Annual report pursuant to section 13 and 15(d)

Note 6 - Related Party Notes Payable (Tables)

v2.4.0.8
Note 6 - Related Party Notes Payable (Tables)
12 Months Ended
Dec. 31, 2012
Related Party Notes Payable [Abstract]  
Assumptions Used in Calculating Fair Value of Derivative Liability [Table Text Block]

 

 

December 31,

 

 

 

2012

 

 

2011

 

Dividend yield

 

 

0%

 

 

 

0%

 

Expected volatility

 

 

41.98%

 

 

 

46.58%

 

Risk free interest rate

 

 

0.31%

 

 

 

0.25%

 

Expected remaining term (years)

 

 

1.8

 

 

 

0.15

 

Common stock price

 

 

$1.60

 

 

 

$0.60

 

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

Derivative liability at January 1, 2010

 

$

1,227,500

 

Gain on change in fair value of derivative liability

 

 

(1,227,500

)

Derivative liability at December 31, 2010 and 2011

 

 

-

 

Loss on change in fair value of derivative liability

 

 

789

 

Derivative liability at December 31, 2012

 

$

789

 

Schedule of Related Party Transactions [Table Text Block]
   

2012

   

2011

 
                 

BSC Notes - principal

  $ 4,338,601     $ 3,500,000  

Summer 2011 Notes - principal

    -       1,310,000  

Total related party notes payable - principal

    4,338,601       4,810,000  

Summer 2011 Notes - unamortized discount

    -       (432,706

)

Total related party notes payable - unamortized discount

    -       (432,706

)

BSC Notes - net

    4,338,601       3,500,000  

Summer 2011 Notes - net

    -       877,294  

Total related party notes payable - net

  $ 4,338,601     $ 4,377,294