Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 14 — SUBSEQUENT EVENTS

     From July 1, 2011 to August 12, 2011, the Company issued 10,727,414 shares of its common stock in order to reduce the balance due on the convertible note agreement entered into on December 17, 2010.

     On July 7, 2011, the Company’s securities began to be quoted on the OTC Bulletin Board upon its delisting from the Nasdaq Stock Market.

     On July 14, 2011, two of the Company’s directors resigned. The Company extended the exercise period of stock options previously granted to these directors. The Company estimates that the compensation expense associated with the repricing of these stock options as of July 14, 2011 will not have a significant financial impact on the Company’s financial statements.

     On August 10, 2011, the Company amended the payment due dates on its April 1, 2011 convertible note. The lender has agreed to extend the first payment (originally due August 1, 2011) to the earlier of the date that the underlying registration statement becomes effective or until six months after the issuance of the note. In consideration of this amendment the Company has agreed to reprice certain of the warrants held by the lender to an exercise price of $.05.