Note 5 - Common Stock

12 Months Ended

Dec. 31, 2011

Notes To Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

5. Common Stock

The Company has 100,000,000 shares of voting common shares authorized for issuance.  On December 31, 2011, the Company had 89,581,771 shares of common stock outstanding and reserved for issuance upon exercise of options and warrants and conversion of preferred stock.  The Company issued common stock in 2011 and 2010 as follows:

Common Stock Issued in 2011	Shares		Issue Price		Net Price
Private placements – cash		2,666,667	$	0.03	$	80,000
Directors, officers, consultants plan – cash		136,923		0.05-0.06		8,000
Directors, officers, consultants plan– services		7,358,975		0.046-0.09		422,411
Debt conversion – cashless		250,000		0.04		14,750
Total Common Stock Issued in 2011		10,412,565	$	0.03-0.09	$	525,161

Common Stock Issued in 2010	Shares		Issue Price		Net Price
Private placements – cash		2,137,000	$	0.10	$	202,200
Directors, officers, consultants plan – cash		2,922,143		0.031-0.04		102,215
Directors, officers, consultants plan – accrued salaries		162,884		0.07		11,402
Directors, officers, consultants plan– services		481,938		0.04-0.16		41,202
Options exercised – cash		3,332,000		0.04-0.10		138,200
Options exercised – cashless		70,258		0.10		-
Total Common Stock Issued in 2010		9,106,223	$	0.031-0.16	$	495,219

During the years ended December 31, 2011 and 2010, finder’s fees paid related to private placements of stock totaled $0 and $11,500 respectively, and are deducted from the paid in excess of par capital account on the balance sheet.

We have not paid any dividends to our common stock shareholders to date, and have no plans to do so in the immediate future.

We use the services of American Stock Transfer and Trust Company as our transfer agent.