Quarterly report pursuant to sections 13 or 15(d)

4. Capital stock

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4. Capital stock
3 Months Ended
Mar. 31, 2013
Stockholders' Equity Note [Abstract]  
Note 4. Capital stock

During the three months ended March 31, 2013, the Company issued 14,344,600 shares of common stock upon exercise of warrants at $0.25 to $0.30 per share for gross proceeds of $4,097,777. The Company incurred direct costs in the amount of $68,500 in commissions paid on warrants exercised by foreign (non-U.S.) investors for aggregate net proceeds of $4,029,277.

 

During the three months ended March 31, 2013, the Company issued 50,000 shares of common stock for consulting services provided valued at $49,000, or $0.98 per share. The shares issued were valued at the trading price at the date of the agreement.