Quarterly report pursuant to sections 13 or 15(d)

Note 6 - Related Party Notes Payable (Tables)

v2.4.0.6
Note 6 - Related Party Notes Payable (Tables)
9 Months Ended
Sep. 30, 2012
Assumptions Used in Calculating Fair Value of Derivative Liability [Table Text Block]
   
September 30,
2012
   
December 31,
2011
 
Dividend yield
    0 %     0 %
Expected volatility
    42.47 %     46.58 %
Risk free interest rate
    0.27 %     0.25 %
Expected remaining term (years)
    2.1       0.15  
Common stock price
  $ 2.12     $ 0.60  
Schedule of Related Party Transactions [Table Text Block]
   
September 30,
2012
   
December 31,
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