Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

 v2.3.0.11
Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
9. Subsequent Events

On July 27, 2011, the Company agreed to extend warrants to acquire 273,752 shares of common stock that were previously issued in connection with the Company’s first private placement in 2006 to July 27, 2012.  In conjunction with the extension of the warrants, the cashless exercise feature was deleted.  On July 27, 2011, the fair value of the warrant extension, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $199,839 ($0.73 per share), and will be charged to operations during the three months ending September 30, 2011.  The fair value of the warrant extension was calculated using the following input variables: stock price - $0.79; exercise price - $0.333; expected life - 1 year; expected volatility – 308.8%; expected dividend yield - 0%; risk-free interest rate – 0.14%.