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COMMON STOCK
3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
NOTE 10 - COMMON STOCK

The Company has authorized 100,000,000 shares of $0.001 par value per share Common Stock, of which 52,893,571 and 50,018,625 shares were issued outstanding as of March 31, 2012 and December 31, 2011.  The activity surrounding the issuances of the Common Stock is as follows: 

 

Three Months Ended March 31, 2012

 

During the three months ended March 31, 2012, the Company issued 1,000,000 shares of common stock upon the conversion of $100,000 of outstanding convertible debentures.  The Company issued 82,500 shares of common stock for services rendered to the Company valued at $33,000, based on the market price of the stock on the date of issuance.  The Company issued 744,000 shares of common stock and warrants to satisfy stock subscriptions obligations outstanding at December 31, 2011.

 

During the three months ended March 31, 2012, the Company issued 1,048,446 shares of common stock issued in advance of services. The value of $278,733 was based on the market price on the date of issuance. The value of these shares has been capitalized and will be recognized in expenses over the life of the agreements under which they were issued. The Company also received $200,000 in cash for stock subscriptions payable. As of the date of this report, the Company has satisfied its obligations relating to the stock subscriptions payable through the issuance of 800,000 shares of common stock and warrants at $0.25 per share.

 

Fiscal Year Ended December 31, 2011

 

During the fiscal year ended December 31, 2011, the Company issued 2,500,000 shares of common stock for net cash proceeds of $250,000 at $0.10 per share and 360,000 shares of common stock for cash and convertible notes payable of $180,000, of which $50,000 was received from related parties.  The Company issued 1,761,000 shares of common stock for services rendered to the Company valued at $513,731, based on the market price of the stock on the date of issuance.  The Company issued a total of 10,000,000 shares of common stock valued at $3,100,000 based on the market price of the stock on the date of issuance, and options to purchase 1,000,000 shares of common stock valued at $513,150 to acquire three wholly-owned subsidiaries, one of which was completed on January 10, 2012.

 

During the fiscal year ended December 31, 2011, the Company issued 2,397,625 shares of common stock issued in advance of services. The value being based on the market price on the date of issuance valued at $431,573. The value of these shares has been capitalized and will be recognized in expenses over the life of the agreements under which they were issued. The Company also received $186,000 in cash for stock subscriptions payable. As of the date of this report, the Company has satisfied its obligations relating to the stock subscriptions payable through the issuance of 744,000 shares of common stock and warrants at $0.25 per share.