND OPTIONS

Stock Warrants

 

During the first quarter of 2012, the Company issued to one accredited investor 166,667 warrants in connection with a private placement offering of 166,667 units at $0.60 per unit with each unit consisting of two shares of common stock and one common stock purchase warrant. Each warrant is exercisable into one share of common stock at $0.50 per share. Other than the foregoing, there were no other warrants granted or exercised for the years 2013 and 2012.

Stock Options

 

In September 2003, shareholders of the Company approved an employee stock option plan (the “2003 Option Plan”) authorizing the issuance of options to purchase up to 1,000,000 shares of common stock. The 2003 Option Plan is intended to give the Company greater ability to attract, retain, and motivate officers, key employees, directors and consultants; and is intended to provide the Company with the ability to provide incentives more directly linked to the success of the Company’s business and increases in shareholder value. No options were issued during the first quarter of 2012 or the first quarter of 2013.