Note 8 - Warrants To Purchase Common Stock

3 Months Ended

Mar. 31, 2013

Notes

Note 8 - Warrants To Purchase Common Stock

NOTE 8 – WARRANTS TO PURCHASE COMMON STOCK

During the three months ended March 31, 2013 in connection with a private placement offering , for the sale of common stock the Company issued warrants to purchase 843,770 shares of the Company’s common stock at exercise prices of $1.00.  All warrants are still outstanding as of December 31, 2012 and expire at various dates through 2016.

A summary of warrants issued, exercised and expired for the three months ended March 31, 2013 follows:                                                       

	Shares		Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding at December 31, 2012		661,947		$1.25		2.15
Granted		843,770		$1.00		2.00
Exercised		--		--		--
Expired		(11,667)		$3.00		3.00
Outstanding at March 31, 2013		1,494,050		$1.25		1.95
Exercisable at March 31, 2013		1,494,050		$1.25		1.95