Notes Payable to Stockholder	3 Months Ended
Mar. 31, 2012
Notes to Financial Statements
Notes Payable to Stockholder	5. Notes Payable to Stockholder Beginning on March 28, 2002 the Company executed a binding agreement with one of its principal stockholders, who is also the Chairman of the Board and an executive officer, to fund up to $6.1 million. Under the terms of the agreements, the Company can draw amounts as needed to fund operations. Amounts drawn bear interest at the BBA LIBOR Daily Floating Rate plus 1.4 percentage points (1.696% per annum at December 31, 2011), payable monthly and were to become due and payable on December 31, 2005 or upon a change in control of the Company or consummation of any other financing over $7.0 million. Beginning in March 2006, annually, through February 2012, the maturity date for the agreement was extended annually from December 31, 2007 to December 31, 2013. At March 31, 2012 the Company had drawn the full funding amount under the agreement of $6.1 million plus an additional $1,299,017. Additionally, the stockholder has loaned the Company $250,000 directly, for a total amount due of $7,649,017. At March 31, 2011, the Company had drawn the full funding amount of $6.1 million under the funding agreement plus an additional $1,299,017, plus a direct loan of $30,000. Additionally, the Company has loans outstanding from one board member, who is also a significant stockholder, totaling $100,000 at March 31, 2012 and 2011. The outstanding debt obligation at March 31, 2012 matures January 1, 2013 and is included in Current Liabilities. For the three-months ended March 31, 2012 and 2011, the Company recorded $38,495 and $40,421, respectively, of interest expense related to the notes payable to both the stockholder and the board member, as noted above, which is included in interest expense in the accompanying condensed consolidated statements of operations.

Notes Payable to Stockholder

3 Months Ended

Mar. 31, 2012

5. Notes Payable to Stockholder

Beginning on March 28, 2002 the Company executed a binding agreement with one of its principal stockholders, who is also the Chairman of the Board and an executive officer, to fund up to $6.1 million. Under the terms of the agreements, the Company can draw amounts as needed to fund operations. Amounts drawn bear interest at the BBA LIBOR Daily Floating Rate plus 1.4 percentage points (1.696% per annum at December 31, 2011), payable monthly and were to become due and payable on December 31, 2005 or upon a change in control of the Company or consummation of any other financing over $7.0 million. Beginning in March 2006, annually, through February 2012, the maturity date for the agreement was extended annually from December 31, 2007 to December 31, 2013.

At March 31, 2012 the Company had drawn the full funding amount under the agreement of $6.1 million plus an additional $1,299,017. Additionally, the stockholder has loaned the Company $250,000 directly, for a total amount due of $7,649,017. At March 31, 2011, the Company had drawn the full funding amount of $6.1 million under the funding agreement plus an additional $1,299,017, plus a direct loan of $30,000.

Additionally, the Company has loans outstanding from one board member, who is also a significant stockholder, totaling $100,000 at March 31, 2012 and 2011. The outstanding debt obligation at March 31, 2012 matures January 1, 2013 and is included in Current Liabilities.

For the three-months ended March 31, 2012 and 2011, the Company recorded $38,495 and $40,421, respectively, of interest expense related to the notes payable to both the stockholder and the board member, as noted above, which is included in interest expense in the accompanying condensed consolidated statements of operations.