SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2011

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS

On July 12, 2011, 400,000 of Series A Convertible Preferred stock were submitted for conversion.  522,876 shares of common stock in connection with this conversion.

On July 18 and 19, 2011, stock options for 3,000 and 3,333 shares of common stock were exercised.  At July 29, 2011, there were 7,980,982 and 16,606,408 shares of Series A Convertible Preferred Stock and common stock issued and outstanding.

On July 27, 2011, the Board of Directors amended the 2006 Long-Term Incentive Plan to increase the number of shares authorized under the plan by 300,000 shares, increasing shares authorized under the plan to 3,300,000 from 3,000,000.