Note 12 - Warrants

12 Months Ended

Dec. 31, 2012

Stockholders' Equity Note Disclosure [Text Block]

12.   WARRANTS

Warrants Issued to Investors

The fair value of the warrants was determined using the Monte Carlo simulation model and the following weighted average assumptions were used:

	2012			2011
Stock Price	$	2.15		$	2.15
Exercise Price	$	15.36		$	8.56
Expected Volatility		135	%		105	%
Expected Dividend Yield	None			None
Expected Term (in years)		3.8			4.8
Risk-free Interest Rate		0.36	%		0.77	%

As of December 31, 2012, the value of the warrant liabilities were $90,000 and the change in fair value during the twelve months ended December 31, 2012 was a gain of $564,000. The gain was recorded as other income in the statement of operations. As of December 31, 2011, the value of the warrant liabilities were $654,000 and the change in fair value during the twelve months ended December 31, 2011 was a gain of $1,274,000. The gain was recorded as other income in the statement of operations.

Warrant activity for the twelve months ended December 31, 2012 and 2011 is summarized as follows:

	2012				2011
	Warrants		Weighted Average Exercise Price		Warrants			Weighted Average Exercise Price
Outstanding at January 1,		412,779	$	14.11		292,856		$	27.60
Issued						300,000			14.94
Expired						(17,979	)		83.94
Warrant redemption						(162,098	)		19.68
Exercised
Outstanding at December 31,		412,779	$	14.11		412,779		$	14.11
Currently exercisable		412,779	$	14.11		412,779		$	14.11

The following table summarizes information about warrants outstanding at December 31, 2012:

Warrants Outstanding and Exercisable
Range of Exercise Prices			Warrants		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
	$13.80			112,779		3.4	$	13.80
$13.86	to	$24.00		300,000		3.8		15.36
				412,779		3.6	$	14.11

The warrants expire on various dates ranging to September 2016.