Quarterly report pursuant to sections 13 or 15(d)

Common Stock

Common Stock
6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Common Stock

The Company’s Certificate of Incorporation, as amended, authorize the Company to issue 90,000,000 shares of $0.001 par value common stock. Common stockholders are entitled to dividends when and if declared by the Board of Directors. The holder of each share of common stock is entitled to one vote. As of June 30, 2011, no dividends had been declared.


Common stock that the Company had reserved for issuance at June 30, 2011, is as follows:


Exercise and conversion of common stock warrants  1,203,056 
Stock options outstanding  2,411,154 
Stock options available for future grants under the 2010 Stock Plan  1,535,876 
Total shares of common stock reserved  5,150,086 


As of June 30, 2011 the Company had outstanding $783,777 of convertible note principal. These convertible notes, along with related accrued interest, convert at certain prices upon the Next Equity Financing. The affect of the convertible debt is not included in the above schedule since the number of shares will not be determinable until the Next Equity Financing occurs. (See Note 7)