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NOTE 3 - PRIVATE PLACEMENTS OF EQUITY
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTE 3 - PRIVATE PLACEMENTS OF EQUITY

NOTE 3 - PRIVATE PLACEMENTS OF EQUITY

 

During 2010, the Company completed a private placement of 1,454,590 shares of its common stock at a price per share of $0.10 for aggregate proceeds of $145,459. The five “accredited” investors also received an aggregate of 975,338 warrants as part of the equity investment exercisable at $0.15 per share.

 

During 2010, the Company issued an aggregate of 5,912,774 shares of common stock as payment for services rendered. 

 

During the nine months ended September 30, 2011, the Company issued 3,333,331 shares of common stock for a private placement in 2010. The shares were recorded as common stock subscribed but not yet issued at December 31, 2010.

 

During the nine months ended September 30, 2011 the Company completed a private placement of 1,000,000 shares of common stock at a price per share of $0.15 for aggregate proceeds of $150,000. These shares were not issued as of September 30, 2011 so are recorded as common stock subscribed but not yet issued.

 

During the nine months ended September 30, 2011 the Company issued an aggregate of 3,248,382 shares of common stock as payment for services rendered.

 

During the nine months ended September 30, 2011, the Company raised $118,446 with the exercise of warrants covering 1,160,804 shares of its common stock at a price per share ranging from $0.01 to $0.15 per share.

 

During the nine months ended September 30, 2011, the Company raised $58,000 with the exercise of options covering 928,529 shares of its common stock at a price ranging from $0.05 to $0.30 per share. 128,529 of those shares were exercised on a cashless basis by the surrender to the Company of an aggregate of 131,747 options with a value of $38,558 being equal to the difference in price between the exercise price and the market price on the date of exercise.

 

During the nine months ended September 30, 2011, the Company issued 309,741 shares of common stock to convert payables to equity.

During the nine months ended September 30, 2011, the Company subscribed but have not yet issued 486,113 shares of common stock for services rendered. These shares are recorded as Common stock subscribed but not yet issued at September 30, 2011.