Annual report pursuant to section 13 and 15(d)

Note 6 - Related Party Notes Payable (Tables)

v2.4.0.6
Note 6 - Related Party Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2012
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