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Note 10. Subsequent Events.
3 Months Ended
Mar. 31, 2012
Subsequent Events [Text Block]

Note 10. Subsequent Events.


In April 2012, the Company purchased 100,000 shares of common stock from a company owned by its Director and cofounder Fred Barker at a price of $.25 per share. Of the $25,000 purchase price, $14,000 was paid in 2011 and the balance in April 2012. The shares will be held as treasury stock from the date of closing.


In May 2012, the Company purchased 450,000 shares of its common stock from Mr. Barker at a price of $0.20 per share. Of the $90,000 purchase price, $10,000 was paid at closing and the balance is payable $10,000 per month through January 2013. The shares will be held as treasury stock from the date of closing.


In the second quarter of 2012, the Company raised gross proceeds of $335,000 through the private placement of 335,000 unregistered shares of common stock to accredited investors at $1.00 per share.  Each investor received a three-year warrant to purchase shares of common stock at $3.00 per share for a number of shares equal to the number of shares purchased by the investor in this offering. The Company paid a 10% commission on the gross proceeds of this offering to its placement agent.