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Common Stock
 12 Months Ended
Dec. 31, 2011
Common Stock  
Common Stock

Note 3: Common Stock

 

Since its inception the Company has forward split its common stock on a basis of 15 for 1 and reverse split its common stock on a basis of 1 for 18 (collectively the “Post-Split Stock”). During 2008 the net effect of these stock splits was recognized through the issuance of 6,983 shares of Post-Split Stock. This resulted in an increase in the common stock classification by $7 and a decrease in the paid-in capital classification by the same amount. The Statement of Stockholders’ Equity has been restated to reflect the Post-Split Stock for all common stock transactions retroactively.

 

During 2008 the Company issued 500,000 shares of its Post-Split Stock at $3.00 per share to a limited number of investors for total consideration of $1,500,000. During 2011 the Company issued 1,167,504 shares of its Post-Split Stock in a non-public offering at $4.00 per share to a limited number of investors for total consideration of $4,670,016. Costs associated with the 2011 issuance of Post-Split Stock amounted to $4,846 resulting in net proceeds to the Company of $4,665,166.