9 - Common and Preferred Stock

9 Months Ended

Sep. 30, 2011

Schedule of Stock by Class [Table Text Block]

9 — Common and Preferred Stock

Preferred Stock - On May 31, 2007, the Company filed Amended and Restated Articles of Incorporation authorizing 10,000,000 shares of preferred stock, par value $0.001 per share, 25,000 of which are issued and outstanding.  On November 19, 2009, the Company filed its Certificate of Designation (“C.D.”) and designated a Series A Preferred stock by resolution of the board of directors.  The C.D. authorized the sale of 250,000 shares of Series A preferred stock at $1.00 per share, with additional rights, preferences, restrictions and privileges as filed with the Nevada Secretary of State.

In November, 2009, the Company issued 25,000 shares of Series A Preferred stock at $1.00 per share to a stockholder and secured note holder.

Common Stock - As of September 30, 2011, the total number of authorized shares of common stock, par value $0.001 per share, was 150,000,000 of which 74,352,728 shares were issued and outstanding.

Private Placement of Securities – During the nine months ended September 30, 2011, the Company issued 1,232,305 shares of its common stock pursuant to the exercise of warrants.  The Company received proceeds of $9,858 in connection with the issuance. During the nine months ended September 30, 2011, the Company also issued 145,000 shares of its common stock with a fair market value of $5,800 pursuant to the settlement of a vendor obligation.