Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Equity [Abstract]

Stockholders’ Equity

8.           Stockholders’ Equity

Private Placements – In March 2012, the Company issued 1,463,572 shares of its common stock at $0.35 per share through a private placement (the “March Private Placement”). The Company incurred $28,642 in closing costs from the March Private Placement, and also issued warrants valued at $14,675 to Ladenburg Thalmann & Co. Inc. (“Ladenburg”), the placement agent for the March Private Placement (see Note 9).

As part of the March Private Placement, in May 2012, the Company issued an additional 702,872 shares of its common stock at $0.35. The Company incurred $7,430 in closing costs from this issuance, and also issued warrants valued at $4,455 to Ladenburg (see Note 9).

The maximum amount that could be raised through the March Private Placement is $1,000,000. As of June 30, 2012, the Company raised $758,255 through the March Private Placement.

In April 2012, two stockholders of the Company forgave $73,888 of accrued compensation costs to the Company. The substance of the forgiveness was to provide the Company with additional capital. Accordingly, forgiveness of the accrued compensation costs is reported as a $73,888 increase in paid-in capital.