x
|
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Nevada
|
59-3691650
|
|
(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification Number)
|
$.001 par value common stock
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Over the Counter Bulletin Board
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Large accelerated filer
|
o
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Accelerated filer
|
o
|
||
Non-accelerated filer
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o (Do not check if a smaller reporting company)
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Smaller reporting company
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x
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3
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|||||
3
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|||||
8
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|||||
8
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|||||
8
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|||||
8
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|||||
8
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|||||
8
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|||||
8
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|||||
9
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|||||
9
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|||||
13
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|||||
13
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|||||
53
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|||||
53
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|||||
54
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|||||
54
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|||||
54
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|||||
56
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|||||
57
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|||||
58
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|||||
58
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|||||
59
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|||||
59
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|||||
Certifications
|
DESCRIPTION OF BUSINESS
|
●
|
Air cooled - less than 2 pounds per horsepower
|
|
●
|
Fewer moving parts - less maintenance
|
●
|
Flex-fuel and mixed fuels capability
|
|
●
|
Operates on all hydrocarbon fuels, hydrogen and synthetic fuels
|
●
|
Cold start capability with any fuels
|
|
●
|
Burns 30% less fuel “Greenhouse exhaust gases”
|
●
|
Less nitrogen oxides and carbon monoxide exhaust emissions
|
|
●
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Less hydrocarbon exhaust emissions
|
●
|
No lube oil, filters or pumps
|
RISK FACTORS
|
UNRESOLVED STAFF COMMENTS
|
DESCRIPTION OF PROPERTY
|
LEGAL PROCEEDINGS
|
MINE SAFETY DISLCOSURE
|
MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
|
Bid Prices
|
||||||||
High
|
Low
|
|||||||
FISCAL 2012
|
||||||||
First Quarter (January 1, 2012 through March 31, 2012)
|
$
|
0.2099
|
$
|
0.085
|
||||
Second Quarter (April 1, 2012 through June 30, 2012)
|
$
|
0.148
|
$
|
0.048
|
||||
Third Quarter (July 1, 2012 through September 30, 2012)
|
$
|
0.075
|
$
|
0.032
|
||||
Fourth Quarter (October 1, 2012 through December 31, 2012)
|
$
|
0.035
|
$
|
0.0114
|
||||
FISCAL 2011
|
||||||||
First Quarter (January 1, 2011 through March 31, 2011)
|
$
|
0.24
|
$
|
0.12
|
||||
Second Quarter (April 1, 2011 through June 30, 2011)
|
$
|
0.28
|
$
|
0.10
|
||||
Third Quarter (July 1, 2011 through September 30, 2011)
|
$
|
0.19
|
$
|
0.10
|
||||
Fourth Quarter (October 1, 2011 through December 31, 2011)
|
$
|
0.10
|
$
|
0.04
|
SELECTED FINANCIAL DATA
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Approximate
Number of
Shares
|
Approximate
Proceeds*
|
|||||||
2006 Non-Plan Options and Warrants
|
5,405,413
|
$
|
1,544,033
|
*
|
Based on weighted average exercise price.
|
Quantitative and Qualitative Disclosures About Market Risk
|
FINANCIAL STATEMENTS
|
15-16
|
||||
Financial Statements:
|
||||
17
|
||||
18
|
||||
19-40
|
||||
41-42
|
||||
43-53
|
December 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash
|
$ | 6,293 | $ | 11,638 | ||||
Prepaid expenses
|
10,705 | 7,118 | ||||||
Total Current Assets
|
16,998 | 18,756 | ||||||
Furniture and equipment, net of accumulated depreciation of $52,381 (2012) and $47,863 (2011)
|
17,538 | 7,056 | ||||||
TOTAL ASSETS
|
$ | 34,536 | $ | 25,812 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable, including related party payables of $12,220 (2012) and $12,220 (2011)
|
$ | 118,098 | $ | 116,290 | ||||
Accrued interest
|
20,684 | 14,955 | ||||||
Accrued payroll
|
5,512 | 1,029 | ||||||
Convertible notes, net
|
96,767 | 8,315 | ||||||
Note payable
|
500 | 500 | ||||||
Total Current Liabilities
|
241,561 | 141,089 | ||||||
LONG-TERM LIABILITIES:
|
||||||||
Derivative liability
|
123,272 | 40,756 | ||||||
Accrued expenses - long term
|
66,100 | 277,850 | ||||||
Accrued payroll - long term
|
372,628 | 585,827 | ||||||
Accrued royalty fees
|
25,000 | 1,301,500 | ||||||
Note payable to related party
|
3,331 | 6,901 | ||||||
Total Long-Term Liabilities
|
590,331 | 2,212,834 | ||||||
STOCKHOLDERS’ DEFICIT
|
||||||||
Series A Convertible Preferred Stock; $0.001 par value; 1,000,000 shares authorized; 500,000 (2012) and 0 (2011) shares issued and outstanding
|
500 | - | ||||||
Common stock; $0.001 par value; 299,000,000 shares authorized; 69,169,111 (2012) and 56,503,946 (2011) shares issued and outstanding
|
69,168 | 56,503 | ||||||
Additional paid in capital
|
16,913,769 | 14,277,622 | ||||||
Common stock payable
|
20,000 | 3,650 | ||||||
Prepaid consulting services paid with common stock
|
(57,385 | ) | (82,728 | ) | ||||
Receivable for common stock
|
(212,000 | ) | (212,000 | ) | ||||
Deficit accumulated during development stage
|
(17,531,408 | ) | (16,371,158 | ) | ||||
Total Stockholders’ Deficit
|
(797,356 | ) | (2,328,111 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$ | 34,536 | $ | 25,812 |
Period
|
||||||||||||
November 27,
|
||||||||||||
For the Years Ended December 31,
|
2000 (Date of Inception)
|
|||||||||||
through December 31,
|
||||||||||||
2012
|
2011
|
2012
|
||||||||||
Research and development costs
|
$ | - | $ | 146,779 | $ | 3,882,494 | ||||||
Operating costs
|
818,532 | 2,077,436 | 12,690,623 | |||||||||
818,532 | 2,224,215 | 16,573,117 | ||||||||||
OTHER EXPENSE (INCOME)
|
||||||||||||
Change in fair value of derivative liability
|
(21,608 | ) | (1,744 | ) | (23,352 | ) | ||||||
Loss on investment
|
197,500 | - | 197,500 | |||||||||
Interest expense
|
165,826 | 15,540 | 784,143 | |||||||||
TOTAL OTHER EXPENSE (INCOME)
|
341,718 | 13,796 | 958,291 | |||||||||
NET INCOME (LOSS)
|
$ | (1,160,250 | ) | $ | (2,238,011 | ) | $ | (17,531,408 | ) | |||
|
||||||||||||
NET INCOME (LOSS) PER COMMON SHARE, BASIC
|
$ | (0.02 | ) | $ | (0.04 | ) | $ | (0.72 | ) | |||
WEIGHTED AVERAGE NUMBER OF
|
||||||||||||
COMMON SHARES OUTSTANDING, BASIC
|
65,849,823 | 52,412,362 | 24,235,182 |
Deficit
|
||||||||||||||||||||
Additional
|
Accumulated
|
|||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid in |
During
|
|||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Development Stage
|
|||||||||||||||
Issuance of common stock for option to acquire license and stock subscription receivable, December 2000
|
10,390,000 | $ | 10,390 | |||||||||||||||||
Net loss for the period
|
$ | (4,029 | ) | |||||||||||||||||
Balance, December 31, 2000
|
10,390,000 | 10,390 | (4,029 | ) | ||||||||||||||||
Issuance of common stock for cash, February 2001*
|
10,000 | 10 | $ | 4,990 | ||||||||||||||||
Issuance of common stock for cash, March 2001*
|
10,000 | 10 | 4,990 | |||||||||||||||||
Issuance of common stock for cash, August 2001*
|
10,000 | 10 | 4,990 | |||||||||||||||||
Issuance of common stock for cash, September 2001*
|
55,000 | 55 | 27,445 | |||||||||||||||||
Payment for common stock issued under subscription receivable
|
||||||||||||||||||||
Net loss
|
(31,789 | ) | ||||||||||||||||||
Balance, December 31, 2001
|
10,475,000 | 10,475 | 42,415 | (35,818 | ) | |||||||||||||||
Issuance of common stock for cash, January 2002*
|
5,000 | 5 | 2,495 | |||||||||||||||||
Issuance of common stock for cash, February 2002*
|
10,000 | 10 | 4,990 | |||||||||||||||||
Issuance of common stock for cash, April 2002*
|
25,000 | 25 | 12,475 | |||||||||||||||||
Issuance of common stock for cash, May 2002*
|
65,000 | 65 | 32,435 | |||||||||||||||||
Issuance of common stock for cash, June 2002*
|
70,000 | 70 | 34,930 | |||||||||||||||||
Issuance of common stock for cash, August 2002*
|
10,000 | 10 | 4,990 | |||||||||||||||||
Issuance of common stock for cash, October 2002*
|
10,000 | 10 | 4,990 | |||||||||||||||||
Issuance of common stock to acquire licensing agreement, July 2002*
|
5,000,000 | 5,000 | 2,495,000 | |||||||||||||||||
Shares returned to treasury by founding stockholder, July 2002
|
(5,000,000 | ) | (5.000 | ) | 5,000 | |||||||||||||||
Net loss
|
(2,796,768 | ) | ||||||||||||||||||
Balance, December 31, 2002
|
10,670,000 | 10,670 | 2,639,720 | (2,832,586 | ) | |||||||||||||||
Issuance of common stock for cash, February 2003*
|
207,000 | 207 | 103,293 | |||||||||||||||||
Issuance of common stock for cash, September 2003*
|
30,000 | 30 | 14,970 | |||||||||||||||||
Issuance of common stock for services, September 2003*
|
290,000 | 290 | 144,710 | |||||||||||||||||
Payment for common stock issued under subscription agreement
|
||||||||||||||||||||
Offering costs for private placement offering
|
(33,774 | ) | ||||||||||||||||||
Net loss
|
(190,567 | ) | ||||||||||||||||||
Balance, December 31, 2003
|
11,197,000 | 11,197 | 2,868,919 | (3,023,153 | ) | |||||||||||||||
Issuance of notes payable with beneficial conversion feature
|
19,507 | |||||||||||||||||||
Issuance of common stock for services, September 2004 ($2.00 per share)
|
20,000 | 20 | 39,980 | |||||||||||||||||
Conversion of notes payable, August 2004 ($2.00 per share)
|
31,125 | 31 | 62,219 | |||||||||||||||||
Issuance of common stock for cash, September 2004 ($2.00 per share)
|
25,025 | 25 | 50,025 | |||||||||||||||||
Issuance of common stock for cash, October 2004 ($2.00 per share)
|
1,000 | 1 | 1,999 | |||||||||||||||||
Issuance of common stock for cash, November 2004 ($2.00 per share)
|
3,500 | 4 | 6,996 | |||||||||||||||||
Issuance of common stock for cash, December 2004 ($2.00 per share)
|
3,000 | 3 | 5,997 | |||||||||||||||||
Amortization of offering costs related to Form SB-2 filing
|
(10,159 | ) | ||||||||||||||||||
Amortization of stock for services related to Form SB-2 offering
|
(6,317 | ) | ||||||||||||||||||
Contribution from shareholder
|
18,256 | |||||||||||||||||||
Net loss
|
(282,009 | ) | ||||||||||||||||||
Balance, December 31, 2004
|
11,280,650 | 11,281 | 3,057,422 | (3,305,162 | ) | |||||||||||||||
*Common stock issued at $.50 per share.
|
Prepaid
|
||||||||||||||||||
Consulting
|
||||||||||||||||||
Deferred
|
Services Paid
|
|||||||||||||||||
Non-Cash
|
Common
|
for with
|
||||||||||||||||
Offering
|
Stock
|
Common
|
Subscription
|
|||||||||||||||
Costs
|
Payable
|
Stock
|
Receivable
|
Total
|
||||||||||||||
Issuance of common stock for option to acquire license and stock subscription receivable, December 2000
|
$
|
(390
|
)
|
$
|
10,000
|
|||||||||||||
Net loss for the period
|
(4,029
|
)
|
||||||||||||||||
Balance, December 31, 2000
|
(390
|
)
|
5,971
|
|||||||||||||||
Issuance of common stock for cash, February 2001*
|
5,000
|
|||||||||||||||||
Issuance of common stock for cash, March 2001*
|
5,000
|
|||||||||||||||||
Issuance of common stock for cash, August 2001*
|
5,000
|
|||||||||||||||||
Issuance of common stock for cash, September 2001*
|
27,500
|
|||||||||||||||||
Payment for common stock issued under subscription receivable
|
|
300
|
300
|
|||||||||||||||
Net loss
|
(31,789
|
)
|
||||||||||||||||
Balance, December 31, 2001
|
(90
|
)
|
16,982
|
|||||||||||||||
Issuance of common stock for cash, January 2002*
|
2,500
|
|||||||||||||||||
Issuance of common stock for cash, February 2002*
|
5,000
|
|||||||||||||||||
Issuance of common stock for cash, April 2002*
|
12,500
|
|||||||||||||||||
Issuance of common stock for cash, May 2002*
|
32,500
|
|||||||||||||||||
Issuance of common stock for cash, June 2002*
|
(2,500
|
)
|
32,500
|
|||||||||||||||
Issuance of common stock for cash, August 2002*
|
5,000
|
|||||||||||||||||
Issuance of common stock for cash, October 2002*
|
5,000
|
|||||||||||||||||
Issuance of common stock to acquire licensing agreement, July 2002*
|
|
|
2,500,000
|
|||||||||||||||
Shares returned to treasury by founding stockholder, July 2002
|
|
|||||||||||||||||
Net loss
|
(2,796,768
|
)
|
||||||||||||||||
Balance, December 31, 2002
|
(2,590
|
)
|
(184,786
|
)
|
||||||||||||||
Issuance of common stock for cash, February 2003*
|
103,500
|
|||||||||||||||||
Issuance of common stock for cash, September 2003*
|
15,000
|
|||||||||||||||||
Issuance of common stock for services, September 2003*
|
$
|
(74,850
|
)
|
70,150
|
||||||||||||||
Payment for common stock issued under subscription agreement
|
|
2,500
|
2,500
|
|||||||||||||||
Offering costs for private placement offering
|
(33,774
|
)
|
||||||||||||||||
Net loss
|
(190,567
|
)
|
||||||||||||||||
Balance, December 31, 2003
|
(74,850
|
)
|
(90
|
)
|
(217,977
|
)
|
||||||||||||
Issuance of notes payable with beneficial conversion feature
|
19,507
|
|||||||||||||||||
Issuance of common stock for services, September 2004 ($2.00 per share)
|
40,000
|
|||||||||||||||||
Conversion of notes payable, August 2004 ($2.00 per share)
|
62,250
|
|||||||||||||||||
Issuance of common stock for cash, September 2004 ($2.00 per share)
|
50,050
|
|||||||||||||||||
Issuance of common stock for cash, October 2004 ($2.00 per share)
|
2,000
|
|||||||||||||||||
Issuance of common stock for cash, November 2004 ($2.00 per share)
|
7,000
|
|||||||||||||||||
Issuance of common stock for cash, December 2004 ($2.00 per share)
|
6,000
|
|||||||||||||||||
Amortization of offering costs related to Form SB-2 filing
|
(10,159
|
)
|
||||||||||||||||
Amortization of stock for services related to Form SB-2 offering
|
6,317
|
|||||||||||||||||
Contribution from shareholder
|
18,256
|
|||||||||||||||||
Net loss
|
(282,009
|
)
|
||||||||||||||||
Balance, December 31, 2004
|
(68,533
|
)
|
(90
|
)
|
(305,082
|
)
|
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Additional
|
During
|
|||||||||||||||||||
Preferred Stock |
Common Stock
|
Paid in
|
Development
|
|||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stage
|
|||||||||||||||
Issuance of common stock for services, January 2005 ($2.00 per share)
|
80,000
|
80
|
159,920
|
|||||||||||||||||
Issuance of common stock in satisfaction of a note payable, February 2005 ($2.00 per share)
|
125,000
|
125
|
249,875
|
|||||||||||||||||
Issuance of common stock for cash, February 2005 ($2.00 per share)
|
3,200
|
3
|
6,397
|
|||||||||||||||||
Issuance of common stock for cash, March 2005 ($2.00 per share)
|
1,500
|
1
|
2,999
|
|||||||||||||||||
Amortization of offering costs related to Form SB-2 filing
|
(31,216
|
)
|
||||||||||||||||||
Amortization of stock for services related to Form SB-2 offering
|
(19,413
|
)
|
||||||||||||||||||
Issuance of common stock for services, April 2005 ($2.00 per share)
|
5,000
|
5
|
9,995
|
|||||||||||||||||
Capital contribution from stockholder, May 2005
|
170,000
|
|||||||||||||||||||
Issuance of common stock for cash, May 2005 ($2.00 per share)
|
15,550
|
16
|
31,084
|
|||||||||||||||||
Write off of stock for services related to Form SB-2 filing
|
||||||||||||||||||||
Issuance of common stock for cash, June 2005 ($2.00 per share)
|
9,100
|
9
|
18,191
|
|||||||||||||||||
Issuance of common stock for services, June 2005 ($1.70 per share)
|
100,000
|
100
|
169,900
|
|||||||||||||||||
Capital contribution from stockholder, June 2005
|
450
|
|||||||||||||||||||
Issuance of common stock for cash, August 2005 ($1.00 per share)
|
5,000
|
5
|
4,995
|
|||||||||||||||||
Issuance of common stock for services, July 2005 ($1.00 per share)
|
40,000
|
40
|
39,960
|
|||||||||||||||||
Amortization of prepaid services paid for with common stock
|
||||||||||||||||||||
Write off prepaid services paid for with common stock due to terminated agreement
|
||||||||||||||||||||
Issuance of common stock for cash, October ($1.00 per share)
|
25,000
|
25
|
24,975
|
|||||||||||||||||
Issuance of common stock for cash, November ($1.00 per share)
|
20,000
|
20
|
19,980
|
|||||||||||||||||
Issuance of common stock for cash, December ($1.00 per share)
|
5,000
|
5
|
4,995
|
|||||||||||||||||
Net loss
|
(1,068,738
|
)
|
||||||||||||||||||
Balance, December 31, 2005
|
11,715,000
|
11,715
|
3,920,509
|
(4,373,900
|
)
|
|||||||||||||||
Issuance of common stock for cash, January ($1.00 per share)
|
65,000
|
65
|
64,935
|
|||||||||||||||||
Issuance of common stock for cash, February ($1.00 per share)
|
1,500
|
2
|
1,498
|
|||||||||||||||||
Amortization of prepaid services paid for with common stock
|
||||||||||||||||||||
Issuance of common stock for cash, March ($1.00 per share)
|
1,675
|
2
|
1,673
|
|||||||||||||||||
Issuance of common stock for cash, April ($1.00 per share)
|
5,000
|
5
|
4,995
|
|||||||||||||||||
Issuance of common stock for services, May ($1.00 per share)
|
10,000
|
10
|
9,990
|
|||||||||||||||||
Issuance of common stock for services, May ($1.15 per share)
|
10,000
|
10
|
11,490
|
|||||||||||||||||
Issuance of common stock for cash, June ($.80 per share)
|
15,000
|
15
|
11,985
|
|||||||||||||||||
Issuance of common stock and warrants for cash, June ($.50 per share)
|
200,000
|
200
|
99,800
|
|||||||||||||||||
Issuance of common stock for services, June ($1.15 per share)
|
150,000
|
150
|
172,350
|
|||||||||||||||||
Issuance of common stock for services, July ($1.10 per share)
|
109,091
|
109
|
119,891
|
|||||||||||||||||
Issuance of common stock for services, July ($.50 per share)
|
30,000
|
30
|
14,970
|
|||||||||||||||||
Issuance of common stock for settlement of debt, August ($.85 per share)
|
125,253
|
125
|
106,341
|
|||||||||||||||||
Issuance of common stock for services, August ($.81 per share)
|
10,000
|
10
|
8,065
|
|||||||||||||||||
Issuance of common stock and warrants for cash, September ($.50 per share)
|
167,200
|
167
|
83,433
|
|||||||||||||||||
Issuance of common stock for services, September ($.50 per share)
|
210,000
|
210
|
104,790
|
|||||||||||||||||
Issuance of common stock for services, September ($.74 per share)
|
10,000
|
10
|
7,385
|
|||||||||||||||||
Issuance of common stock in settlement of a payable, September ($4.16 per share)
|
100,000
|
100
|
416,567
|
|||||||||||||||||
Issuance of options to employees, directors and consultants, September
|
78,355
|
Prepaid
|
||||||||||||||||||||||
|
Consulting
|
|||||||||||||||||||||
Deferred
|
Services Paid
|
|||||||||||||||||||||
Non-Cash
|
Common
|
for with
|
||||||||||||||||||||
Offering
|
Stock
|
Common
|
Subscription
|
|||||||||||||||||||
Costs
|
Payable
|
Stock
|
Receivable
|
Total
|
||||||||||||||||||
Issuance of common stock for services, January 2005 ($2.00 per share)
|
160,000
|
|||||||||||||||||||||
Issuance of common stock in satisfaction of a note payable, February 2005 ($2.00 per share)
|
250,000
|
|||||||||||||||||||||
Issuance of common stock for cash, February 2005 ($2.00 per share)
|
6,400
|
|||||||||||||||||||||
Issuance of common stock for cash, March 2005 ($2.00 per share)
|
3,000
|
|||||||||||||||||||||
Amortization of offering costs related to Form SB-2 filing
|
(31,216
|
)
|
||||||||||||||||||||
Amortization of stock for services related to Form SB-2 offering
|
19,413
|
|
||||||||||||||||||||
Issuance of common stock for services, April 2005 ($2.00 per share)
|
10,000
|
|||||||||||||||||||||
Capital contribution from stockholder, May 2005
|
170,000
|
|||||||||||||||||||||
Issuance of common stock for cash, May 2005 ($2.00 per share)
|
31,100
|
|||||||||||||||||||||
Write off of stock for services related to Form SB-2 filing
|
49,120
|
|
49,120
|
|||||||||||||||||||
Issuance of common stock for cash, June 2005 ($2.00 per share)
|
18,200
|
|||||||||||||||||||||
Issuance of common stock for services, June 2005 ($1.70 per share)
|
(170,000
|
)
|
||||||||||||||||||||
Capital contribution from stockholder, June 2005
|
450
|
|||||||||||||||||||||
Issuance of common stock for cash, August 2005 ($1.00 per share)
|
5000
|
|||||||||||||||||||||
Issuance of common stock for services, July 2005 ($1.00 per share)
|
(40,000
|
)
|
||||||||||||||||||||
Amortization of prepaid services paid for with common stock
|
26,833
|
26,833
|
||||||||||||||||||||
Write off prepaid services paid for with common stock due to terminated agreement
|
161,500
|
161,500
|
||||||||||||||||||||
Issuance of common stock for cash, October ($1.00 per share)
|
25,000
|
|||||||||||||||||||||
Issuance of common stock for cash, November ($1.00 per share)
|
20,000
|
|||||||||||||||||||||
Issuance of common stock for cash, December ($1.00 per share)
|
5000
|
|||||||||||||||||||||
Net loss
|
(1,068,738
|
)
|
||||||||||||||||||||
Balance, December 31, 2005
|
(21,667
|
)
|
(90
|
)
|
(463,433
|
)
|
||||||||||||||||
Issuance of common stock for cash, January ($1.00 per share)
|
65,000
|
|||||||||||||||||||||
Issuance of common stock for cash, February ($1.00 per share)
|
1,500
|
|||||||||||||||||||||
Amortization of prepaid services paid for with common stock
|
204,556
|
204,556
|
||||||||||||||||||||
Issuance of common stock for cash, March ($1.00 per share)
|
1,675
|
|||||||||||||||||||||
Issuance of common stock for cash, April ($1.00 per share)
|
5,000
|
|||||||||||||||||||||
Issuance of common stock for services, May ($1.00 per share)
|
10,000
|
|||||||||||||||||||||
Issuance of common stock for services, May ($1.15 per share)
|
11,500
|
|||||||||||||||||||||
Issuance of common stock for cash, June ($.80 per share)
|
12,000
|
|||||||||||||||||||||
Issuance of common stock and warrants for cash, June ($.50 per share)
|
100,000
|
|||||||||||||||||||||
Issuance of common stock for services, June ($1.15 per share)
|
(172,500
|
)
|
||||||||||||||||||||
Issuance of common stock for services, July ($1.10 per share)
|
(120,000
|
)
|
||||||||||||||||||||
Issuance of common stock for services, July ($.50 per share)
|
(5,000
|
)
|
10,000
|
|||||||||||||||||||
Issuance of common stock for settlement of debt, August ($.85 per share)
|
106,466
|
|||||||||||||||||||||
Issuance of common stock for services, August ($.81 per share)
|
8,075
|
|||||||||||||||||||||
Issuance of common stock and warrants for cash, September ($.50 per share)
|
83,600
|
|||||||||||||||||||||
Issuance of common stock for services, September ($.50 per share)
|
(12,500
|
)
|
92,500
|
|||||||||||||||||||
Issuance of common stock for services, September ($.74 per share)
|
7,395
|
|||||||||||||||||||||
Issuance of common stock in settlement of a payable, September ($4.16 per share)
|
416,667
|
|||||||||||||||||||||
Issuance of options to employees, directors and consultants, September
|
78,355
|
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Additional
|
During
|
|||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid in
|
Development
|
|||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stage
|
|||||||||||||||
Issuance of common stock for services, October ($0.50, per shares)
|
30,000
|
30
|
14,970
|
|||||||||||||||||
Issuance of options to employees, directors and consultants, October
|
155,185
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.50 per share)
|
16,000
|
16
|
7,984
|
|||||||||||||||||
Issuance of common stock for services, October ($0.67, per shares)
|
15,000
|
15
|
9,985
|
|||||||||||||||||
Issuance of common stock for services, November ($0.50, per shares)
|
188,000
|
188
|
93,812
|
|||||||||||||||||
Issuance of common stock for cash, November ($0.50 per share)
|
100,000
|
100
|
49,900
|
|||||||||||||||||
Issuance of common stock for cash, November ($0.60 per share)
|
2,833
|
3
|
1,697
|
|||||||||||||||||
Net loss
|
(1,465,077
|
)
|
||||||||||||||||||
Balance December 31, 2006
|
13,286,552
|
13,287
|
5,572,555
|
(5,838,977
|
)
|
|||||||||||||||
Issuance of options to consultants, January
|
155,188
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.50 per share)
|
26,000
|
26
|
12,974
|
|||||||||||||||||
Issuance of common stock for exercise of options, January ($0.50 per share)
|
300,000
|
300
|
149,700
|
|||||||||||||||||
Issuance of common stock for services, January ($0.66, per shares)
|
50,000
|
50
|
32,950
|
|||||||||||||||||
Issuance of common stock for services, January ($0.51, per shares)
|
10,000
|
10
|
5,090
|
|||||||||||||||||
Issuance of common stock for exercise of options, February ($0.50 per share)
|
100,000
|
100
|
49,900
|
|||||||||||||||||
Issuance of common stock for exercise of options, February ($0.60 per share)
|
20,000
|
20
|
11,980
|
|||||||||||||||||
Issuance of common stock for cash, February ($0.23 per share)
|
239,130
|
239
|
54,761
|
|||||||||||||||||
Issuance of common stock for services, February ($0.87, per shares)
|
50,000
|
50
|
43,200
|
|||||||||||||||||
Issuance of common stock for services, February ($0.72, per shares)
|
20,000
|
20
|
14,280
|
|||||||||||||||||
Issuance of common stock for cash, February ($0.23 per share)
|
558,696
|
559
|
127,941
|
|||||||||||||||||
Issuance of common stock for services, March ($0.65, per shares)
|
25,000
|
25
|
16,225
|
|||||||||||||||||
Issuance of common stock for services, March ($0.70, per shares)
|
25,000
|
25
|
17,475
|
|||||||||||||||||
Issuance of common stock for exchange of fixed assets, April ($0.50, per share)
|
2,000
|
2
|
998
|
|||||||||||||||||
Issuance of common stock for cash, May ($0.25, per share)
|
24,000
|
24
|
5,976
|
|||||||||||||||||
Issuance of common stock for cash, June ($0.25, per share)
|
26,000
|
26
|
6,474
|
|||||||||||||||||
Issuance of common stock for services, June ($0.43, per share)
|
75,000
|
75
|
32,175
|
|||||||||||||||||
Issuance of common stock for exchange of fixed assets, June ($0.50 per share)
|
8,000
|
8
|
3,992
|
|||||||||||||||||
Issuance of common stock for services, June ($0.44, per share)
|
100,000
|
100
|
43,900
|
|||||||||||||||||
Amortization of prepaid services paid for with common stock
|
||||||||||||||||||||
Issuance of common stock and warrants for cash, July ($0.25, per share)
|
72,000
|
72
|
17,928
|
|||||||||||||||||
Issuance of common stock for services, August ($0.55, per share)
|
160,000
|
160
|
87,840
|
|||||||||||||||||
Issuance of common stock for services, August ($0.50, per share)
|
3,000
|
3
|
1,497
|
|||||||||||||||||
Issuance of common stock for services, August ($0.38, per share)
|
28,600
|
28
|
10,839
|
|||||||||||||||||
Issuance of common stock and warrants for cash, August ($0.25, per share)
|
270,000
|
270
|
67,230
|
|||||||||||||||||
Issuance of common stock for services, September ($0.50, per share)
|
1,300,000
|
1,300
|
648,700
|
|||||||||||||||||
Issuance of common stock for cash, September ($0.25, per share)
|
164,000
|
164
|
40,836
|
|||||||||||||||||
Issuance of common stock for cash, September ($0.30, per share)
|
26,666
|
26
|
7,973
|
|||||||||||||||||
Issuance of common stock for cash, September ($0.37, per share)
|
54,243
|
53
|
19,646
|
|||||||||||||||||
Issuance of options & warrants to employees & consultants, September
|
108,470
|
|||||||||||||||||||
Issuance of common stock for services, October ($0.25, per share)
|
6,000
|
6
|
1,494
|
|||||||||||||||||
Issuance of common stock for services, October ($0.56, per share)
|
2,700
|
3
|
1,497
|
|||||||||||||||||
Issuance of common stock for cash, October ($0.50, per
share) |
55,000
|
55
|
27,445
|
|||||||||||||||||
Issuance of common stock for cash, October ($0.53, per share)
|
1,905
|
2
|
998
|
|||||||||||||||||
Issuance of common stock for cash, November ($0.28, per share)
|
125,291
|
125
|
34,956
|
|||||||||||||||||
Issuance of common stock for cash, November ($0.32, per share)
|
1,563
|
1
|
499
|
|||||||||||||||||
Issuance of common stock for cash, November ($0.37, per share)
|
40,000
|
40
|
14,760
|
|||||||||||||||||
Issuance of common stock for cash, November ($0.68, per share)
|
25,000
|
25
|
16,850
|
|||||||||||||||||
Issuance of common stock for cash, December ($0.25, per share)
|
68,000
|
68
|
16,932
|
|||||||||||||||||
Net loss
|
(2,470,352
|
)
|
||||||||||||||||||
Balance December 31, 2007
|
17,349,346
|
$
|
17,347
|
$
|
7,484,124
|
$
|
(8,309,329
|
)
|
Prepaid
|
||||||||||||||||||||||
Consulting
|
||||||||||||||||||||||
Deferred
|
Services Paid
|
|||||||||||||||||||||
Non-Cash
|
Common
|
for with
|
||||||||||||||||||||
Offering
|
Stock
|
Common
|
Subscription
|
|||||||||||||||||||
Costs
|
Payable
|
Stock
|
Receivable
|
Total
|
||||||||||||||||||
Issuance of common stock for services, October ($0.50, per shares)
|
15,000
|
|||||||||||||||||||||
Issuance of options to employees, directors and consultants, October
|
155,185
|
|||||||||||||||||||||
Issuance of common stock for cash, October ($0.50 per share)
|
8,000
|
|||||||||||||||||||||
Issuance of common stock for services, October ($0.67, per shares)
|
10,000
|
|||||||||||||||||||||
Issuance of common stock for services, November ($0.50, per shares)
|
(80,000
|
)
|
14,000
|
|||||||||||||||||||
Issuance of common stock for cash, November ($0.50 per share)
|
50,000
|
|||||||||||||||||||||
Issuance of common stock for cash, November ($0.60 per share)
|
1,700
|
|||||||||||||||||||||
Net loss
|
(1,465,077
|
)
|
||||||||||||||||||||
Balance December 31, 2006
|
(207,111
|
)
|
(90
|
)
|
(460,336
|
)
|
||||||||||||||||
Issuance of options to consultants, January
|
155,188
|
|||||||||||||||||||||
Issuance of common stock for cash, January ($0.50 per share)
|
13,000
|
|||||||||||||||||||||
Issuance of common stock for exercise of options, January ($0.50 per share)
|
(150,000
|
)
|
||||||||||||||||||||
Issuance of common stock for services, January ($0.66, per shares)
|
(33,000
|
)
|
||||||||||||||||||||
Issuance of common stock for services, January ($0.51, per shares)
|
5,100
|
|||||||||||||||||||||
Issuance of common stock for exercise of options, February ($0.50 per share)
|
(15,000
|
)
|
35,000
|
|||||||||||||||||||
Issuance of common stock for exercise of options, February ($0.60 per share)
|
(12,000
|
)
|
||||||||||||||||||||
Issuance of common stock for cash, February ($0.23 per share)
|
55,000
|
|||||||||||||||||||||
Issuance of common stock for services, February ($0.87, per share)
|
43,250
|
|||||||||||||||||||||
Issuance of common stock for services, February ($0.72, per share)
|
14,300
|
|||||||||||||||||||||
Issuance of common stock for cash, February ($0.23 per share)
|
128,500
|
|||||||||||||||||||||
Issuance of common stock for services, March ($0.65, per shares)
|
16,250
|
|||||||||||||||||||||
Issuance of common stock for services, March ($0.70, per shares)
|
(17,500
|
)
|
||||||||||||||||||||
Issuance of common stock for exchange of fixed assets, April ($0.50, per share)
|
1,000
|
|||||||||||||||||||||
Issuance of common stock for cash, May ($0.25, per share)
|
6,000
|
|||||||||||||||||||||
Issuance of common stock for cash, June ($0.25, per share)
|
6,500
|
|||||||||||||||||||||
Issuance of common stock for services, June ($0.43, per share)
|
32,250
|
|||||||||||||||||||||
Issuance of common stock for exchange of fixed assets, June ($0.50 per share)
|
4,000
|
|||||||||||||||||||||
Issuance of common stock for services, June ($0.44, per share)
|
44,000
|
|||||||||||||||||||||
Amortization of prepaid services paid for with common stock
|
890,111
|
890,111
|
||||||||||||||||||||
Issuance of common stock and warrants for cash, July ($0.25, per share)
|
18,000
|
|||||||||||||||||||||
Issuance of common stock for services, August ($0.55, per share)
|
88,000
|
|||||||||||||||||||||
Issuance of common stock for services, August ($0.50, per share)
|
1,500
|
|||||||||||||||||||||
Issuance of common stock for services, August ($0.38, per share)
|
10,867
|
|||||||||||||||||||||
Issuance of common stock and warrants for cash, August ($0.25, per share)
|
67,500
|
|||||||||||||||||||||
Issuance of common stock for services, September ($0.50, per share)
|
(650,000
|
)
|
||||||||||||||||||||
Issuance of common stock for cash, September ($0.25, per share)
|
41,000
|
|||||||||||||||||||||
Issuance of common stock for cash, September ($0.30, per share)
|
7,999
|
|||||||||||||||||||||
Issuance of common stock for cash, September ($0.37, per share)
|
19,699
|
|||||||||||||||||||||
Issuance of options & warrants to employees & consultants, September
|
108,470
|
|||||||||||||||||||||
Issuance of common stock for services, October ($0.25, per share)
|
1,500
|
|||||||||||||||||||||
Issuance of common stock for services, October ($0.56, per share)
|
1,500
|
|||||||||||||||||||||
Issuance of common stock for cash, October ($0.50, per share)
|
27,500
|
|||||||||||||||||||||
Issuance of common stock for cash, October ($0.53, per share)
|
1,000
|
|||||||||||||||||||||
Issuance of common stock for cash, November ($0.28, per share)
|
35,081
|
|||||||||||||||||||||
Issuance of common stock for cash, November ($0.32, per share)
|
500
|
|||||||||||||||||||||
Issuance of common stock for cash, November ($0.37, per share)
|
14,800
|
|||||||||||||||||||||
Issuance of common stock for cash, November ($0.68, per share)
|
16,875
|
|||||||||||||||||||||
Issuance of common stock for cash, November ($0.25, per share)
|
17,000
|
|||||||||||||||||||||
Payment on receivable for common stock
|
10,000
|
10,000
|
||||||||||||||||||||
Net loss
|
(2,470,352
|
)
|
||||||||||||||||||||
Balance December 31, 2007
|
$
|
$
|
(17,500
|
)
|
$
|
(90
|
)
|
$
|
(992,448
|
)
|
|
|||||||||||||||||||||||
Deficit
|
|||||||||||||||||||||||
Accumulated
|
|||||||||||||||||||||||
Additional
|
During
|
||||||||||||||||||||||
Preferred Stock | Common Stock |
Paid in
|
Development
|
||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stage
|
||||||||||||||||||
Issuance of common stock and warrants for cash, January ($0.15, per shares)
|
200,000 | 200 | 29,800 | ||||||||||||||||||||
Issuance of common stock for services, February ($0.38, per shares)
|
160,000 | 160 | 60,640 | ||||||||||||||||||||
Issuance of common stock for services, February ($0.26, per shares)
|
12,000 | 12 | 3,108 | ||||||||||||||||||||
Issuance of common stock for services, April ($0.12, per share)
|
210,000 | 210 | 24,990 | ||||||||||||||||||||
Issuance of common stock for services, May ($0.20, per share)
|
350,000 | 350 | 69,650 | ||||||||||||||||||||
Issuance of common stock for cash, May ($0.10, per share)
|
145,000 | 145 | 14,355 | ||||||||||||||||||||
Issuance of common stock for cash, June ($0.10, per share)
|
334,000 | 334 | 33,066 | ||||||||||||||||||||
Issuance of common stock for cash, June ($0.085, per share)
|
150,000 | 150 | 12,600 | ||||||||||||||||||||
Issuance of common stock for cash, June ($0.08, per share)
|
25,000 | 25 | 1,975 | ||||||||||||||||||||
Issuance of common stock for services, June ($0.16, per share)
|
300,000 | 300 | 47,700 | ||||||||||||||||||||
Amortization of prepaid services paid for with common stock
|
|||||||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
25,000 | ||||||||||||||||||||||
Issuance of common stock for cash, July ($0.10, per share)
|
379,500 | 380 | 37,571 | ||||||||||||||||||||
Issuance of common stock for services, July ($0.15, per share)
|
30,000 | 30 | 4,470 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.10, per share)
|
101,000 | 101 | 9,999 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.10, per share)
|
369,000 | 369 | 36,531 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.08, per share)
|
306,250 | 306 | 24,194 | ||||||||||||||||||||
Issuance of common stock for cash, October ($0.08, per share)
|
3,750 | 4 | 296 | ||||||||||||||||||||
Issuance of common stock for cash, October ($0.09, per share)
|
40,000 | 40 | 3,560 | ||||||||||||||||||||
Issuance of common stock for cash, October ($0.10, per share)
|
27,000 | 27 | 2,673 | ||||||||||||||||||||
Issuance of common stock for cash, November ($0.08, per share)
|
12,500 | 13 | 987 | ||||||||||||||||||||
Issuance of common stock for cash, November ($0.10, per share)
|
32,400 | 32 | 3,208 | ||||||||||||||||||||
Issuance of common stock for services, December ($0.071, per share)
|
12,500 | 13 | 875 |
Issuance of common stock for cash, December ($0.08, per share)
|
161,250 | 161 | 12,739 | ||||||||||||||||||||
Issuance of common stock for cash, December ($0.10, per share)
|
27,300 | 27 | 2,603 | ||||||||||||||||||||
Issuance of common stock for services, December ($0.09, per share)
|
10,000 | 10 | 890 | ||||||||||||||||||||
Issuance of common stock for services, December ($0.13, per share)
|
500,000 | 500 | 64,500 | ||||||||||||||||||||
Issuance of common stock for services, December ($0.17, per share)
|
12,500 | 13 | 2,112 | ||||||||||||||||||||
Issuance of common stock for services, December ($0.1954, per share)
|
100,000 | 100 | 19,435 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, December ($0.08, per share)
|
26,297 | 26 | 1,974 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, December ($0.07, per share)
|
270,468 | 270 | 19,730 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, December ($0.10, per share)
|
202,703 | 203 | 14,797 | ||||||||||||||||||||
Issuance of warrants for services, December
|
29,578 | ||||||||||||||||||||||
Net loss
|
(982,677 | ) | |||||||||||||||||||||
Balance December 31, 2008
|
21,859,764 | 21,858 | 8,099,730 | (9,292,006 | ) | ||||||||||||||||||
Amortization of prepaid services paid for with common stock
|
|||||||||||||||||||||||
Issuance of common stock for conversion of notes, January ($0.06, per share)
|
255,965 | 256 | 14,744 | ||||||||||||||||||||
Issuance of common stock for cash, January ($0.50, per share)
|
200 | 1 | 98 | ||||||||||||||||||||
Issuance of common stock for cash, January ($0.07, per share)
|
294,999 | 295 | 20,355 | ||||||||||||||||||||
Issuance of common stock for cash, January ($0.08, per share)
|
12,500 | 12 | 988 | ||||||||||||||||||||
Issuance of common stock for cash, January ($0.10, per share)
|
255,000 | 255 | 25,245 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, February ($0.06, per share)
|
166,739 | 167 | 9,833 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, February ($0.09, per share)
|
221,984 | 222 | 19,778 | ||||||||||||||||||||
Issuance of common stock for cash, February ($0.07, per share)
|
526,927 | 527 | 36,358 | ||||||||||||||||||||
Issuance of common stock for cash, February ($0.10, per share)
|
110,500 | 110 | 10,940 | ||||||||||||||||||||
Issuance of common stock for services, March ($0.11, per share)
|
300,000 | 300 | 32,700 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, March ($0.07, per share)
|
137,768 | 138 | 9,862 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, March ($0.08, per share)
|
316,241 | 316 | 24,684 | ||||||||||||||||||||
Issuance of common stock for cash, March ($0.07, per share)
|
289,286 | 289 | 19,961 | ||||||||||||||||||||
Issuance of common stock for cash, March ($0.10, per share)
|
10,000 | 10 | 990 | ||||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
149,750 | ||||||||||||||||||||||
Issuance of warrants for services, January
|
36,644 | ||||||||||||||||||||||
Issuance of common stock for services, April ($0.09, per share)
|
20,000 | 20 | 1,780 | ||||||||||||||||||||
Issuance of common stock for services, April ($0.10, per share)
|
510,000 | 510 | 50,490 | ||||||||||||||||||||
Issuance of common stock for cash, April ($0.07, per share)
|
274,999 | 275 | 18,975 | ||||||||||||||||||||
Issuance of common stock for cash, April ($0.10, per share)
|
29,500 | 30 | 2,920 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, April ($0.07, per share)
|
511,979 | 512 | 34,488 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, April ($0.06, per share)
|
158,897 | 159 | 9,841 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, May ($0.06, per share)
|
399,617 | 399 | 24,601 | ||||||||||||||||||||
Issuance of common stock for services, May ($0.09, per share)
|
60,000 | 60 | 5,090 | ||||||||||||||||||||
Issuance of common stock for cash, May ($0.07, per share)
|
77,000 | 77 | 5,313 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, June ($0.06, per share)
|
381,098 | 381 | 24,619 |
Issuance of common stock for conversion of notes, June ($0.07, per share)
|
934,516 | 935 | 54,065 | ||||||||||||||||||||
Issuance of common stock and warrants for cash, June ($0.07, per share)
|
582,142 | 582 | 40,168 | ||||||||||||||||||||
Issuance of common stock for cash, June ($0.08, per share)
|
420,000 | 420 | 34,562 | ||||||||||||||||||||
Issuance of common stock for cash, July ($0.07, per share)
|
976,250 | 976 | 67,361 | ||||||||||||||||||||
Issuance of common stock for cash, July ($0.065, per share)
|
215,500 | 216 | 13,792 | ||||||||||||||||||||
Issuance of common stock for cash, July ($0.10, per share)
|
20,000 | 20 | 1,980 | ||||||||||||||||||||
Issuance of common stock for cash, July ($0.26, per share)
|
3,846 | 4 | 996 | ||||||||||||||||||||
Issuance of common stock for conversion of notes, July ($0.065, per share)
|
153,941 | 154 | 9,846 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.07, per share)
|
130,000 | 130 | 8,970 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.085, per share)
|
58,822 | 59 | 4,941 | ||||||||||||||||||||
Issuance of common stock and warrants for cash, August ($0.10, per share)
|
1,480,000 | 1,480 | 146,520 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.11, per share)
|
10,000 | 10 | 1,090 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.12, per share)
|
100,000 | 100 | 11,900 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.24, per share)
|
152,498 | 153 | 36,447 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.26, per share)
|
140,384 | 140 | 36,360 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.28, per share)
|
16,785 | 17 | 4,683 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.30, per share)
|
164,000 | 164 | 49,036 | ||||||||||||||||||||
Issuance of common stock for cash, August ($0.33, per share)
|
6,363 | 6 | 2,094 | ||||||||||||||||||||
Issuance of common stock for services, August ($0.09, per share)
|
1,200,000 | 1,200 | 106,800 | ||||||||||||||||||||
Issuance of common stock for services, August ($0.25, per share)
|
100,000 | 100 | 24,900 | ||||||||||||||||||||
Issuance of common stock for services, August ($0.10, per share)
|
50,000 | 50 | 4,950 | ||||||||||||||||||||
Issuance of common stock for services, August ($0.16, per share)
|
100,000 | 100 | 15,900 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.10, per share)
|
20,000 | 20 | 1,980 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.20, per share)
|
40,000 | 40 | 7,960 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.22, per share)
|
286,361 | 286 | 62,714 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.23, per share)
|
126,086 | 126 | 28,874 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.235, per share)
|
29,787 | 30 | 6,970 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.25, per share)
|
46,000 | 46 | 11,454 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.26, per share)
|
84,230 | 84 | 21,816 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.30, per share)
|
21,333 | 21 | 6,379 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.325, per share)
|
1,230 | 1 | 399 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.33, per share)
|
67,000 | 67 | 22,043 | ||||||||||||||||||||
Issuance of common stock for cash, September ($0.375, per share)
|
10,000 | 10 | 3,740 |
Issuance of common stock for services, September ($0.47, per share)
|
100,000 | 100 | 46,900 | |||||||||||||||||||||
Issuance of common stock for services, September ($0.61, per share)
|
500,000 | 500 | 304,500 | |||||||||||||||||||||
Issuance of common stock for services, September ($0.50, per share)
|
5,000 | 5 | 2,495 | |||||||||||||||||||||
Issuance of common stock and exercise of warrants for a reduction in a payable, September ($0.10, per share)
|
|
|
350,000 | 350 | 34,650 | |||||||||||||||||||
Issuance of common stock options, July
|
40,706 | |||||||||||||||||||||||
Issuance of common stock for cash, October ($0.22, per share)
|
11,363 | 11 | 2,489 | |||||||||||||||||||||
Issuance of common stock for cash, October ($0.18, per share)
|
246,107 | 246 | 44,054 | |||||||||||||||||||||
Issuance of common stock for cash, October ($0.17, per share)
|
25,882 | 26 | 4,374 | |||||||||||||||||||||
Issuance of common stock for cash, November ($0.18, per share)
|
98,775 | 99 | 17,681 | |||||||||||||||||||||
Issuance of common stock for cash, November ($0.20, per share)
|
167,500 | 168 | 33,332 | |||||||||||||||||||||
Issuance of common stock for cash, December ($0.19 per share)
|
2,500 | 3 | 472 | |||||||||||||||||||||
Issuance of common stock for cash, December ($0.16, per share)
|
100,000 | 100 | 15,900 | |||||||||||||||||||||
Issuance of common stock for cash, December ($0.17, per share)
|
5,882 | 6 | 994 | |||||||||||||||||||||
Issuance of common stock for cash, December ($0.18, per share)
|
102,111 | 102 | 18,278 | |||||||||||||||||||||
Issuance of common stock for cash, December ($0.20, per share)
|
10,000 | 10 | 1,990 | |||||||||||||||||||||
Issuance of common stock for cash, December ($0.30, per share)
|
1,100,000 | 1,100 | 328,900 | |||||||||||||||||||||
Issuance of common stock for services, October ($0.42, per share)
|
100,000 | 100 | 41,900 | |||||||||||||||||||||
Issuance of common stock for services, December ($0.38, per share)
|
345,000 | 345 | 130,755 | |||||||||||||||||||||
Issuance of common stock for conversion of notes, December ($0.1284, per share)
|
|
1,495,327 | 1,495 | 190,505 | ||||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
|
100,921 | ||||||||||||||||||||||
Issuance of warrants
|
10,161 | |||||||||||||||||||||||
Payment on stock subscription receivable
|
||||||||||||||||||||||||
Net loss
|
(2,271,917 | ) | ||||||||||||||||||||||
Balance December 31, 2009
|
39,693,484 | $ | 39,692 | $ | 10,914,424 | $ | (11,563,923 | ) | ||||||||||||||||
Payment on stock subscription receivables
|
||||||||||||||||||||||||
Amortization of prepaid services paid for with common stock
|
||||||||||||||||||||||||
Issuance of common stock for cash, February ($0.15, per share)
|
135,000 | 135 | 20,115 | |||||||||||||||||||||
Issuance of common stock for cash, February ($0.16, per share)
|
318,420 | 318 | 50,629 | |||||||||||||||||||||
Issuance of common stock for cash, February ($0.17, per share)
|
159,647 | 160 | 26,980 | |||||||||||||||||||||
Issuance of common stock for cash, February ($0.18, per share)
|
10,000 | 10 | 1,790 | |||||||||||||||||||||
Issuance of common stock for cash, February ($0.23, per share)
|
553,261 | 553 | 126,697 | |||||||||||||||||||||
Issuance of common stock for settlement of accounts payable, February ($0.261, per share)
|
|
121,212 | 120 | 31,504 | ||||||||||||||||||||
Issuance of common stock for cash, February ($0.30, per share)
|
101,000 | 101 | 30,199 | |||||||||||||||||||||
Issuance of common stock for cash, February ($0.333, per share)
|
100,000 | 100 | 33,233 | |||||||||||||||||||||
Issuance of common stock for cash, February ($0.42, per share)
|
33,000 | 33 | 13,827 |
Issuance of common stock for services, February ($0.475, per share)
|
14,000 | 14 | 6,636 | |||||||||||||||||||||
Issuance of common stock for services, February ($0.575, per share)
|
20,000 | 20 | 11,480 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.18, per share)
|
10,000 | 10 | 1,790 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.21, per share)
|
4,761 | 5 | 995 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.28, per share)
|
357,142 | 357 | 99,643 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.294, per share)
|
6,803 | 7 | 1,993 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.30, per share)
|
152,666 | 153 | 45,647 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.35, per share)
|
6,000 | 6 | 2,094 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.37, per share)
|
13,514 | 14 | 4,986 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.38, per share)
|
50,000 | 50 | 18,950 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.39, per share)
|
1,025 | 1 | 399 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.40, per share)
|
3,000 | 3 | 1,197 | |||||||||||||||||||||
Issuance of common stock for settlement of accounts payable,
March ($0.269 per share) |
80,000 | 80 | 21,420 | |||||||||||||||||||||
Issuance of common stock for settlement of accounts payable,
March ($0.53, per share) |
3,774 | 4 | 1,996 | |||||||||||||||||||||
Issuance of common stock for services, March ($0.485, per share)
|
150,000 | 150 | 72,600 | |||||||||||||||||||||
Issuance of common stock for services, March ($0.49, per share)
|
600,000 | 600 | 293,400 | |||||||||||||||||||||
Write off uncollectible stock subscription receivable, March
|
(155,000 | ) | ||||||||||||||||||||||
Value of the beneficial conversion feature for the issuance of
convertible debt |
248,889 | |||||||||||||||||||||||
Issuance of common stock for cash, April ($0.34, per share)
|
40,000 | 40 | 13,560 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.36, per share)
|
24,000 | 24 | 8,568 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.39, per share)
|
1,795 | 2 | 698 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.42, per share)
|
3,570 | 4 | 1,496 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.43, per share)
|
2,500 | 2 | 1,073 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.44, per share)
|
7,955 | 8 | 3,492 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.45, per share)
|
10,000 | 10 | 4,490 | |||||||||||||||||||||
Issuance of common stock for services, April ($0.49, per share)
|
55,000 | 55 | 26,895 | |||||||||||||||||||||
Issuance of common stock for cash, May ($0.35, per share)
|
28,572 | 29 | 9,971 | |||||||||||||||||||||
Issuance of common stock for cash, May ($0.40, per share)
|
14,000 | 14 | 5,586 | |||||||||||||||||||||
Issuance of common stock for cash, May ($0.44, per share)
|
116,500 | 116 | 51,144 | |||||||||||||||||||||
Issuance of common stock for cash, June ($0.28, per share)
|
25,000 | 25 | 6,975 | |||||||||||||||||||||
Issuance of common stock for cash, June ($0.30, per share)
|
11,000 | 11 | 3,289 | |||||||||||||||||||||
Issuance of common stock for cash, June ($0.31, per share)
|
1,000 | 1 | 309 | |||||||||||||||||||||
Issuance of common stock for cash, June ($0.32, per share)
|
3,750 | 4 | 1,196 |
Issuance of common stock for services, June ($0.38, per share)
|
150,000 | 150 | 56,850 | |||||||||||||||||||||
Issuance of common stock for services, June ($0.41, per share)
|
100,000 | 100 | 40,400 | |||||||||||||||||||||
Payment received for stock subscription receivable, June
|
||||||||||||||||||||||||
Issuance of common stock for cash, July ($0.21, per share)
|
76,190 | 76 | 15,924 | |||||||||||||||||||||
Issuance of common stock for conversion of notes, July ($0.24, per share)
|
207,727 | 208 | 49,792 | |||||||||||||||||||||
Issuance of common stock for cash, August ($0.19, per share)
|
65,788 | 66 | 12,434 | |||||||||||||||||||||
Issuance of common stock for conversion of notes, August ($0.19, per share)
|
393,288 | 393 | 74,607 | |||||||||||||||||||||
Issuance of common stock for cash, August ($0.20, per share)
|
22,500 | 23 | 4,477 | |||||||||||||||||||||
Issuance of common stock for cash, September ($0.17, per share)
|
1,500,000 | 1,500 | 253,500 | |||||||||||||||||||||
Issuance of common stock for conversion of notes, September ($0.18, per share)
|
269,472 | 269 | 49,731 | |||||||||||||||||||||
Forfeiture of common stock issued for services, September
|
(600,000 | ) | (600 | ) | (293,400 | ) | ||||||||||||||||||
Common stock commitment at $0.25 - $0.27
|
||||||||||||||||||||||||
Issuance of common stock for cash, October ($0.17, per share)
|
20,589 | 21 | 3,479 | |||||||||||||||||||||
Issuance of common stock for cash, October ($0.18, per share)
|
20,000 | 20 | 3,580 | |||||||||||||||||||||
Issuance of common stock for cash, October ($0.19, per share)
|
52,632 | 53 | 9,947 | |||||||||||||||||||||
Issuance of common stock for cash, November ($0.14, per share)
|
2,000 | 2 | 278 | |||||||||||||||||||||
Issuance of common stock for cash, November ($0.15, per share)
|
1,333 | 1 | 199 | |||||||||||||||||||||
Issuance of common stock for cash, December ($0.104, per share)
|
10,000 | 10 | 1,030 | |||||||||||||||||||||
Issuance of common stock for conversion of notes, October ($0.155, per share)
|
258,732 | 259 | 39,741 | |||||||||||||||||||||
Issuance of common stock for conversion of notes, November ($0.156, per share)
|
244,059 | 244 | 37,756 | |||||||||||||||||||||
Issuance of common stock for services, November ($0.23, per share)
|
5,000 | 5 | 1,145 | |||||||||||||||||||||
Issuance of common stock for services, December ($0.15, per share)
|
2,500 | 2 | 373 | |||||||||||||||||||||
Issuance of warrants for services, December
|
97,714 | |||||||||||||||||||||||
Net loss
|
(2,569,223 | ) | ||||||||||||||||||||||
Balance December 31, 2010
|
45,844,161 | 45,843 | 12,526,812 | (14,133,147 | ) | |||||||||||||||||||
Issuance of common stock for settlement of accounts payable,
January ($0.15, per share) |
443,667 | 444 | 66,106 | |||||||||||||||||||||
Issuance of common stock for services, January ($0.15, per share)
|
2,500 | 3 | 373 | |||||||||||||||||||||
Issuance of common stock for accrued payroll, January ($0.10, per share)
|
150,000 | 150 | 14,850 | |||||||||||||||||||||
Issuance of common stock for services, January ($0.24, per share)
|
300,000 | 300 | 71,700 | |||||||||||||||||||||
Issuance of common stock for cash, February ($0.10, per share)
|
401,000 | 401 | 39,699 | |||||||||||||||||||||
Issuance of common stock for services, February ($0.25, per share)
|
700,000 | 700 | 174,300 | |||||||||||||||||||||
Issuance of common stock for services, February ($0.27, per share)
|
100,000 | 100 | 26,900 | |||||||||||||||||||||
Issuance of common stock for cash, March ($0.10, per share)
|
997,000 | 997 | 98,703 |
Value of the beneficial conversion feature for the issuance of convertible debt
|
7,000 | |||||||||||||||||||||||
Issuance of common stock for conversion of note, March ($0.15, per share)
|
166,667 | 167 | 24,833 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.10, per share)
|
260,000 | 260 | 25,740 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.14, per share)
|
71,428 | 71 | 9,929 | |||||||||||||||||||||
Issuance of common stock for conversion of note, April ($0.15, per share)
|
166,667 | 167 | 24,833 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.17, per share)
|
82,353 | 82 | 13,918 | |||||||||||||||||||||
Issuance of common stock for services, April ($0.27, per share)
|
65,000 | 65 | 17,972 | |||||||||||||||||||||
Issuance of common stock for services, April ($0.15, per share)
|
3,000,000 | 3,000 | 447,000 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.13, per share)
|
106,154 | 106 | 13,694 | |||||||||||||||||||||
Issuance of common stock for cash, June ($0.10, per share)
|
6,000 | 6 | 594 | |||||||||||||||||||||
Issuance of common stock for services, June ($0.13, per share)
|
250,000 | 250 | 32,250 | |||||||||||||||||||||
Issuance of common stock for cash, June ($0.18, per share)
|
2,000 | 2 | 358 | |||||||||||||||||||||
Issuance of common stock for cash, July ($0.10, per share)
|
200,000 | 200 | 19,800 | |||||||||||||||||||||
Issuance of common stock for services, July ($0.14, per share)
|
250,000 | 250 | 34,750 | |||||||||||||||||||||
Issuance of common stock subscription, July
|
||||||||||||||||||||||||
Issuance of common stock for settlement of accounts payable,
July ($0.14, per share) |
169,734 | 170 | 23,593 | |||||||||||||||||||||
Issuance of common stock for cash, August ($0.08, per share)
|
130,000 | 130 | 10,270 | |||||||||||||||||||||
Issuance of common stock for cash, September ($0.10, per share)
|
9,615 | 10 | 990 | |||||||||||||||||||||
Issuance of common stock for cash, September ($0.18, per share)
|
2,000 | 2 | 358 | |||||||||||||||||||||
Issuance of warrants for services, September
|
104,778 | |||||||||||||||||||||||
Issuance of common stock for services, October ($0.05, per share)
|
50,000 | 50 | 2,450 | |||||||||||||||||||||
Issuance of common stock for cash, October ($0.10, per share)
|
50,000 | 50 | 4,950 | |||||||||||||||||||||
Issuance of common stock for settlement of accounts payable,
October ($0.10, per share) |
578,000 | 578 | 57,222 | |||||||||||||||||||||
Issuance of common stock for services, October ($0.10, per share)
|
850,000 | 850 | 84,150 | |||||||||||||||||||||
Issuance of common stock for services, October ($0.14, per share)
|
100,000 | 100 | 13,900 | |||||||||||||||||||||
Issuance of common stock for services, October ($0.20, per share)
|
1,000,000 | 1,000 | 199,000 | |||||||||||||||||||||
Issuance of warrants for services, October
|
83,847 | |||||||||||||||||||||||
Commitment for common stock for cash, November ($0.05 per share)
|
||||||||||||||||||||||||
Amortization of stock for services
|
||||||||||||||||||||||||
Net loss
|
(2,238,011 | ) | ||||||||||||||||||||||
Balance December 31, 2011
|
56,503,946 | $ | 56,503 | $ | 14,277,622 | $ | (16,371,158 | ) | ||||||||||||||||
Issuance of common stock for cash, January ($0.05, per share)
|
173,000 | 173 | 8,477 | |||||||||||||||||||||
Issuance of common stock for cash, January ($0.06, per share)
|
66,666 | 67 | 3,933 | |||||||||||||||||||||
Issuance of common stock for cash, January ($0.04, per share)
|
25,000 | 25 | 975 | |||||||||||||||||||||
Issuance of common stock for cash, January ($0.03, per share)
|
4,000,000 | 4,000 | 116,000 |
Issuance of common stock for cash, January ($0.10, per share)
|
1,395,000 | 1,395 | 138,105 | |||||||||||||||||||||
Issuance of common stock for cash, January ($0.112, per share)
|
589,285 | 589 | 65,411 | |||||||||||||||||||||
Issuance of common stock for services, February ($0.13, per share)
|
850,000 | 850 | 109,650 | |||||||||||||||||||||
Issuance of common stock for services, March ($0.13, per share)
|
500,000 | 500 | 64,500 | |||||||||||||||||||||
Issuance of common stock for cash, February ($0.05, per share)
|
100,000 | 100 | 4,900 | |||||||||||||||||||||
Issuance of common stock for services, February ($0.17, per share)
|
200,000 | 200 | 33,800 | |||||||||||||||||||||
Issuance of preferred stock for accrued payroll, March ($0.67, per share)
|
500,000 | 500 | 334,785 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.10, per share)
|
45,000 | 45 | 4,455 | |||||||||||||||||||||
Issuance of common stock for accrued royalties, April ($0.12, per share)
|
250,000 | 250 | 1,508,000 | |||||||||||||||||||||
Issuance of common stock for services, April ($0.13, per share)
|
500,000 | 500 | 64,500 | |||||||||||||||||||||
Issuance of common stock for services, April ($0.14, per share)
|
100,000 | 100 | 13,400 | |||||||||||||||||||||
Issuance of common stock for cash, April ($0.05, per share)
|
440,000 | 440 | 21,560 | |||||||||||||||||||||
Issuance of common stock for cash, May ($0.09, per share)
|
7,777 | 8 | 692 | |||||||||||||||||||||
Issuance of common stock for cash, May ($0.10, per share)
|
20,000 | 20 | 1,980 | |||||||||||||||||||||
Issuance of common stock for conversion of debt, June ($0.03, per share)
|
807,273 | 807 | 21,393 | |||||||||||||||||||||
Issuance of common stock for conversion of debt, June ($0.04, per share)
|
519,019 | 519 | 21,481 | |||||||||||||||||||||
Issuance of common stock for conversion of debt, October ($0.01, per share)
|
845,070 | 845 | 11,155 | |||||||||||||||||||||
Issuance of common stock for conversion of debt, December ($0.01, per share)
|
1,132,075 | 1,132 | 10,868 | |||||||||||||||||||||
Issuance of common stock for services, December ($0.01, per share)
|
100,000 | 100 | 1,100 | |||||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
75,027 | |||||||||||||||||||||||
Net loss
|
(1,160,250 | ) | ||||||||||||||||||||||
Balance December 31, 2012
|
500,000 | 500 | 69,169,111 | $ | 69,168 | $ | 16,913,769 | $ | (17,531,408 | ) |
Prepaid
|
||||||||||||||||||||
Deferred
|
Consulting
|
|||||||||||||||||||
Non-Cash
|
Common
|
Services Paid
|
||||||||||||||||||
Offering
|
Stock |
for with
|
Subscription | |||||||||||||||||
Costs | Payable |
Common Stock
|
Receivable | Total | ||||||||||||||||
Issuance of common stock and warrants for cash, January ($0.15, per share)
|
30,000
|
|||||||||||||||||||
Issuance of common stock for services, February ($0.38, per shares)
|
60,800
|
|||||||||||||||||||
Issuance of common stock for services, February ($0.26, per share)
|
3,120
|
|||||||||||||||||||
Issuance of common stock for services, April ($0.12, per share)
|
(20,000
|
)
|
5,200
|
|||||||||||||||||
Issuance of common stock for services, May ($0.20, per share)
|
(61,600
|
)
|
8,400
|
|||||||||||||||||
Issuance of common stock for cash, May ($0.10, per share)
|
14,500
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.10, per share)
|
33,400
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.085, per share)
|
12,750
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.08, per share)
|
2,000
|
|||||||||||||||||||
Issuance of common stock for services, June ($0.16, per share)
|
(48,000
|
)
|
||||||||||||||||||
Amortization of prepaid services paid for with common stock
|
110,767
|
110,767
|
||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
25,000
|
|||||||||||||||||||
Issuance of common stock for cash, July ($0.10, per share)
|
37,951
|
|||||||||||||||||||
Issuance of common stock for services, July ($0.15, per share)
|
4,500
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.10, per share)
|
10,100
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.10, per share)
|
36,900
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.08, per share)
|
24,500
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.08, per share)
|
300
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.09, per share)
|
3,600
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.10, per share)
|
2,700
|
|||||||||||||||||||
Issuance of common stock for cash, November ($0.08, per share)
|
1,000
|
|||||||||||||||||||
Issuance of common stock for cash, November ($0.10, per share)
|
3,240
|
|||||||||||||||||||
Issuance of common stock for services, December ($0.071, per share)
|
888
|
|||||||||||||||||||
Issuance of common stock for cash, December ($0.08, per share)
|
12,900
|
|||||||||||||||||||
Issuance of common stock for cash, December ($0.10, per share)
|
2,630
|
|||||||||||||||||||
Issuance of common stock for services, December ($0.09, per share)
|
900
|
|||||||||||||||||||
Issuance of common stock for services, December ($0.13, per share)
|
(65,000
|
)
|
||||||||||||||||||
Issuance of common stock for services, December ($0.17, per share)
|
2,125
|
|||||||||||||||||||
Issuance of common stock for services, December ($0.1954, per share)
|
19,535
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, December ($0.08, per share)
|
2,000
|
Issuance of common stock for conversion of notes, December ($0.07, per share)
|
20,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, December ($0.07, per share)
|
15,000
|
|||||||||||||||||||
Issuance of warrants for services, December
|
29,578
|
|||||||||||||||||||
Net loss
|
(982,677
|
)
|
||||||||||||||||||
Balance December 31, 2008
|
(101,333
|
)
|
(167,090
|
)
|
(1,438,841
|
)
|
||||||||||||||
Amortization of prepaid services paid for with common stock
|
571,625
|
571,625
|
||||||||||||||||||
Issuance of common stock for conversion of notes, January ($0.06, per share)
|
15,000
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.50, per share)
|
99
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.07, per share)
|
20,650
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.08, per share)
|
1,000
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.10, per share)
|
25,500
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, February ($0.06, per share)
|
10,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, February ($0.09, per share)
|
20,000
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.07, per share)
|
36,885
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.10, per share)
|
11,050
|
|||||||||||||||||||
Issuance of common stock for services, March ($0.11, per share)
|
(33,000
|
)
|
||||||||||||||||||
Issuance of common stock for conversion of notes, March ($0.07, per share)
|
10,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, March ($0.08, per share)
|
25,000
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.07, per share)
|
20,250
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.10, per share)
|
1,000
|
|||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
149,750
|
|||||||||||||||||||
Issuance of warrants for services, January
|
36,644
|
|||||||||||||||||||
Issuance of common stock for services, April ($0.09, per share)
|
1,800
|
|||||||||||||||||||
Issuance of common stock for services, April ($0.10, per share)
|
(50,000
|
)
|
1,000
|
|||||||||||||||||
Issuance of common stock for cash, April ($0.07, per share)
|
19,250
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.10, per share)
|
2,950
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, April ($0.07, per share)
|
35,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, April ($0.06, per share)
|
10,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, May ($0.06, per share)
|
25,000
|
|||||||||||||||||||
Issuance of common stock for services, May ($0.09, per share)
|
5,150
|
|||||||||||||||||||
Issuance of common stock for cash, May ($0.07, per share)
|
5,390
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, June ($0.06, per share)
|
25,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, June ($0.07, per share)
|
55,000
|
|||||||||||||||||||
Issuance of common stock and warrants for cash, June ($0.07, per share)
|
40,750
|
Issuance of common stock for cash, June ($0.08, per share)
|
34,982
|
|||||||||||||||||||
Issuance of common stock for cash, July ($0.07, per share)
|
68,337
|
|||||||||||||||||||
Issuance of common stock for cash, July ($0.065, per share)
|
14,008
|
|||||||||||||||||||
Issuance of common stock for cash, July ($0.10, per share)
|
2,000
|
|||||||||||||||||||
Issuance of common stock for cash, July ($0.26, per share)
|
1,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, July ($0.065, per share)
|
10,000
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.07, per share)
|
9,100
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.085, per share)
|
5,000
|
|||||||||||||||||||
Issuance of common stock and warrants for cash, August ($0.10, per share)
|
148,000
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.11, per share)
|
1,100
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.12, per share)
|
12,000
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.24, per share)
|
36,600
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.26, per share)
|
36,500
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.28, per share)
|
4,700
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.30, per share)
|
49,200
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.33, per share)
|
2,100
|
|||||||||||||||||||
Issuance of common stock for services, August ($0.09, per share)
|
(108,000
|
)
|
||||||||||||||||||
Issuance of common stock for services, August ($0.25, per share)
|
(25,000
|
)
|
||||||||||||||||||
Issuance of common stock for services, August ($0.10, per share)
|
(5,000
|
)
|
||||||||||||||||||
Issuance of common stock for services, August ($0.16, per share)
|
(16,000
|
)
|
||||||||||||||||||
Issuance of common stock for cash, September ($0.10, per share)
|
2,000
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.20, per share)
|
8,000
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.22, per share)
|
63,000
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.23, per share)
|
29,000
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.235, per share)
|
7,000
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.25, per share)
|
11,500
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.26, per share)
|
21,900
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.30, per share)
|
6,400
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.325, per share)
|
400
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.33, per share)
|
22,110
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.375, per share)
|
3,750
|
|||||||||||||||||||
Issuance of common stock for services, September ($0.47, per share)
|
47,000
|
|||||||||||||||||||
Issuance of common stock for services, September ($0.61, per share)
|
(305,000
|
)
|
Issuance of common stock for services, September ($0.50, per share)
|
(2,500
|
)
|
||||||||||||||||||
Issuance of common stock and exercise of warrants for a reduction in a payable, September ($0.10, per share)
|
35,000
|
|||||||||||||||||||
Issuance of common stock options, July
|
40,706
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.22, per share)
|
2,500
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.18, per share)
|
44,300
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.17, per share)
|
4,400
|
|||||||||||||||||||
Issuance of common stock for cash, November ($0.18, per share)
|
17,780
|
|||||||||||||||||||
Issuance of common stock for cash, November ($0.20 per share)
|
33,500
|
|||||||||||||||||||
Issuance of common stock for cash, December ($0.19, per share)
|
475
|
|||||||||||||||||||
Issuance of common stock for cash, December ($0.16, per share)
|
(16,000
|
)
|
||||||||||||||||||
Issuance of common stock for cash, December ($0.17, per share)
|
(1,000
|
)
|
||||||||||||||||||
Issuance of common stock for cash, December ($0.18, per share)
|
(12,000
|
)
|
6,380
|
|||||||||||||||||
Issuance of common stock for cash, December ($0.20, per share)
|
2,000
|
|||||||||||||||||||
Issuance of common stock for cash, December ($0.30, per share)
|
330,000
|
|||||||||||||||||||
Issuance of common stock for services, October ($0.42, per share)
|
42,000
|
|||||||||||||||||||
Issuance of common stock for services, December ($0.38, per share)
|
(5,700
|
)
|
125,400
|
|||||||||||||||||
Issuance of common stock for conversion of notes, December ($0.1284, per share)
|
192,000
|
|||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
100,921
|
|||||||||||||||||||
Issuance of warrants
|
10,161
|
|||||||||||||||||||
Payment on stock subscription receivable
|
90
|
90
|
||||||||||||||||||
Net loss
|
(2,271,917
|
)
|
||||||||||||||||||
Balance, December 31, 2009
|
(79,908
|
)
|
(196,000
|
)
|
(885,715
|
)
|
||||||||||||||
Payment on stock subscription receivables
|
29,000
|
29,000
|
||||||||||||||||||
Amortization of prepaid services paid for with common stock
|
98,058
|
98,058
|
||||||||||||||||||
Issuance of common stock for cash, February ($0.15, per share)
|
20,250
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.16, per share)
|
50,947
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.17, per share)
|
27,140
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.18, per share)
|
1,800
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.23, per share)
|
127,250
|
|||||||||||||||||||
Issuance of common stock for settlement of accounts payable, February ($0.261, per share)
|
31,624
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.30, per share)
|
30,300
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.333, per share)
|
33,333
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.42, per share)
|
13,860
|
|||||||||||||||||||
Issuance of common stock for services, February ($0.475, per share)
|
(6,650
|
)
|
||||||||||||||||||
Issuance of common stock for services, February ($0.575, per share)
|
(11,500
|
)
|
Issuance of common stock for cash, March ($0.18, per share)
|
1,800
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.21, per share)
|
1,000
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.28, per share)
|
(100,000
|
)
|
||||||||||||||||||
Issuance of common stock for cash, March ($0.294, per share)
|
2,000
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.30, per share)
|
45,800
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.35, per share)
|
2,100
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.37, per share)
|
5,000
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.38, per share)
|
19,000
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.39, per share)
|
400
|
|||||||||||||||||||
Issuance of common stock for cash, March ($0.40, per share)
|
1,200
|
|||||||||||||||||||
Issuance of common stock for settlement of accounts payable, March ($0.269 per share)
|
21,500
|
|||||||||||||||||||
Issuance of common stock for settlement of accounts payable, March ($0.53, per share)
|
2,000
|
|||||||||||||||||||
Issuance of common stock for services, March ($0.485, per share)
|
72,750
|
|||||||||||||||||||
Issuance of common stock for services, March ($0.49, per share)
|
(294,000
|
)
|
||||||||||||||||||
Write off uncollectible stock subscription receivable, March
|
155,000
|
|||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
248,889
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.34, per share)
|
13,600
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.36, per share)
|
8,592
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.39, per share)
|
700
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.42, per share)
|
1,500
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.43, per share)
|
1,075
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.44, per share)
|
3,500
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.45, per share)
|
4,500
|
|||||||||||||||||||
Issuance of common stock for services, April ($0.49, per share)
|
26,950
|
|||||||||||||||||||
Issuance of common stock for cash, May ($0.35, per share)
|
10,000
|
|||||||||||||||||||
Issuance of common stock for cash, May ($0.40, per share)
|
5,600
|
|||||||||||||||||||
Issuance of common stock for cash, May ($0.44, per share)
|
51,260
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.28, per share)
|
7,000
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.30, per share)
|
3,300
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.31, per share)
|
310
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.32, per share)
|
1,200
|
|||||||||||||||||||
Issuance of common stock for services, June ($0.38, per share)
|
57,000
|
|||||||||||||||||||
Issuance of common stock for services, June ($0.41, per share)
|
40,500
|
Payment received for stock subscription receivable, June
|
100,000
|
100,000
|
||||||||||||||||||
Issuance of common stock for cash, July ($0.21, per share)
|
16,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, July ($0.24, per share)
|
50,000
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.19, per share)
|
12,500
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, August ($0.19, per share)
|
75,000
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.20, per share)
|
4,500
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.17, per share)
|
255,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, September ($0.18, per share)
|
50,000
|
|||||||||||||||||||
Forfeiture of common stock issued for services, September
|
294,000
|
|||||||||||||||||||
Common stock commitment at $0.25 - $0.27
|
274,000
|
(193,596
|
)
|
80,404
|
||||||||||||||||
Issuance of common stock for cash, October ($0.17, per share)
|
3,500
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.18, per share)
|
3,600
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.19, per share)
|
10,000
|
|||||||||||||||||||
Issuance of common stock for cash, November ($0.14, per share)
|
280
|
|||||||||||||||||||
Issuance of common stock for cash, November ($0.15, per share)
|
200
|
|||||||||||||||||||
Issuance of common stock for cash, December ($0.104, per share)
|
1,040
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, October ($0.155, per share)
|
40,000
|
|||||||||||||||||||
Issuance of common stock for conversion of notes, November ($0.156, per share)
|
38,000
|
|||||||||||||||||||
Issuance of common stock for services, November ($0.23, per share)
|
1,150
|
|||||||||||||||||||
Issuance of common stock for services, December ($0.15, per share)
|
375
|
|||||||||||||||||||
Issuance of warrants for services, December
|
97,714
|
|||||||||||||||||||
Net loss
|
(2,569,223
|
)
|
||||||||||||||||||
Balance December 31, 2010
|
$
|
0
|
$
|
274,000
|
$
|
(193,596
|
)
|
$
|
(12,000
|
)
|
$
|
(1,492,089
|
)
|
|||||||
Issuance of common stock for settlement of accounts payable, January ($0.15, per share)
|
66,550
|
|||||||||||||||||||
Issuance of common stock for services, January ($0.15, per share)
|
376
|
|||||||||||||||||||
Issuance of common stock for accrued payroll, January ($0.10, per share)
|
15,000
|
|||||||||||||||||||
Issuance of common stock for services, January ($0.24, per share)
|
(72,000
|
)
|
||||||||||||||||||
Issuance of common stock for cash, February ($0.10, per share)
|
40,100
|
|||||||||||||||||||
Issuance of common stock for services, February ($0.25, per share)
|
(175,000
|
)
|
||||||||||||||||||
Issuance of common stock for services, February ($0.27, per share)
|
(27,000
|
)
|
||||||||||||||||||
Issuance of common stock for cash, March ($0.10, per share)
|
99,700
|
|||||||||||||||||||
Value of beneficial conversion feature for the issuance of convertible debt
|
7,000
|
|||||||||||||||||||
Issuance of common stock for conversion of note, March ($0.15, per share)
|
25,000
|
Issuance of common stock for cash, April ($0.10, per share)
|
26,000
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.14, per share)
|
10,000
|
|||||||||||||||||||
Issuance of common stock for conversion of note, April ($0.15, per share)
|
25,000
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.17, per share)
|
14,000
|
|||||||||||||||||||
Issuance of common stock for services, April ($0.27, per share)
|
18,037
|
|||||||||||||||||||
Issuance of common stock for services, April ($0.15, per share)
|
450,000
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.13, per share)
|
13,800
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.10, per share)
|
600
|
|||||||||||||||||||
Issuance of common stock for services, June ($0.13, per share)
|
32,500
|
|||||||||||||||||||
Issuance of common stock for cash, June ($0.18, per share)
|
360
|
|||||||||||||||||||
Issuance of common stock for cash, July ($0.10, per share)
|
20,000
|
|||||||||||||||||||
Issuance of common stock for services, July ($0.14, per share)
|
35,000
|
|||||||||||||||||||
Issuance of common stock subscription, July
|
(200,000
|
)
|
(200,000
|
)
|
||||||||||||||||
Issuance of common stock for settlement of accounts payable, July ($0.14, per share)
|
23,763
|
|||||||||||||||||||
Issuance of common stock for cash, August ($0.08, per share)
|
10,400
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.10, per share)
|
1,000
|
|||||||||||||||||||
Issuance of common stock for cash, September ($0.18, per share)
|
360
|
|||||||||||||||||||
Issuance of warrants for services, September
|
104,778
|
|||||||||||||||||||
Issuance of common stock for services, October ($0.05, per share)
|
2,500
|
|||||||||||||||||||
Issuance of common stock for cash, October ($0.10, per share)
|
5,000
|
|||||||||||||||||||
Issuance of common stock for settlement of accounts payable, October ($0.10, per share)
|
57,800
|
|||||||||||||||||||
Issuance of common stock for services, October ($0.10, per share)
|
85,000
|
|||||||||||||||||||
Issuance of common stock for services, October ($0.14, per share)
|
14,000
|
|||||||||||||||||||
Issuance of common stock for services, October ($0.20, per share)
|
200,000
|
|||||||||||||||||||
Issuance of warrants for services, October
|
83,847
|
|||||||||||||||||||
Commitment for common stock, November ($0.05 per share)
|
3,650
|
3,650
|
||||||||||||||||||
Amortization of stock for services
|
110,868
|
110,868
|
||||||||||||||||||
Net loss
|
(2,238,011
|
)
|
||||||||||||||||||
Balance December 31, 2011
|
$
|
0
|
$
|
3,650
|
$
|
(82,728
|
) |
$
|
(212,000
|
) |
$
|
(2,328,111
|
) | |||||||
Issuance of common stock for cash, January ($0.05, per share)
|
8,650
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.06, per share)
|
4,000
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.04, per share)
|
1,000
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.03, per share)
|
120,000
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.10, per share)
|
139,500
|
|||||||||||||||||||
Issuance of common stock for cash, January ($0.112, per share)
|
66,000
|
Issuance of common stock for services, February ($0.13, per share)
|
110,500
|
|||||||||||||||||||
Issuance of common stock for services, March ($0.13, per share)
|
65,000
|
|||||||||||||||||||
Issuance of common stock for cash, February ($0.05, per share)
|
5,000
|
|||||||||||||||||||
Issuance of common stock for services, February ($0.17, per share)
|
34,000
|
|||||||||||||||||||
Issuance of preferred stock for accrued payroll, March ($0.67, per share)
|
335,285
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.10, per share)
|
4,500
|
|||||||||||||||||||
Issuance of common stock for accrued royalties, April ($0.12, per share)
|
1,508,250
|
|||||||||||||||||||
Issuance of common stock for services, April ($0.13, per share)
|
65,000
|
|||||||||||||||||||
Issuance of common stock for services, April ($0.14, per share)
|
13,500
|
|||||||||||||||||||
Issuance of common stock for cash, April ($0.05, per share)
|
22,000
|
|||||||||||||||||||
Issuance of common stock for cash, May ($0.09, per share)
|
700
|
|||||||||||||||||||
Issuance of common stock for cash, May ($0.10, per share)
|
2,000
|
|||||||||||||||||||
Issuance of common stock for conversion of debt, June ($0.03, per share)
|
22,200
|
|||||||||||||||||||
Issuance of common stock for conversion of debt, June ($0.04, per share)
|
22,000
|
|||||||||||||||||||
Issuance of common stock for conversion of debt, October ($0.01, per share)
|
12,000
|
|||||||||||||||||||
Issuance of common stock for conversion of debt, December ($0.01, per share)
|
12,000
|
|||||||||||||||||||
Issuance of common stock for services, December ($0.01, per share)
|
1,200
|
|||||||||||||||||||
Value of the beneficial conversion feature for the issuance of convertible debt
|
75,027
|
|||||||||||||||||||
Amortization of prepaid services
|
16,350
|
25,343
|
41,693
|
|||||||||||||||||
Net loss
|
(1,160,250
|
) | ||||||||||||||||||
Balance December 31, 2012
|
$
|
-
|
$
|
20,000
|
$
|
(57,385
|
) |
$
|
(212,000
|
) |
$
|
(797,356
|
) |
Period
|
||||||||||||
November 27,
|
||||||||||||
For the Years Ended December 31,
|
2000 (Date of
|
|||||||||||
Inception) through
|
||||||||||||
2012
|
2011
|
December 31, 2012
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net loss
|
$ | (1,160,250 | ) | $ | (2,238,011 | ) | $ | (17,531,408 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activites:
|
||||||||||||
Common stock and long-term debt issued for acquisition of license agreement
|
- | - | 2,735,649 | |||||||||
Common stock issued for services and amortization of common stock issued for services
|
330,893 | 1,038,270 | 5,371,683 | |||||||||
Loss on deposit
|
197,500 | 197,500 | ||||||||||
Contribution from shareholder
|
- | - | 188,706 | |||||||||
Unrealized gain on derivative liability
|
(21,608 | ) | - | (21,608 | ) | |||||||
Amortization of beneficial conversion feature
|
- | 15,315 | 539,876 | |||||||||
Amortization of deferred loan costs
|
- | - | 24,750 | |||||||||
Write off of deferred offering costs
|
- | 119,383 | ||||||||||
Write off of deferred non cash offering costs
|
- | 49,120 | ||||||||||
Gain on disposal of fixed assets
|
- | (1,965 | ) | |||||||||
Depreciation
|
4,518 | 3,838 | 55,464 | |||||||||
Amortization of agency fee
|
- | 100,000 | ||||||||||
Amortization of discount on notes payable
|
146,603 | 42,632 | 180,461 | |||||||||
Decrease (increase) in prepaid expenses
|
(3,587 | ) | 4,059 | (10,705 | ) | |||||||
Increase (decrease) in:
|
||||||||||||
Accounts payable
|
1,808 | 72,722 | 326,936 | |||||||||
Accrued expenses
|
(5,000 | ) | 32,256 | 300,506 | ||||||||
Accrued payroll
|
126,569 | 326,845 | 728,425 | |||||||||
Accrued royalty fees
|
25,000 | 250,000 | 1,743,167 | |||||||||
Accrued interest
|
7,429 | 237 | 22,384 | |||||||||
Net cash used by operating activities
|
(350,125 | ) | (451,837 | ) | (4,881,676 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Payment of agency fee rights
|
- | - | (100,000 | ) | ||||||||
Issuance of notes receivable from stockholders
|
- | - | (23,000 | ) | ||||||||
Deposit for Global Hydrogen Energy Corp.
|
(197,500 | ) | (197,500 | ) | ||||||||
Repayment of notes receivable from stockholders
|
- | 22,095 | ||||||||||
Advances to related party
|
- | 805 | ||||||||||
Proceeds from sale of fixed assets
|
- | 2,500 | ||||||||||
Purchase of fixed assets
|
(15,000 | ) | (3,609 | ) | (68,538 | ) | ||||||
Net cash used by investing activities
|
(212,500 | ) | (3,609 | ) | (363,638 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Repayment of stockholder advances
|
(5,000 | ) | - | (162,084 | ) | |||||||
Advances from stockholders
|
1,430 | 5,000 | 272,582 | |||||||||
Increase in deferred offering cossts
|
- | (194,534 | ) | |||||||||
Proceeds from issuance of common stock
|
373,350 | 241,320 | 4,251,143 | |||||||||
Proceeds from exercise of options
|
- | 45,000 | ||||||||||
Debt issuance costs
|
- | (19,750 | ) | |||||||||
Repayment of convertible notes payable
|
- | (23,000 | ) | |||||||||
Proceeds from issuance of convertible notes payable
|
187,500 | 92,500 | 1,082,250 | |||||||||
Net cash provided by financing activities
|
557,280 | 338,820 | 5,251,607 | |||||||||
Net (decrease) increase in cash
|
(5,345 | ) | (116,626 | ) | 6,293 | |||||||
Cash, beginning of period
|
11,638 | 128,264 | - | |||||||||
Cash, end of period
|
$ | 6,293 | $ | 11,638 | $ | 6,293 |
Period
|
||||||||||||
November 27,
|
||||||||||||
For the Years Ended December 31,
|
2000 (Date of
|
|||||||||||
Inception) through
|
||||||||||||
2012
|
2011
|
December 31, 2012
|
||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||||||
Cash paid for interest
|
$ | 12,832 | $ | - | $ | 34,309 | ||||||
NON-CASH FINANCING AND INVESTING ACTIVITIES:
|
||||||||||||
Subscription receivable for issuance of common stock
|
$ | - | $ | - | $ | 29,090 | ||||||
Option to acquire license for issuance of common stock
|
$ | - | $ | - | $ | 10,000 | ||||||
Deferred offering costs netted against issuance of common stock under private placement
|
$ | - | $ | - | $ | 33,774 | ||||||
Deferred offering costs netted against issuance of common stock
|
$ | - | $ | - | $ | 41,735 | ||||||
Value of beneficial conversion feature of notes payable
|
$ | - | $ | - | $ | 19,507 | ||||||
Deferred non-cash offering costs in connection with private placement
|
$ | - | $ | - | $ | 74,850 | ||||||
Application of amount due from shareholder against related party debt
|
$ | - | $ | - | $ | 8,099 | ||||||
Amortization of offering costs related to stock for services
|
$ | - | $ | - | $ | 25,730 | ||||||
Settlement of notes payable in exchange for prepaid services
|
$ | - | $ | - | $ | 356,466 | ||||||
Common stock issued in exchange for prepaid services
|
$ | 110,500 | $ | 99,000 | $ | 2,454,664 | ||||||
Common stock issued in exchange for accrued royalties
|
$ | 1,301,500 | $ | - | $ | 1,718,167 | ||||||
Common stock issued for accruals
|
$ | 206,750 | $ | $ | 206,750 | |||||||
Receivable issued for exercise of common stock options
|
$ | - | $ | 200,000 | $ | 367,000 | ||||||
Common stock issued in exchange for fixed assets
|
$ | - | $ | - | $ | 5,000 | ||||||
Acquisition of agency fee intangible through accrued expenses
|
$ | - | $ | - | $ | 900,000 | ||||||
Beneficial conversion fetaure on convertible notes
|
$ | - | $ | 7,000 | $ | 531,561 | ||||||
Conversion of convertible debt to equity (7,340,152 shares since inception)
|
$ | - | $ | 50,000 | $ | 772,000 | ||||||
Conversion of convertible debt to equity (3,303,437 shares since inception)
|
$ | 66,500 | $ | $ | 66,500 | |||||||
Common stock issued for accounts payable
|
$ | - | $ | 118,713 | $ | 208,838 | ||||||
Common stock issued for accrued payroll
|
$ | - | $ | 15,000 | $ | 15,000 | ||||||
Preferred stock issued for accrued payroll
|
$ | 335,285 | $ | $ | 335,285 | |||||||
Common stock payable for prepaid services
|
$ | 245,000 | $ | $ | 245,000 | |||||||
Issuance of common stock to employees
|
$ | $ | $ | 274,000 | ||||||||
Common stock issued for accrued expenses
|
$ | $ | 29,400 | $ | 29,400 | |||||||
Derivative liability and debt discount
|
$ | 187,500 | $ | 42,500 | $ | 187,500 | ||||||
Write off uncollectible stock subscription receivable
|
$ | - | $ | - | $ | 155,000 | ||||||
Write off of intangible asset and agency fee payable
|
$ | - | $ | 900,000 | $ | 900,000 | ||||||
Conversion of accrued interest to common stock
|
$ | 1,700 | $ | - | $ | 1,700 |
1.
|
Background Information
|
2.
|
Going Concern
|
3.
|
Significant Accounting Policies
|
Years Ended
December 31,
|
||||
2011
|
||||
Dividend rate
|
0 | % | ||
0.87 | % - | |||
Risk free interest rate
|
2.21 | % | ||
Expected term
|
5 years
|
|||
119.6 | % - | |||
Expected volatility
|
168.1 | % |
3.
|
Significant Accounting Policies (continued)
|
●
|
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
|
●
|
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
●
|
Level 3 - Inputs that are both significant to the fair value measurement and unobservable.
|
4.
|
Option to Acquire License
|
●
|
Licensing fee – $250,000 licensing note payable on August 23, 2005 or agreement is terminated;
|
|
●
|
Minimum royalties – $250,000 due minimum royalty payment each year once licensing note is settled; this amount has been reduced to $25,000 per year effective January 1, 2012;
|
|
●
|
Royalties – eight percent of net sales after manufacturing and sales commence; and
|
|
●
|
Contract fees for design and engineering services.
|
5.
|
Furniture and equipment
|
2012
|
2011
|
|||||||
Furniture and fixtures
|
$
|
1,505
|
$
|
1,505
|
||||
Equipment
|
18,091
|
18,091
|
||||||
Automobile
|
15,000
|
-
|
||||||
Leasehold improvements
|
35,323
|
35,323
|
||||||
69,919
|
54,919
|
|||||||
Less accumulated depreciation and amortization
|
52,381
|
47,863
|
||||||
$
|
17,538
|
$
|
7,056
|
6.
|
Options and warrants
|
Shares
|
Range of Exercise
Prices
|
Weighted Average
Grant
Date Fair Value
|
||||||||||
Outstanding and Exercisable
|
||||||||||||
Outstanding at December 31, 2010
|
3,215,413
|
$
|
0.10 – 2.00
|
|||||||||
Options and warrants granted
|
2,450,000
|
$
|
0.15 – 0.30
|
$
|
0.17
|
|||||||
Options and warrants cancelled or expired
|
(260,000
|
)
|
$
|
2.00
|
||||||||
Outstanding at December 31, 2011
|
5,405,413
|
$
|
0.10 – 2.00
|
|||||||||
Options and warrants granted
|
0
|
|||||||||||
Options and warrants cancelled or expired
|
0
|
|||||||||||
Outstanding at December 31, 2012
|
5,405,413
|
$
|
0.10 – 2.00
|
|||||||||
Exercisable at December 31, 2012
|
5,405,413
|
$
|
0.10 – 2.00
|
|||||||||
Exercisable at December 31, 2011
|
5,405,413
|
$
|
0.10 – 2.00
|
Outstanding Options and Warrants
|
Exercisable Options and Warrants
|
|||||||||||||||||
Range of Exercise Price
|
Number
Outstanding
|
Weighted
Average
Remaining
Life
|
Weighted
Average
Price
|
Weighted
Average
Remaining
Life
|
Number
Exercisable
|
Weighted
Average
Price
|
||||||||||||
$ 0.10 – $2.00
|
5,405,413
|
2.87 Years
|
$
|
0.29
|
2.87 Years
|
5,405,413
|
$
|
0.29
|
7.
|
Commitments and Contingencies
|
8.
|
Income Taxes
|
2012
|
2011
|
|||||||
Tax expense (benefit) at U.S. statutory rate
|
$
|
(394,500
|
)
|
$
|
(760,900
|
)
|
||
State income tax expense (benefit), net of federal benefit
|
(42,200
|
)
|
(81,700
|
)
|
||||
Effect of non-deductible expenses
|
(7,900
|
)
|
500
|
|||||
Other
|
—
|
(200
|
)
|
|||||
Change in valuation allowance
|
444,600
|
842,300
|
||||||
$
|
—
|
$
|
—
|
2012
|
2011
|
|||||||
Deferred tax assets (liability), noncurrent:
|
||||||||
Depreciation
|
$
|
2,000
|
5,000
|
|||||
License agreement
|
237,600
|
316,700
|
||||||
Capitalized start up costs
|
4,906,000
|
4,612,600
|
||||||
Net operating loss
|
560,700
|
486,100
|
||||||
Stock compensation
|
104,400
|
114,400
|
||||||
Contribution carryover
|
2,700
|
2,700
|
||||||
Debt issuance
|
2,100
|
700
|
||||||
Amortization expense and beneficial conversion features
|
(25,100
|
)
|
(12,900
|
)
|
||||
Valuation allowance
|
(5,969,900
|
)
|
(5,525,300
|
)
|
||||
$
|
—
|
$
|
—
|
2012
|
||||
Balance, December 31, 2011
|
$
|
(5,525,300
|
)
|
|
Increase in valuation allowance
|
(444,600
|
)
|
||
Balance, December 31, 2012
|
(5,969,900
|
)
|
9.
|
Related Party Transactions
|
10.
|
Series A Convertible Preferred Stock
|
●
|
Par value is $.001.
|
|
●
|
1,000,000 shares authorized.
|
|
●
|
Voting rights on each matter submitted to common shareholders; 306 votes per each share of preferred stock held.
|
|
●
|
Convertible after 6 months from the above date on a ratio of one-to-one into common shares at the option of the preferred share holder.
|
11.
|
Convertible Notes and Derivative liability
|
Fair Value
Measurements at
December 31, 2012 (1)
|
Fair Value
Measurements
at December 31, 2011(1)
|
|||||||||||||||
Using Level 2
|
Total
|
Using Level 2
|
Total
|
|||||||||||||
Liabilities:
|
||||||||||||||||
Derivative liabilities
|
$
|
(123,272
|
)
|
$
|
(123,272
|
)
|
$
|
(40,756
|
)
|
$
|
(40,756
|
)
|
||||
Total liabilities
|
$
|
(123,272
|
)
|
$
|
(123,272
|
)
|
$
|
(40,756
|
)
|
$
|
(40,756
|
)
|
(1)
|
The Company did not have any assets or liabilities measured at fair value using Level 1 or Level 3 of the fair value hierarchy as of December 31, 2012 or 2011.
|
12.
|
Subsequent Events
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
CONTROLS AND PROCEDURES
|
OTHER INFORMATION
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
Name
|
Age
|
Position
|
||
Michael Rouse
|
56
|
President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer And Principal Financial Officer)
|
||
Phyllis J. Rouse
|
54
|
Vice President, Secretary, Treasurer and Director
|
||
Rebecca McDonald
|
46
|
Chief Accounting Officer
|
||
John R. Dickinson
|
46
|
Audit Committee Member
|
EXECUTIVE COMPENSATION
|
Name and Principal Position
|
Year
|
Salary ($)
|
Bonus
($)
|
Stock
Awards
($)
|
Option
Awards
($)
|
Non-Equity
Incentive Plan
Compensation
($)
|
Nonqualified
Deferred
Compensation
($)
|
All Other
Compensation
($)
|
Total ($)
|
|||||||||||||||||||||||||||
Michael Rouse, President,
CEO, Chairman of the |
2012
|
$
|
52,000
|
0
|
$
|
335,285
|
0
|
0
|
0
|
0
|
$
|
387,285
|
||||||||||||||||||||||||
Board (1)
|
2011
|
$
|
181,750
|
0
|
126,244
|
35,647
|
0
|
0
|
0
|
$
|
343,641
|
|||||||||||||||||||||||||
Phyllis J. Rouse Vice
President, Secretary, Treasurer and
|
2012
|
$
|
52,000
|
0
|
$
|
0
|
0
|
0
|
0
|
0
|
$
|
52,000
|
||||||||||||||||||||||||
Director (2)
|
2011
|
$
|
201,790
|
0
|
$
|
58,413
|
26,735
|
0
|
0
|
0
|
$
|
286,938
|
(1)
|
For the year ended December 31, 2012 and 2011, per Mr. Rouses’ employment agreement, his annual salary was $52,000.
|
(2)
|
For the year ended December 31, 2012 and 2011, per Ms. Rouses’ employment agreement, her annual salary was $52,000.
|
Option Awards
|
Stock Awards
|
|||||||||||||||||||||||||||||||||||
Name
|
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
|
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable
|
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options (#)
|
Option
Exercise
Price ($)
|
Option
Expiration
Date
|
Number
of
Shares
of Stock
That
Have
Not
Vested
(#)
|
Market
Value
of
Shares
of
Stock
That
Have
Not
Vested
($)
|
Equity
Incentive
Plan
Awards:
Number
of
Unearned
Shares or
Other
Rights
That
Have Not
Vested
(#)
|
Equity
Incentive
Plan
Awards:
Market
or Payout
Value of
Unearned
Shares or
Other
Rights
That
Have
Note
Vested
($)
|
|||||||||||||||||||||||||||
Michael Rouse, President, CEO, Chairman of the Board
|
400,000
|
400,000
|
0*
|
$
|
0.25
|
10/1/2016
|
0*
|
0*
|
0*
|
0*
|
||||||||||||||||||||||||||
Phyllis Rouse, Vice President,
Secretary, Treasurer and Director |
800,000
|
800,000
|
0*
|
$
|
0.10 - $0.25
|
7/9/2014 - 10/1/2016
|
0*
|
0*
|
0*
|
0*
|
Name
|
Fees
Earned
or Paid
in
Cash
($)
|
Stock
Awards
($)
|
Option
Awards
($)
|
Non-Equity
Incentive Plan
Compensation
($)
|
Change in
Pension Value
and
Nonqualified
Deferred
Compensation
Earnings ($)
|
All Other
Compensation
($)
|
Total
($)
|
|||||||||||||||||||||
not applicable
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Plan category
|
Number of
securities
to be issued
upon
exercise of
outstanding
options,
warrants
and rights
(a)
|
Weighted-
average
exercise
price of
outstanding
options,
warrants
and rights
(b)
|
Number of
securities
remaining
available for
future
issuance
under equity
compensation
plans
(excluding
securities
reflected in
column (a))
(c)
|
|||||||||
Equity compensation plans approved by security holders
|
0
|
$
|
0.00
|
0
|
||||||||
Equity compensation plans not approved by security holders
|
5,405,413
|
$
|
0.29
|
1,567,569
|
Name of Beneficial Owner
|
Number of
Shares
Beneficially
Owned
|
Percentage
of
Outstanding
Common
Stock
Owned
|
||||||
Michael Rouse
|
5,418,555
|
9.6
|
%
|
|||||
Alpha Engines Corporation (1)
|
2,812,752
|
5.0
|
%
|
|||||
Phyllis J. Rouse (2)
|
950,000
|
1.7
|
%
|
|||||
All directors and executive officers as a group (4 persons)
|
9,181,307
|
16.2
|
%
|
1.
|
Robert L. and Barbara J. Scragg are majority shareholders of Alpha, the Licensor of our company. Alpha Engines has granted Michael Rouse a proxy to vote all of its beneficially owned shares of the Company’s common stock.
|
2.
|
Phyllis J. Rouse is the sister-in-law of Michael Rouse.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
||
Regulation
Number
|
Exhibit
|
|
31.1
|
Rule 13a-14(a) Certification
|
|
31.2
|
Rule 13a-14(a) Certification
|
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
TURBINE TRUCK ENGINES, INC.
|
|||
Dated: April 15, 2013
|
By:
|
/s/ Michael Rouse
|
|
Chief Executive Officer, Chief Financial Officer and
Chairman of the Board
(Principal Executive Officer and Principal Financial Officer)
|
|||
Dated: April 15, 2013
|
By:
|
/s/ Rebecca A. McDonald
|
|
Principal Accounting Officer
|
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: April 15, 2013
|
/s/ Michael Rouse
|
||
Michael Rouse
|
|||
Chief Executive Officer and Chairman of the Board
(Principal Executive Officer and Principal Financial Officer)
|
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Date: April 15, 2013
|
/s/ Rebecca A. McDonald
|
||
Rebecca A. McDonald
|
|||
Principal Accounting Officer
|
Date: April 15, 2013
|
/s/ Michael Rouse
|
||
Michael Rouse
|
|||
Chief Executive Officer and Chairman of the Board
(Principal Executive Officer and Principal Financial Officer)
|
Date: April 15, 2013
|
/s/ Rebecca A. McDonald
|
||
Rebecca A. McDonald
|
|||
Principal Accounting Officer
|
Income Taxes - Provision for income taxes (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Income Tax Disclosure [Abstract] | ||
Tax expense (benefit) at U.S. statutory rate | $ (394,500) | $ (760,900) |
State income tax expense (benefit), net of federal benefit | (42,200) | (81,700) |
Effect of non-deductible expenses | (7,900) | 500 |
Other | (200) | |
Change in valuation allowance | 444,600 | 842,300 |
Provision for income taxes, Total |
Subsequent Events (Detail Textuals) (USD $)
|
145 Months Ended | 1 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Apr. 30, 2013
Subsequent Event
|
Feb. 28, 2013
Subsequent Event
|
Mar. 31, 2013
Subsequent Event
Convertible Notes Payable
|
Feb. 28, 2013
Subsequent Event
Convertible Promissory Note
|
Jan. 23, 2013
Subsequent Event
Binding Letter of Intent Agreement
Turbine truck engines
|
Jan. 23, 2013
Subsequent Event
Binding Letter of Intent Agreement
BluGen
|
|
Subsequent Event [Line Items] | |||||||
Percentage of interest owned in joint venture | 51.00% | 49.00% | |||||
Convertible debenture principal payment | $ 32,500 | ||||||
Convertible promissory note, interest rate | 8.00% | ||||||
Percentage of discount on market price of the stock | 41.00% | ||||||
Convertible note converted into common shares, Number | 25,714,286 | 1,500,000 | 1,500,000 | 8,275,706 | |||
Conversion of notes payable and accrued interest | $ 35,550 | ||||||
Shares issue to investor to satisfy a common stock payable | 4,000,000 |
Convertible Notes and Derivative liability - Liabilities measured at fair value on recurring basis (Details) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Liabilities: | ||
Derivative liabilities | $ (123,272) | $ (40,756) |
Total liabilities | (123,272) | (40,756) |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
|
||
Liabilities: | ||
Derivative liabilities | (123,272) | (40,756) |
Total liabilities | $ (123,272) | $ (40,756) |
Furniture and equipment - Summary of furniture and equipment (Details) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment, gross | $ 69,919 | $ 54,919 |
Less accumulated depreciation and amortization | 52,381 | 47,863 |
Furniture and equipment, net | 17,538 | 7,056 |
Furniture and Fixtures
|
||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment, gross | 1,505 | 1,505 |
Equipment
|
||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment, gross | 18,091 | 18,091 |
Automobile
|
||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment, gross | 15,000 | |
Leasehold Improvements
|
||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment, gross | $ 35,323 | $ 35,323 |
Income Taxes (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of provision for income taxes |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred tax assets and liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of valuation allowance |
|
Income Taxes (Detail Textuals) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Operating Loss Carryforwards [Line Items] | ||
Percentage of valuation allowance on net deferred tax assets | 100.00% | 100.00% |
Federal and state
|
||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards for federal and state | 1,521,000 | |
Expiration federal and state net operating loss | 2022 |
Options and warrants (Detail Textuals 1) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from stock options and warrants exercised | $ 0 | $ 0 |
Share-based compensation expense | 0 | 200,000 |
Share-based compensation cost not yet recognized | 57,000 | |
Period for Recognition | 3 years | |
Warrant
|
||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued in conjunction with common stock | 800,000 | |
Exercise price of warrants | 0.30 | |
Stock Options
|
||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value of options outstanding | $ 0.012 | $ 0.04 |
Aggregate intrinsic value of options outstanding | 0 | 0 |
Aggregate intrinsic value of options exercisable | $ 0 | $ 0 |
Convertible Notes and Derivative liability - (Detail Textuals) (USD $)
|
12 Months Ended | 145 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Jun. 30, 2012
Convertible promissory note due on maturity date of August 9, 2012
|
Dec. 31, 2012
Convertible promissory note due on maturity date of August 9, 2012
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Dec. 31, 2011
Convertible promissory note due on maturity date of August 9, 2012
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Nov. 30, 2011
Convertible promissory note due on maturity date of August 9, 2012
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Dec. 31, 2012
Convertible promissory note due on maturity date of January 18, 2013
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Jul. 31, 2012
Convertible promissory note due on maturity date of January 18, 2013
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Apr. 30, 2012
Convertible promissory note due on maturity date of January 18, 2013
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Dec. 31, 2012
Convertible promissory note due on maturity date of July 18, 2013
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Oct. 31, 2012
Convertible promissory note due on maturity date of July 18, 2013
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Apr. 24, 2012
Convertible promissory note matures one year from closing date
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Dec. 31, 2012
Convertible promissory note matures one year from closing date
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Debt Instrument [Line Items] | ||||||||||||||
Issued convertible promissory note | $ 42,500 | $ 42,500 | $ 42,500 | $ 27,500 | $ 278,000 | |||||||||
Convertible promissory note, interest rate | 8.00% | 8.00% | 8.00% | 8.00% | ||||||||||
Percentage of discount on market price of the stock | 41.00% | 41.00% | 41.00% | 41.00% | ||||||||||
Unamortized debt discount | 42,000 | 42,500 | 42,500 | 27,500 | 75,000 | |||||||||
Derivative liability | 49,000 | 48,384 | 62,225 | 28,950 | 100,415 | |||||||||
Interest expense related to amortization | 146,603 | 42,632 | 180,461 | 34,000 | 8,000 | 35,600 | 26,900 | 43,562 | ||||||
Convertible note converted into common shares, Number | 25,714,286 | 1,326,000 | 1,977,145 | |||||||||||
Description of interest rate | If the Company pays the note within 90 days of the closing date, the interest rate is 0%. If the note is not paid within 90 days of the closing date, a one-time interest charge of 5% will be applied to the unpaid principal amount. | |||||||||||||
Description of conversion option price | The conversion option price associated with the note is the lesser of $0.10 or 70% of the lowest trade price in the 25 trading days previous to any conversion. | |||||||||||||
Amount funded by lender | 75,000 | |||||||||||||
Unrealized gain on derivative | 21,608 | 21,608 | ||||||||||||
Fair value measurements, valuation techniques | black Scholes model | |||||||||||||
Amount of debt converted | 24,000 | |||||||||||||
Conversion option value reclassified to equity | $ 75,027 | $ 50,000 | $ 772,000 |
Background Information
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12 Months Ended | ||
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Dec. 31, 2012
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Background Information [Abstract] | |||
Background Information |
Turbine Truck Engines, Inc. (the “Company”) is a development stage enterprise that was incorporated in the state of Delaware on November 27, 2000, and converted to a Nevada corporation in 2008. To date, the Company’s activities have been limited to raising capital, organizational matters, and the structuring of its business plan. The corporate headquarters is located in Paisley, Florida. The Company’s planned lines of business are the design, development, and testing of turbine truck engine technology licensed through Alpha Engines Corporation (“Alpha”). Alpha owns the patents to a new gas turbine engine system called Detonation Cycle Gas Turbine Engine. If the Company can successfully demonstrate a highway truck engine using the technology, the Company intends to form a joint venture with a major heavy duty highway truck manufacturer to manufacture, market, and sell turbine truck engines for use in heavy duty highway trucks throughout the United States. The Company also plans to commercialize a new hydrogen generation process for use in multiple industries. The Company entered into a cooperation agreement with Hydrogen Union Energy Co., Ltd. for the purpose of a joint development of a hydrogen generator. |