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Subsequent Events (Details Narrative) (USD $)
1 Months Ended
Jul. 31, 2012
Subsequent Events [Abstract]  
Securities purchase agreement terms On July 27, 2012, the Company entered into a securities purchase agreement with certain institutional and private investors pursuant to which it sold convertible debentures for an aggregate of $3,069,900. The debentures bear interest at 8%, mature July 2017 and are unsecured. These debentures are convertible at any time into shares of the Company's common stock at an initial conversion price of $0.225 per share, subject to adjustment in certain conditions. Under certain conditions, the Company may force the conversion of the debentures any time following the one year anniversary of the Closing Date. In addition, after the second anniversary of the Closing Date, the Company will have the right to redeem all or part of the debentures at any time prior to the Maturity Date. The Company also has the right prior to the second anniversary to redeem all or part of the debentures if the Company successfully consummates a financing of the proposed Hobbs, New Mexico de-conversion facility in the amount of at least $25 million. Any redemption of the debentures by the Company requires the payment of a redemption fee as set forth in the Notes. Each investor also received a common stock purchase warrant to purchase common stock equal to twenty five percent (25%) of the shares issuable upon conversion of the debentures. The Warrants are immediately exercisable at a price of $0.30 per share and have a term of five years.
Proceeds from issuance of convertible debentures $ 3,069,900
Convertible debentures interest rate 8.00%
Convertible debentures conversion price per share $ 0.225
Warrants issued with convertible debentures - price per share $ 0.30
Term of warrants 5 years
Proceeds from convertible debentures allocated to debentures 2,703,144
Proceeds from convertible debentures allocated to warrants 366,756
Beneficial conversion feature of convertible debentures 25,656
Convertible debenture beneficial conversion feature amortization period 5 years
Warrants issued to placement agent 1,091,520
Fair value of warrants issued to placement agent $ 133,285
Risk free interest rate 0.65%
Expected dividend yield 0.00%
Expected volatility 88.00%
Expected life 5 years