Shareholders' Equity

9 Months Ended

Sep. 30, 2012

Stockholders Equity Note [Abstract]

Stockholders' Equity

Note 5. Shareholders’ Equity

Preferred Stock

The Company has 250,000 shares of preferred stock authorized, none of which are issued or outstanding.

Common Stock

On June 21, 2012, the Company’s shareholders approved the Second Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 20,000,000 to 50,000,000.

The following items represent transactions in the Company’s common stock for the nine months ended September 30, 2012:

● The Company issued 38,314 shares of common stock as part of consideration for services performed. The fair value of such shares was $15,000 and was recognized as an expense for the nine months ended September 30, 2012.

● The Company issued 16,667 shares of restricted common stock to an employee as part of the 2011 annual bonus paid in January 2012.  An expense of $10,000 was reflected in the Company’s financial statements for the period ended December 31, 2011.