SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2013

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

7.  SHAREHOLDERS’ EQUITY

The Company issued a total of 8,812,744 common shares in the nine months ended September 30, 2013, described further as follows:

The Company issued a total of 386,048 shares of common stock to its two independent directors in October 2013 for their third quarter 2013 compensation valued at $4,000 per director. The same directors also received 423,280 shares of common stock in January 2013 for their fourth quarter 2012 compensation valued at $4,000 per director.

The Company issued 1,706,731 shares of common stock in October 2013 to a management employee in lieu of $35,500 cash compensation for services rendered in the third quarter of 2013. The Company issued 868,852 shares of compensation shares in July 2013 to a management executive in lieu of $26,500 cash compensation for services rendered during the second quarter of 2013. The Company issued 1,019,231 shares of common stock in April 2013 to a management employee in lieu of $26,500 cash compensation for services rendered in the first quarter of 2013. The Company issued 1,908,602 shares of common stock in January 2013 to a management employee which had been recorded at a value of $1,909 in stock based compensation based upon individual tax elections made by the recipient. The shares were awarded quarterly on a Restricted Stock Agreement which has a six month time lapse restriction and is subject to forfeiture upon voluntary termination of employment.

As described in Footnote #3, the Company issued 2,500,000 shares of restricted common stock on March 8, 2013 to MEDL Mobile Holdings, Inc. valued at $50,000.