STOCKHOLDERS' EQUITY (DEFICIENCY)

9 Months Ended

Sep. 30, 2013

Stockholders Equity Note [Abstract]

STOCKHOLDERS' EQUITY (DEFICIENCY)

3.  STOCKHOLDERS’ EQUITY (DEFICIENCY)

Preferred stock

At September 30, 2013, the Company had no shares of its preferred stock issued and outstanding. Previously issued preferred shares were converted according to their terms into 5,000,000 shares of common stock on September 16, 2010.

Common stock

At September 30, 2013, the Company had 5,889,533 shares of its common stock issued and outstanding. These shares comprised 273,333 shares issued on March 22, 2006 in exchange for certain Notes Payable (see Note 2, above), 500,000 shares issued on April 1, 2006 in consideration for certain financial advisory services, 116,200 shares issued on March 31, 2006 in connection with a private placement of common shares and 5,000,000 converted preferred shares as mentioned in the Preferred stock paragraph above.  Dividends may be paid on outstanding shares of common stock as declared by the Board of Directors. Each share of common stock is entitled to one vote.