Quarterly report pursuant to sections 13 or 15(d)

11. Subsequent events

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11. Subsequent events
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
Note 11. Subsequent events

Increase in Outstanding Shares

 

During the period from October 1, 2012 through November 6, 2012, the Company issued 1,061,180 shares of its common stock.  This was comprised of the following:

 

The Company issued 105,000 shares of its common stock upon exercise of options for $28,350.

 

The Company issued 48,400 shares of its common stock upon conversion of $12,100 of debt to its existing convertible note holders.

 

The Company issued 907,780 shares of its common stock upon exercise of warrants for aggregate proceeds of $198,660.

 

Retainer for Nasdaq Application

 

The Company entered into an agreement with a law firm for representation in connection with analyzing, preparing and filing an application to list its shares on the NASDAQ Capital Market. This agreement calls for initial fee of $25,000, payable in two installments.