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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2012
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
NOTE 19 - SUBSEQUENT EVENTS

On August 1, 2012, we entered into a private placement subscription agreement with Brightline Ventures I-B, LLC, pursuant to which we sold 417,612 shares of Common Stock, for a price of $1.50 per share and received gross proceeds of $626,417.

During July 2012, 46,520 shares of common stock were issued on the cashless exercise of warrants.  Also, during July, 5,208 shares of common stock were issued as a result of warrants exercised for cash of $52.

On July 10, 2012, we issued 150,000 shares of our common stock to Maxim Group, LLC as consideration for consulting services rendered.
 
On August 13, 2012, the Company entered into an agreement with its largest shareholder, Brightline Ventures I, LLC ("Brightline"), pursuant to which Brightline agreed to convert $7,721,988 (exclusive of dividends) worth of Series I and II Redeemable Preferred Stock into 7,721,988 shares of the Company's Common Stock.  In consideration for the foregoing conversion of Series I and II Redeemable Preferred Stock by Brightline on or before their respective maturity dates, the Company modified the following warrants held by Brightline to provide them with the ability to exercise such warrants on a cashless basis: (i) warrants to purchase an aggregate of  11,582,983 shares of Common Stock with an exercise price of $1.50 per share, which were issued to Brightline in transactions where Brightline acquired shares of the Company's Series I and II Redeemable Preferred Stock; and (ii) warrants to purchase an aggregate of  2,859,375 shares of Common Stock with an exercise price of $1.50 per share, which equals one half of the outstanding  and unexercised warrants issued to Brightline in other transactions where Brightline provided financing to the Company.  Prior to this agreement, the Company had $8,061,988 worth of Series I and II Redeemable Preferred Stock outstanding, of which $4,635,291 came due in 2012 and the other $3,326,697 came due in 2013.  As of this filing, no shares have been issued to Brightline as a result of the conversion of Series I or II Redeemable Preferred Stock.