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7. SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2013

Options [Member]

Summary of stock options outstanding

The following table summarizes stock options outstanding as of March 31, 2013:

		March 31, 2013
		Number of				Weighted Average
		Options				Exercise Price
Outstanding, January 1, 2013			60,000			$	1.42
Granted			270,000				.15

Outstanding, March 31, 2013			330,000			$	.38

Options outstanding and exercisable by price range

Options outstanding and exercisable by price range as of March 31, 2013 were as follows:

Outstanding Options								Average Weighted				Exercisable Options
Range				Number				Remaining Contractual Life in Years				Number				Weighted Average Exercise Price

$	0.05				20,000				8.00				20,000			$	0.05
$	0.15				270,000				5.12				270,000			$	0.15
$	2.10				40,000				6.75				40,000			$	2.10

WarrantMember

Summary of outstanding common stock warrants

The following table summarizes the outstanding common stock warrants as of March 31, 2013:

		March 31, 2013
		Number of				Weighted Average
		Warrants				Exercise Price
Outstanding, January 1, 2013			8,475,000			$	0.14
Granted			-				-
Exercised			-				-
Outstanding, March 31, 2013			8,475,000			$	0.14

Warrants outstanding and exercisable by price range

Warrants outstanding and exercisable by price range as of March 31, 2013 were as follows:

Outstanding Warrants								Average Weighted				Exercisable Warrants
Range				Number				Remaining Contractual Life in Years				Number				Weighted Average Exercise Price
$	0.05				975,000				4.75				975,000			$	0.05
$	0.15				7,500,000				4.55				7,500,000			$	0.15

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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