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8. Outstanding Warrants | 12 Months Ended
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Dec. 31, 2011
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8. Outstanding Warrants | 8. Outstanding Warrants A summary of warrant activity for the years ended December 31, 2011 and 2010 is as follows:
Preferred Stock |  | Warrants Issued & Outstanding |  | Weighted - Average Exercise Price |  | Warrants Issued & Exercisable |  | Average Remaining Term in Years |
Outstanding December 31, 2009 |  |  | 443,853 |  |  | $ | 3.00 |  |  |  | 443,853 |  |  |  | 2.18 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding December 31, 2010 |  |  | 443,853 |  |  |  | 3.00 |  |  |  | 443,853 |  |  |  | 1.18 |
Expired |  |  | (51,374 | ) |  |  | 3.00 |  |  |  | (51,374 | ) |  |  |  |
Outstanding December 31, 2011 |  |  | 392,479 |  |  |  | 3.00 |  |  |  | 392,479 |  |  |  | 0.25 |
Common Stock |  | Warrants Issued & Outstanding |  | Weighted - Average Exercise Price |  | Warrants Issued & Exercisable |  | Average Remaining Term in Years |
Outstanding December 31, 2009 |  |  | 477,734 |  |  | $ | 0.79 |  |  |  | 477,734 |  |  |  | 3.34 |
Granted |  |  | 950,856 |  |  |  | 0.13 |  |  |  | 950,856 |  |  |  | - |
Outstanding December 31, 2010 |  |  | 1,428,590 |  |  |  | 0.35 |  |  |  | 1,428,590 |  |  |  | 4.08 |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding December 31, 2011 |  |  | 1,428,590 |  |  |  | 0.35 |  |  |  | 1,428,590 |  |  |  | 3.08 |
Total |  | Warrants Issued & Outstanding |  | Weighted - Average Exercise Price |  | Warrants Issued & Exercisable |  | Average Remaining Term in Years |
Outstanding December 31, 2009 |  |  | 921,587 |  |  | $ | 1.85 |  |  |  | 921,587 |  |  |  | 2.78 |
Granted |  |  | 950,856 |  |  |  | 0.13 |  |  |  | 950,856 |  |  |  | - |
Outstanding December 31, 2010 |  |  | 1,872,443 |  |  |  | 0.98 |  |  |  | 1,872,443 |  |  |  | 3.39 |
Expired |  |  | (51,374 | ) |  |  | 3.00 |  |  |  | (51,374 | ) |  |  |  |
Outstanding December 31, 2011 |  |  | 1,821,069 |  |  |  | 0.92 |  |  |  | 1,821,069 |  |  |  | 2.47 |

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph i -Article 4 Reference 3: 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.(i)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 28 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number D-98 -Paragraph 2 -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. + Details
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