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Note 17 - Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events [Text Block]
NOTE 17. SUBSEQUENT EVENTS

In April 2012, the Company issued a $700,000 convertible note, unsecured, and bearing interest at 6%. The note matures on the earlier of: 1) 10 business days after delivery by the holder of the note of a notice to maturity-which may not be issued prior to December 31, 2012, or 2) March 31, 2015, provided that the Company completes a restructuring of its capital in manner satisfactory to the holder.  The note is convertible at any time prior to its maturity into “units” of the Company consisting of (a) shares of the Company’s Series E Preferred Stock, which is in turn convertible into shares of the Company’s Common Stock, and (b) a warrant exercisable at $0.50 for shares of the Company’s Common Stock.  Through these conversions, the note is convertible into approximately 2,800,000 shares of the Company’s Common Stock.

In April 2012, the Company paid $550,000 representing the balance of its capital contribution to the joint venture and subsequently relinquished its interest in Opus.  Consequently, the Company recognized a loss on disposition in its unconsolidated joint venture of $1,051,000 at March 31, 2012.

In May 2012, National Securities Corporation was approved by the FINRA to receive a Temporary Subordinated Loan for $1,500,000 from National Financial Services, its primary clearing firm. The loan is for a period of not more than 45 days in order to allow the operating subsidiary to participate in public underwritings.  This note is scheduled to be repaid during June 2012.