Common Stock

9 Months Ended

Sep. 30, 2011

Common Stock [Abstract]

COMMON STOCK

NOTE 5 COMMON STOCK

In February 2011, the Company completed a private placement of 12,500,000 units, which consisted of one share of common stock and a warrant to purchase one-half of a share of common stock, at a subscription price of $4.00 per unit for total gross proceeds of $50 million. The exercise price of the warrants is $7.10 per whole share of common stock for a period of five years from the date of the closing.  The total number of shares that are issuable upon exercise of warrants is 6,250,000.  The Company incurred costs of $3,397,749 related to this transaction, which costs were netted against the proceeds of the transaction through additional paid-in capital.

Restricted Stock Awards

During the year ended December 31, 2009, the Company issued 468,916 restricted shares of common stock as compensation to its officers. The restricted shares vest on December 1, 2011 and December 31, 2011. As of September 30, 2011, there was approximately $54,000 of total unrecognized compensation expense related to unvested restricted stock. This compensation expense will be recognized over the remaining vesting period of the grants. The Company has assumed a 0% forfeiture rate for the restricted stock, and there were no changes to the outstanding restricted common stock during the nine month period ended September 30, 2011.