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Note 9 - Subsequent Events
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3 Months Ended |
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Mar. 31, 2012
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| Subsequent Events [Text Block] |
9.
Subsequent
Events
Stock
Option Grants
In
April 2012, the Company granted its employees and
non-employee directors options to purchase an aggregate of
2,706,400 shares of common stock under the Company’s
2012 Incentive Compensation Plan. A total of
3,000,000 shares had been reserved for issuance under the
2012 Incentive Compensation Plan. Therefore, a
total of 293,600 shares remain eligible for grants under the
plan.
Warrant
Grants
On
May 9, 2012, the Company’s board of directors approved
the issuance of an aggregate of 1,250,000 warrants to two
non-employee directors. The warrants are
immediately vested and exercisable, have an exercise price of
$1.00 per share, and have a term of five years.
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