4. COMMON STOCK

6 Months Ended

Jun. 30, 2012

Equity [Abstract]

COMMON STOCK

At June 30, 2012, the Company's authorized capital stock was 150,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share. On that date, the Company had outstanding 38,585,891 shares of common stock, and no shares of preferred stock.

2012 Transactions: During the six months ended June 30, 2012, the Company issued 3,335,500 shares of common stock for extinguishment of debts valued at $0.09 per share (see Note 5 for further discussions). The shares were valued at the market price of our common stock on the date of issuance.

Warrants

The Company issued the following warrants at corresponding exercise price as of June 30, 2012.

Date of Issuance	Number of Warrants	Exercise Price	Contractual Life	Number of  Shares Exercisable
5/31/2012	1,834,525	0.50	3 years	1,834,525
5/31/2012	1,500,975	0.50	3 years	1,500,975
	3,335,500			3,335,500