Note 9 - Warrants

9 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 9.  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:

	September 30, 2013			September 30, 2012
Stock Price	$	2.57		$	4.44
Exercise Price	$	14.93		$	14.93
Expected Volatility		77	%		112	%
Expected Dividend Yield	None			None
Expected Term (in years)		2.8			4.0
Risk-free Interest Rate		0.66	%		0.37	%

As of September 30, 2013, the value of the warrant liabilities was $120,000 and the change in fair value during the first nine months of 2013 was a loss of $30,000. The loss was recorded as other expense in the statement of operations. 

Warrant activity for the nine months ended September 30, 2013 and 2012 is summarized as follows:

	2013				2012
	Warrants		Weighted Average Exercise Price		Warrants		Weighted Average Exercise Price
Outstanding at January 1,		412,776	$	14.93		412,776	$	14.93
Issued
Expired
Warrant redemption Exercised
Outstanding at September 30,		412,776	$	14.93		412,776	$	14.93
Currently exercisable		412,776	$	14.93		412,776	$	14.93

The following table summarizes information about warrants outstanding at September 30, 2013:

		Warrants Outstanding and Exercisable
Range of Exercise Prices			Warrants		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
	$13.80			112,776		2.6	$	13.80
$13.86	to	$24.00		300,000		3.0		15.36
				412,776		2.8	$	14.93

 The warrants expire on various dates ranging to September 2016.