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STOCKHOLDERS EQUITY | 6 Months Ended
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Jun. 30, 2012
STOCKHOLDERS EQUITY |
STOCKHOLDERS EQUITY | NOTE 7 - STOCKHOLDERS’ EQUITY Preferred Stock As of May 2008, all shares of Series A Preferred Stock of the Company were converted into shares of Common Stock. There are currently 5,000,000 shares of Preferred Stock authorized, with no shares of Series A Preferred Stock currently issued or outstanding. Effective June 24, 2010, the Company filed a Certificate of Designations, Number, Voting Power, Preferences and Rights of Series B Convertible Redeemable Preferred Stock (the “Certificate”) with the Texas Secretary of State, designating 75,000 shares of Series B Preferred Stock, par value $10.00 per share (the “Series B Preferred Stock”). The Series B Preferred Stock ranks senior to shares of all other common and preferred stock with respect to dividends, distributions, and payments upon dissolution. Each of the Series B Shares is convertible at the option of the holder into shares of Common Stock as provided in the Certificate. There are currently no shares of Series B Preferred Stock issued or outstanding. Common Stock The Company is authorized to issue 100,000,000 shares of Common Stock, par value of $0.001 per share. These shares have full voting rights. As of June 30, 2012, there were 63,309,540 shares of Common Stock issued and 63,305,421 shares outstanding. At December 31, 2011, there were 58,754,110 shares of Common Stock issued and 58,750,021 shares outstanding. The Company holds 4,089 shares as treasury stock. 2011 Omnibus Long-Term Incentive Plan On March 10, 2011, the Company adopted, subject to shareholder approval, the 2011 Omnibus Long-Term Incentive Plan (the “Plan”) to offer competitive long-term incentive compensation opportunities as well as to align the interests of the participants with those of the Company’s shareholders. Under the Plan, stock options, stock appreciation rights, restricted shares, and performance shares were to be awarded at the discretion of the Compensation Committee to selected officers, employees, consultants and eligible directors of the Company. In order for the Plan to become effective, shareholder approval had to be obtained on or before March 08, 2012. Shareholder approval was not obtained and any awards made prior to the effective date have been terminated. Warrants A summary of the status of the warrants granted for the six month period ended June 30, 2012 and for the year ended December 31, 2011 and changes during the periods then ended is presented below:
For the Year Ended December 31, 2011 |  | For the Six Months Ended June 30, 2012 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  |  | Shares |  |  | Weighted Average Exercise Price |
Outstanding at beginning of period |  |  | 3,230,369 |  |  | $ | 1.07 |  | Outstanding at beginning of period |  |  | 8,938,668 |  |  | $ | 0.82 |
Granted |  |  | 5,708,299 |  |  |  | 0.68 |  | Granted |  |  | 500,000 |  |  |  | 0.60 |
Exercised |  |  | - |  |  |  | - |  | Exercised |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  | Forfeited |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  | Expired |  |  | - |  |  |  | - |
Outstanding at end of period |  |  | 8,938,668 |  |  | $ | 0.82 |  | Outstanding at end of period |  |  | 9,438,668 |  |  | $ | 0.81 |
|  |  | As of June 30, 2012 |  |  | As of June 30, 2012 |
|  |  | Warrants Outstanding |  |  | Warrants Exercisable |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Average |  |  | Weighted- |  |  |  |  |  | Weighted- |
Range of |  |  | Number |  |  | Remaining |  |  | Average |  |  | Number |  |  | Average |
Exercise Prices |  |  | Outstanding |  |  | Contract Life |  |  | Exercise Price |  |  | Exercisable |  |  | Exercise Price |
$ | 0.001 |  |  |  | 299,769 |  |  |  | 0.5 |  |  | $ | 0.001 |  |  |  | 299,769 |  |  | $ | 0.001 |
| 0.25 |  |  |  | 200,000 |  |  |  | 3.3 |  |  |  | 0.25 |  |  |  | 200,000 |  |  |  | 0.25 |
| 0.40 |  |  |  | 999,999 |  |  |  | 2.0 |  |  |  | 0.40 |  |  |  | 999,999 |  |  |  | 0.40 |
| 0.50 |  |  |  | 2,694,450 |  |  |  | 2.0 |  |  |  | 0.50 |  |  |  | 2,694,450 |  |  |  | 0.50 |
| 0.60 |  |  |  | 975,000 |  |  |  | 4.3 |  |  |  | 0.60 |  |  |  | 975,000 |  |  |  | 0.60 |
| 0.75 |  |  |  | 200,000 |  |  |  | 3.3 |  |  |  | 0.75 |  |  |  | 200,000 |  |  |  | 0.75 |
| 1.00 |  |  |  | 3,069,450 |  |  |  | 1.9 |  |  |  | 1.00 |  |  |  | 3,069,450 |  |  |  | 1.00 |
| 2.00 |  |  |  | 1,000,000 |  |  |  | 0.5 |  |  |  | 2.00 |  |  |  | 1,000,000 |  |  |  | 2.00 |
$ | 0.001- 2.00 |  |  |  | 9,438,668 |  |  |  | 2.3 |  |  | $ | 0.81 |  |  |  | 9,438,668 |  |  | $ | 0.81 |

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph d Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 20: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 21: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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