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8. Outstanding Warrants

12 Months Ended

Dec. 31, 2011

Text Block [Abstract]

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

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.

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