Note 8- Related Party Transactions

3 Months Ended

Mar. 31, 2012

Related Party Disclosures

Note 8- Related Party Transactions

Note 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 three months ended March 31, 2012, the Company issued 157,895 shares of common stock as compensation to directors and officers of the Company. As of March 31, 2012, an additional 126,315 shares of common stock are due to be issued. Stock-based compensation of $27,000 was recorded in relation to these shares.