Consolidated Statements of Shareholders' (Deficit) Equity
Years Ended December 31, 2010 and 2009
Common
Stock
Additional
Paid-In
Capital
Accumulated
Deficit
Non-
Controlling
Interest
Treasury
Stock
Total
(Deficit
Equity
)
Balance 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
S tock based compensation - 3,302,530 - - - 3,302,530
C onsolidated net loss - - (13,852,847) (28,467) - (13,881,314)
Balance as of December 31, 2009 $ 22,000 $ 63,177,312 $ (63,176,664) $ (967) $(4,195) $ 17,486
Proceeds from issuance of common
stock, net of expenses 29,837 4,793,027 - - - 4,822,864
Issuance of treasury shares - 145,982 - - 4,018 150,000
C ontribution from non-controlling
interest - - - 1,648 - 1,648
S tock based compensation - 943,255 - - - 943,255
C onsolidated net loss - - (6,090,488) (6,055) - (6,096,543)
Balance as of December 31, 2010 $51,837 $ 69,059,576 $ (69,267,152) $ (5,374) $ (177) $ (161,290)
The accompanying notes are an integral part of these consolidated financial statements.
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