Quarterly report pursuant to sections 13 or 15(d)

10. Warrants

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

During the nine months ended September 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 nine months ended September 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 September 30, 2012     5,852,060     $ 0.33-0.40     $ 0.34  
                         
Exercisable September 30, 2012     5,852,060     $ 0.33-0.40     $ 0.34  

 

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

 

Number of Warrants Outstanding at 

 September 30, 2012

    

Number of Warrants Exercisable at

 September 30, 2012

     Expiration Date     Exercise Price  
  5,852,060       5,852,060       2013-2017     $ 0.33 - 0.40