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STOCKHOLDERS EQUITY
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
STOCKHOLDERS EQUITY

NOTE D – STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

The Company has 10,000,000 shares of no par value preferred stock authorized. No preferred shares have been issued. On July 20, 2010, the Company's shareholders approved a change in the par value of the Company's Preferred Stock to $0.001 per share.

 

Common Stock

 

The Company is authorized to issue up to 50,000,000 shares of common stock at $0.10 par value per share ("Common Stock").  On July 20, 2010, the Company shareholder's approved a change in the par value of the Company's Common Stock to $0.001 per share.  As of June 30, 2011 and as of the date of this filing, the Company has 16,575,209 shares of Common Stock issued and outstanding.  All par value amounts and additional paid in capital amounts prior to the change have been reclassified in accordance with the staff accounting bulletin rules.

 

2009 Long Term Incentive Compensation Plan

 

The Company's Board of Directors and shareholders approved the LTIP on September 25, 2009 and July 20, 2010 respectively. The LTIP contains one million five hundred thousand shares (1,500,000) that may be issued to provide financial incentives to employees, members of the Board, and advisers and consultants of the Company.  As of June 30, 2011 and as of the date of this filing, no options have been issued under the LTIP.