STOCKHOLDERS EQUITY

6 Months Ended

Jun. 30, 2011

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY

NOTE 11. STOCKHOLDERS' EQUITY

Common Stock

As of June 30, 2011, the Company had 5,822,699 shares of common stock issued and outstanding.

Warrants

The following table summarizes the warrants outstanding and the number of shares of common stock subject to exercise as of June 30, 2011 and the changes therein during the six months then ended:

	Number of Shares of Common Stock Subject to Exercise			Weighted – Average Exercise Price
Balance as of December 31, 2010		635,873		$	6.69
Warrants issued		168,334			1.50
Warrants exercised		---			---
Warrants cancelled		(40,000	)		1.35
Balance as of June 30, 2011		764,207		$	5.83

Of the warrant shares subject to exercise as of June 30, 2011, expiration of the right to exercise is as follows:

Date of expiration	Number of Warrant Shares of Common Stock Subject to Expiration
August 30, 2011		75,000
December 6, 2011		111,335
July 23, 2014		69,050
May 15, 2015		357,155
June 13, 2016		35,000
July 16, 2016		116,667
Total		764,207