Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED STOCKHOLDERS’ EQUITY (Unaudited)

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CONSOLIDATED STOCKHOLDERS’ EQUITY (Unaudited) (USD $)
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Deficit
Total
Beginning Balance - Amount at Dec. 31, 2012 $ 55,244 $ 12,153,615 $ (70,000) $ (11,337,104) $ 801,755
Beginning Balance - Shares at Dec. 31, 2012 55,243,719        
Issuance of common shares and warrants for cash, net of offering costs of $45,630, Shares 1,614,286        
Issuance of common shares and warrants for cash, net of offering costs of $45,630, Amount 1,614 517,756       519,370
Stock-based compensation    117,847       117,847
Net loss          (948,871) (948,871)
Ending Balance, Amount at Mar. 31, 2013 $ 56,858 $ 12,789,218 $ (70,000) $ (12,285,975) $ 490,101
Ending Balance, Shares at Mar. 31, 2013 56,858,005