SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2013

Stockholders Equity Note [Abstract]

SHAREHOLDERS' EQUITY

8.  SHAREHOLDERS’ EQUITY

The Company issued a total of 4,831,882 common shares in the quarter ended March 31, 2013, described further as follows:

The Company’s independent directors annual compensation is $16,000 to be paid quarterly in restricted stock. The Company issued the directors 423,280 shares of restricted stock on January 1, 2013 for their fourth quarter 2012 compensation.

The Company issued 1,908,602 shares of common stock to a management employee in lieu of $35,500 cash compensation for services rendered in the fourth quarter of 2012 which had been recorded at a value of $1,909 in stock based compensation based upon individual tax elections made by each recipient. The shares vest six months after issuance and are subject to forfeiture upon voluntary termination of employment.

As described in Footnote #4, the Company issued 2,500,000 shares of restricted common stock to MEDL Mobile Holdings, Inc. valued at $50,000.