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Stockholders' Equity Transactions
 9 Months Ended
Sep. 30, 2012
Stockholders' Equity Transactions [Text Block]
7.

Stockholders’ Equity Transactions

   
 

Common Stock

 

In January of 2012, the Company issued 900,000 shares of common stock in lieu of executive compensation. The shares were valued at $189,000, which was market value on the day of the grant.

   
 

During the nine months ended September 30, 2012, the Company authorized the issuance of 767,500 shares of common stock for the conversion of $239,469 of accounts payable balances. As of the balance sheet date 567,500 shares were unissued.

   
 

During the nine months ended September 30, 2012, the Company authorized the issuance of 12,652,869 shares of common stock for the conversion of $3,163,218 in convertible debt and accrued interest.

   
 

During the nine months ended September 30, 2012, the Company authorized the issuance of 850,509 shares of common stock for the conversion of $212,628 in notes payable and accrued interest.

   
 

During the nine months ended September 30, 2012, the Company authorized the issuance of 4,962,286 shares of common stock valued at $694,719 in connection with the anti-dilution provisions provided to Maxum and CPP.

   
 

As of September 30, 2012 there are 47,470,406 shares of common stock issued and outstanding and 5,529,786 shares of common stock owed but not issued.

   
 

Warrants

 

During the nine months ended September 30, 2012, the Company issued 2,953,184 warrants in connection with the ASYM Purchase Agreement. The warrants are exercisable for a term of five years and at a strike price between $0.031 and $0.35 per share.

   
 

As of September 30, 2012, there are 3,153,184 warrants outstanding at a weighted average exercise price of $0.08512. The warrants begin to expire on November 7, 2013 through September 26, 2017.