Quarterly report pursuant to sections 13 or 15(d)


9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  


The Company has evaluated events and transactions that occurred from September 30, 2012 through the date of filing, for possible disclosure and recognition in the financial statements. Except as discussed below, the Company did not have any material subsequent events that impact its financial statements or disclosures.


At a November 8, 2012 meeting of the Company’s Board of Directors, the Company’s Board of Directors approved an amendment to the 2011 Non-Qualified Stock Plan to increase the number of shares covered by the 2011 Non-Qualified Stock Plan from 2,100,000 to 12,000,000. The Company’s Board of Directors also approved the grant of non-qualified stock options to purchase 5,830,000 shares of the Company’s common stock to employees, directors and consultants of the Company.


On November 8, 2012 the Company’s Board of Directors approved the issuance of 122,500 shares of common stock to consultants of the Company in exchange for services rendered to the Company as previously discussed in Note 3.


On November 13, 2012, the Company entered into a securities purchase agreement pursuant to which the Company's Chief Operating Officer invested $625,000 pursuant to the Company's most recent S-1 financial offering to purchase an aggregate of 1,250,000 shares of the Company's common stock at $0.50 per share and 625,000 warrants to purchase 625,000 shares of its common stock. The exercise price of the warrants is $1.00 per share. The warrants have a five-year term.