11. Subsequent events
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9 Months Ended |
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Sep. 30, 2012
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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. |