6. WARRANTS TO PURCHASE COMMON STOCK

6 Months Ended

Jun. 30, 2012

Warrants Disclosure [Text Block]

6. WARRANTS TO PURCHASE COMMON STOCK

During the six months ended June 30, 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 June 30, 2012 and expire at various dates through 2016. No warrants were issued during the three months ended June 30, 2012.

A summary of warrants issued, exercised and expired for the six months ended June 30, 2012 and the related changes during this period follows:

	Warrants
Balance at December 31, 2011	242,850
Issued	275,000
Exercised	—
Expired	—
Balance at June 30, 2012	517,850