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v2.3.0.11
Equity
3 Months Ended
Jun. 30, 2011
Equity  
Stockholders' Equity Note Disclosure [Text Block]

7.         Capital Stock

 

a) Authorized Stock

 

The Company has authorized 500,000,000 common shares with a par value of $0.001 per share. Each common share shall entitle the holder to one vote, in person or proxy on any matter on which action of the stockholder of the corporation is sought. The company has authorized 5,000,000 shares of preferred stock with a par value of $0.001 per share. The holders of preferred stock have no rights except as determined by the Board of Directors of the company and/or provided by Delaware General Corporate Law.

 

b) Share Issuances

 

There were 240,000 shares accrued for two consultants but not issued in this period.  There were 1,500,000 shares issued to Marketingworks, Inc. for 12 month awareness campaign for the company.

 

c) Share Subscriptions

 

At June 30, 2011 there was $40,200.00 in outstanding Share Subscriptions.

 

d) Warrants

 

In conjunction with the Private placement, 90,000 warrants at $0.25 were committed but not issued yet.  Warrants will be issued at the same time as the shares.

 

e)    Stock Options

 

There were 200,000 options issued to a company consultant for services.  As to the total number of Shares with respect to which the Option is granted, the Option shall be exercisable as follows:  (i) 50% of the Option (100,000 Shares) in the aggregate may be exercised on or after November 21, 2009 at an Exercise Price of $0.20 per Share; and (ii) 50% of the Option (100,000 Shares) in the aggregate may be exercised on or after November 1, 2010 at an Exercise Price  in an amount per Share that is 25% less than the ten day moving average of the Company’s Common Stock immediately prior to November 1, 2010.

 

The Company has committed to issue to the Chief Executive Officer 67,000 share purchase options every April.  These options will be exercisable at $0.10 per share and will expire five years after the date of grant.  Further bonus options are available to the Chief Executive Officer.  These bonus options entitle the Chief Executive Officer to purchase shares at 20% below the market price up to a value determined by 5% of the amount of annual profits from sales in excess of $2,500,000 up to $3,999,999 and 8% of the amount of annual profits from sales in excess of $4,000,000.  To date, sales have not exceeded $2,500,000 and thus no bonus options have been issued. 

 

Under the Black-Scholes pricing model, the fair value of the warrants as of the issuance date was calculated to be $60,303 and charged as warrants expense for the period ended September 30, 2010.  The fair value of each option granted is estimated at the respective grant date using the Black-Scholes Option Module. The following assumptions were made in estimating fair value:

 

 

Warrants & options

 

Expected volatility

 

2.14

 

 

 

 

 

 

 

Expected life

 

3.0

 

 

 

 

 

 

 

Risk-free interest rate

 

0.41%

 

 

 

 

 

 

 

Dividend yield

 

-

 

 

 

 

The following table summarizes stock options and warrants outstanding as of June 30, 2011, as well as activity during the three months then ended:

 

 

 

Warrants

 

Options

Balance, June 30, 2011

 

1,502,786

 

200,000

 

 

 

 

 

Issued

 

320,000

 

0

 

 

 

 

 

Exercised & expired

 

0

 

0

 

 

 

 

 

Balance, June 30, 2011

 

1,822,786

 

200,000

 

 

The following table provides certain information with respect to the above referenced warrants and options outstanding at June 31, 2011:

 

 

 

Exercise Price

 

Number of Outstanding

 

Weighted Average Exercise Price

 

Weighted Average Life Years

 

 

 

 

 

 

 

 

 

Warrants                       

 

0.42

 

1,822,786

 

0.42

 

1.94

Warrants                       

 

0.25

 

140,000

 

0.25

 

 

 

 

 

 

 

 

 

 

 

Options

 

0.2

 

200,000

 

0.2

 

9.21