SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2012

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 19 – SUBSEQUENT EVENTS

On October 4, 2012, we issued 25,424 shares of Common Stock to a former employee that exercised options on a cashless basis.

On October 12, 2012, we entered into a private placement subscription agreement with an Investor, pursuant to which we sold 132,000 shares of Common Stock, for a price of $2.25 per share and received gross proceeds of $297,000.

Subsequent to September 30, 2012, we issued 24,616 shares of Common Stock as a result of warrants being exercised and the company received gross proceeds of $31,616.

Subsequent, to September 30, 2012, 74,728 shares of Common Stock were issued due to the cashless exercise of warrants.

On October 22, 2012, we entered into a private placement subscription agreement with an Investor, pursuant to which we sold 22,500 shares of Common Stock, for a price of $2.25 per share and received gross proceeds of $50,625.

On October 25, 2012, we entered into private placement subscription agreements with two Investors, pursuant to which we sold 22,222 shares of Common Stock, for a price of $2.25 per share and received gross proceeds of $50,000.

On October 31, 2012, we issued 33,710 shares of Common Stock to a former employee that exercised options on a cashless basis.

During November 2012, the Investors of the senior convertible promissory notes agreed to convert the principal balance of their notes outstanding in the amount of $200,000 and accrued interest of $12,056 into 212,056 shares of our Common Stock.  After this conversion, no other convertible notes remain outstanding.