STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2011

STOCKHOLDER EQUITY [Abstract]

STOCKHOLDERS' EQUITY

NOTE 8 – STOCKHOLDERS' EQUITY

Preferred Stock

The Company is authorized to issue 10,000,000 shares of noncumulative, non-voting, nonconvertible preferred stock, $0.001 par value per share.  At September 30, 2011 and December 31, 2010, no shares of preferred stock were outstanding.

Common Stock

The Company is authorized to issue 120,000,000 shares of common stock, $0.001 par value per share.  At September 30, 2011 and December 31, 2010, 75,696,531 and 69,704,393 shares were issued and outstanding, respectively.

During the nine months ended September 30, 2011, the Company issued a total of 119,043 shares of restricted, common stock to directors and consultants as payment of fees.  The value of such was recorded at $123,141.  During the nine months ended September 30, 2011, a warrant holder received 5,570 shares of the Company's common stock through a cashless exercise for consulting fees valued at $1,950.  Also during the nine months ended September 30, 2011, the Company sold a total of 4,212,500 shares of common stock at pricing between $1.25 and $1.53 per share, collecting a total of $4,385,000.  A portion of these shares were purchased by a related party (See Note 10).

Pursuant to the disclosure requirements set forth under GAAP, the following schedule presents a reconciliation of the beginning and ending balances of the equity attributable to the Company and the non-controlling owners, and the effect of the changes in the equity attributable to the Company.

Non-controlling Interest

The Company applied non-controlling interest accounting for the period ended September 30, 2011, which requires it to clearly identify the non-controlling interest in the balance sheets and statements of operations.  The Company discloses three measures of net income (loss): net income (loss) from discontinued operations, net income (loss) from exploration stage, and net income (loss) attributable to non-controlling interest.  The operating cash flows in the consolidated statements of cash flows reflect net loss.

Non-Controlling Interest:
Beginning balance, December 31, 2010	$	52,320
Net (loss) gain attributable to non-controlling interest		(10	)
Ending balance, September 30, 2011	$	52,310