6. WARRANTS TO PURCHASE COMMON STOCK

3 Months Ended

Mar. 31, 2012

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

6.   WARRANTS TO PURCHASE COMMON STOCK

During the three months ended March 31, 2012, in connection with services rendered, the Company issued warrants to purchase 250,000 and 25,000 shares of the Company’s common stock at an exercise price of $0.50 and $0.25 per share, respectively. The Company recognized expense of $37,453 related to warrants granted during the period and were valued at the grant date using the Black-Scholes-Merton pricing model. All warrants are still outstanding as of March 31, 2012 and expire at various dates through 2016.

A summary of warrants issued, exercised and expired for the three months ended March 31, 2012 and the related changes during this period follows:

	Warrants
Balance at December 31, 2011	242,850
Issued	275,000
Exercised	—
Expired	—
Balance at March 31, 2012	517,850