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Common Stock
6 Months Ended
Jun. 30, 2011
Common Stock
6.  Common Stock

The Company agreed to compensate two of its directors in the form of common stock for 2010 and 2011. Both directors are affiliated with the advisory services firm that is currently providing investment banking services to the Company.  Beginning in the second quarter of 2011, the Company agreed to provide one-half of the compensation of a third director in common stock.  The number of shares issued to each director is determined based upon the equivalent cash compensation accrued divided by the closing price of the Company’s common stock on the day the shares were issued.  See Note 7, “Redeemable Convertible Preferred Stock”.

On February 16, 2011, the Company issued 18,383 and 18,940 respectively, shares of common stock to each of two directors as compensation for the three months ended September 30, 2010 and December 31, 2010, respectively. On June 2, 2011, the Company issued 16,892 shares of common stock to each of two directors as compensation for the three months ended March 31, 2011. The number of shares issued total 108,430 during the six months and 33,784 during the three months ended June 30, 2011, respectively, and the shares were valued at an average of approximately $0.35, or a total value of $37,500. The shares were valued at the closing price on the issuance date.