Quarterly report pursuant to sections 13 or 15(d)

STOCKHOLDERS' EQUITY

v2.4.0.6
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2013
STOCKHOLDERS' EQUITY [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 14 - STOCKHOLDERS' EQUITY


Common stock based payments for services


On January 2, 2012, the Company granted 100,000 shares of common stock valued at their fair value of $10,000 to an independent director in payment of director fees for the coming year which was fully expensed as of December 31, 2012.


Common stock issued for the conversion of notes


On March 6, 2012, a convertible note in the amount of $137,500 was converted into 1,833,333 shares of common stock at the contractual conversion rate $0.075 per share (see Note 8).