Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions

8. Related Party Transactions

The following transactions with related parties were in the normal course of operations and were measured at the exchange value which represented the amount of consideration established and agreed to by the parties.

During the six months ended June 30, 2012, the Company issued 1,989,473 shares of common stock as compensation to directors and officers of the Company. As of June 30, 2012, an additional 3,112,012 shares of common stock are due to be issued to directors and officers of the Company. Stock-based compensation of $427,641 was recorded in relation to these shares.