P 29
Consolidated Statements of Shareholders' Equity
Years Ended December 31, 2009 and 2008
Common Stock
Additional Paid-In Capital
Retained Deficit
Treasury Stock
Non-Controlling Interest
Total Shareholders' Equity
Balances as of December 31, 2007
$22,000
$ 55,818,617
$ (31,919,006
)
$ (665
)
$ -
$ 23,920,946
Exchange of note for treasury stock
-
-
-
(497,297
)
-
(497,297
)
Proceeds from sale of treasury stock
-
(34,666
)
-
493,767
-
459,101
Stock based compensation
-
4,090,831
-
-
-
4,090,831
Net loss
-
-
(17,404,811
)
-
-
(17,404,811
)
Balances as of December 31, 2008
$22,000
$ 59,874,782
$ (49,323,817
)
$ (4,195
)
$ -
$ 10,568,770
C
ontribution from non-controlling
interest
-
-
-
-
27,500
27,500
Stock based compensation
-
3,302,530
-
-
-
3,302,530
Net loss
-
-
(13,852,847
)
-
(28,467
)
(13,881,314
)
Balances as of December 31, 2009
$22,000
$ 63,177,312
$ (63,176,664
)
$ (4,195
)
$ (967
)
$ 17,486
The accompanying notes are an integral part of these consolidated financial statements.
