Quarterly report pursuant to sections 13 or 15(d)

Note 6 - Related Party Notes Payable (Tables)

v2.3.0.11
Note 6 - Related Party Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2012
Assumptions Used in Calculating Fair Value of Derivative Liability [Table Text Block]
   
June 30,
2012
 
December 31,
2011
Dividend yield
    0 %     0 %
Expected volatility
    42.95 %     46.58 %
Risk free interest rate
    0.37 %     0.25 %
Expected remaining term (years)
 
2.4
   
0.15
 
Common stock price
  $ 2.30     $ 0.60  
Schedule of Related Party Transactions [Table Text Block]
   
June 30,
   
December 31,
 
   
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  
BSC Notes - unamortized discount     -       -  
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