Kartoon Studios, Inc. Quarterly report pursuant to sections 13 or 15(d)

Note 9: Warrants

3 Months Ended

Mar. 31, 2012

Note 9: Warrants

During the three months ended March 31, 2012, no new warrants were issued.

The following schedule summarizes the changes in the Company’s warrants for the three months ended March 31, 2012:

	Number of Warrants		Exercise Price per Share		Weighted Average Exercise Price per Share
Exercisable December 31, 2011		471,108	$	0.40	$	0.40
Warrants Granted		-		-		-
Warrants Exercised		-		-		-
Warrants Expired		-		-		-
Balance at March 31, 2012		471,108	$	0.40	$	0.40

Exercisable March 31, 2012		471,108	$	0.40	$	0.40

The following schedule summarizes the outstanding warrants at March 31, 2012:

Number of Warrants Outstanding at March 31, 2012				Number of Warrants Exercisable at March 31, 2012				Expiration Date				Exercise Price
	471,108				471,108				2013			$	0.40