Quarterly report pursuant to sections 13 or 15(d)

10. Warrants

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10. Warrants
 6 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Warrants

 

Note 10: Warrants

 

During the three months ended June 30, 2012, 5,380,952 warrants were issued to various holders as part of the debenture issued on June 27, 2012. The warrants have an exercise price of $0.33, subject to adjustment, and a term of five (5) years.

 

The following schedule summarizes the changes in the Company’s warrants for the six months ended June 30, 2012:

 

    Number     Exercise     Weighted Average  
    of     Price     Exercise Price  
    Warrants     per Share     per Share  
Exercisable December 31, 2011     471,108     $ 0.40     $ 0.40  
Warrants Granted     5,380,952     $ 0.33     $ 0.33  
Warrants Exercised     –       –       –  
Warrants Expired     –       –       –  
Balance at June 30, 2012     5,852,060     $ 0.33-0.40     $ 0.34  
                         
Exercisable June 30, 2012     5,852,060     $ 0.33-0.40     $ 0.34  

 

 

The following schedule summarizes the outstanding warrants at June 30, 2012:

 

Number of Warrants
Outstanding at 
June 30, 2012		   Number of 
Warrants 
Exercisable at 
June 30, 2012		   Expiration
Date		   Exercise Price
5,852,060   5,852,060   2013-2017   $ 0.33 - 0.40