Common Stock and Paid-in Capital in Excess of Par

6 Months Ended

Jun. 30, 2012

Common Stock and Paid-in Capital in Excess of Par

Common Stock and Paid-in Capital in Excess of Par

3.Common Stock and Paid-in Capital in Excess of Par

During the six months ended June 30, 2012, the Company issued shares of common stock as follows:

	Preferred Stock			Common Stock			Paid-in Capital in
	Shares	Amount		Shares	Amount		Excess of Par
Balance, January 1, 2012	1	$	—	3,103,004	$	31,030	$	42,295,306
Sale of common stock, net of offering costs of $94,648 (1)	—	—		1,064,816	10,648		1,044,705
Stock-based compensation	—	—		—	—		19,527
Balance, June 30, 2012	1	$	—	4,167,820	$	41,678	$	43,359,538

(1) The stock issuance is further discussed in Note 2, “Liquidity and Capital Resources”