5. Capital stock
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9 Months Ended |
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Sep. 30, 2011
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Stockholders' Equity Note Disclosure [Text Block] |
5. Capital
stock
During
the nine months ended September 30, 2011, the Company
issued 18,809,542 shares of common stock in
exchange for conversion of $4,702,368 of Convertible
Notes.
During
the nine months ended September 30, 2011, the Company issued
81,020 shares of common stock upon cashless exercise of
224,000 warrants.
During
the nine months ended September 30, 2011, the Company issued
77,778 shares of common stock upon exercise of options at
$0.27 per share and valued at $21,000.
During
the nine months ended September 30, 2011, the Company issued
2,550,000 shares of common stock for consulting services.
These shares were valued at $799,500 based on the trading
price at the date of the agreement.
During
the nine months ended September 30, 2011, the Company granted
but did not issue 250,000 shares of common stock for
consulting services. These shares were valued at $62,500
based on the trading price at the date of the agreement and
are reflected as common stock issuable in the accompanying
Financial Statements.
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