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5. Stock Options and Warrants
12 Months Ended
Dec. 31, 2011
Shareholders' Equity and Share-based Payments [Text Block]
5. Stock Options and Warrants

On January 12, 2010, the Company granted 450,000 stock options to the former President of the Company with an exercise price of $0.00001 per common share expiring on January 12, 2011. The fair value of stock options granted was estimated at $0 at the date of grant using the Black-Scholes option-pricing model.  These options were exercised in December of 2010.  See Note 4(k).

As described in Note 4, during 2010, 661,000 warrants were issued in conjunction with sales of common stock.  All warrants issued are exercisable at $0.75 for the first year and $1.00 for the second year.  The aggregate intrinsic value of these warrants was $0 and the weighted average remaining life was 0.71 years as of December 31, 2011.