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Statement of Cash Flows, Supplemental Disclosures
12 Months Ended
Dec. 31, 2011
Statement of Cash Flows, Supplemental Disclosures  
Cash Flow, Supplemental Disclosures [Text Block]

Supplemental disclosure of non-cash transactions:

 

            During August 2011, the company issued 100,000 common shares at $1.25 per share to settle $125,000  accrued liabilities.

 

            During August 2011, the company issued 9,219 common shares at $1.4103 per share to two of its directors in lieu of $13,000 of directors' fees.

 

            During June 2011, the Company converted 375 shares of Class C Convertible Preferred Stock to 315,126 shares of common stock at the conversion price of $1.19 per share of common stock.  In addition, $81,933 of derivative liability was reclassified to equity upon conversion.  

  

            During May 2011, the Company issued 50,000 common shares at $1.31 per share to settle $65,600 of accrued liabilities.

 

            During February 2011, the Company canceled 10,000 common shares previously issued to Crisnic and canceled the related $9,000 receivable.  

 

            During February 2011, the Company issued 10,000 common shares at $0.99 per share to settle $9,900 of deferred payroll.

 

            During January 2011, the Company canceled 15,000 common shares previously issued to Crisnic and canceled the related $13,500 receivable.  

 

            During January 2011, the Company issued 15,000 common shares at $1.09 per share to settle $16,350 of accrued liabilities.

 

            During December 2010 the Company canceled 602,133 common shares previously issued to Crisnic and canceled the related $541,920 receivable.

 

            During December 2010 the Company issued 69,528 common shares to settle $85,900 of accounts payable.

 

            During December 2010 the Company issued 750 shares of Series C Preferred Stock that contained variable conversion feature. The conversion feature created an embedded derivative that was valued at $132,353 at inception that was also recorded as a preferred stock dividend.