Stock Based Compensation

9 Months Ended

Sep. 30, 2011

Stock Based Compensation [Abstract]

Stock Based Compensation [Text Block]

9.  Stock Based Compensation

The Company issued warrants and options to purchase common shares of the Company as compensation for consulting and Board of Directors services.  The value of warrants and options issued for compensation are accounted for as a non-cash expense to the Company at the fair value of the warrants and options issued.  The Company values the warrants and options at fair value as calculated by using the Black-Scholes option-pricing model.  As of September 30, 2011 the Company has $0 in unamortized stock based compensation related to outstanding options and warrants.

The following table summarizes the warrant and option activity for the nine months ended September 30, 2011:

	Number of
(Unaudited)	Warrants and Options			Weighted-Average Exercise Price
Outstanding, December 31, 2010		25,000		$	3.20
Granted		10,000			5.40
Exercised		(10,000	)		3.20
Cancelled		—			—
Outstanding, September 30, 2011		25,000		$	4.08

On March 1, 2011, a consultant exercised 10,000 warrants under “cash-less” exercise provisions of the warrant agreement.

The following summarizes the warrants issued, outstanding and exercisable as of September 30, 2011:

Grant Date	November, 2008
Strike Price	$	3.20
Expiration Date	November, 2011
Warrants Remaining		15,000
Proceeds if Exercised	$	48,000

The following summarizes the options issued, outstanding and exercisable as of September 30, 2011:

Grant Date	June 2, 2011
Strike Price	$	5.40
Expiration Date	June 1, 2016
Options Remaining		10,000
Proceeds if Exercised	$	54,000