NOTE 6 COMMON STOCK WARRANTS AND OPTIONS (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The Company estimated the fair value of the stock options at the date of the grant, based on the following weighted average assumptions:

Risk-free interest rate	0.75%
Expected life	5 years
Expected volatility	148.90%
Dividend yield	0.00%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the status of the Company’s outstanding options as of June 30, 2012, and changes during the six-month period then ended is presented below:

	Shares		Weighted Average Exercise Price
Outstanding, beginning of period		7,750,000	$	0.17
Granted		7,050,000	$	0.21
Expired/Canceled		-		-
Exercised		-		-
Outstanding, end of period		14,800,000	$	0.21
Exercisable		8,970,000	$	0.20