Common Stock and Paid-in Capital in Excess of Par

9 Months Ended

Sep. 30, 2012

Stockholders' Equity

Common Stock and Paid-in Capital in Excess of Par

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

During the nine months ended September 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	$	—	155,150		$	16	$	42,326,320
Sale of common stock, net of offering costs of $94,648 (1)	—	—		53,241		5		1,055,348
Stock-based compensation	—	—		—		—		40,350
Reverse split fractional share payment	—	—		(184	)	—		(1,685		)
Balance, September 30, 2012	1	$	—	208,207		$	21	$	43,420,333

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