XML 17 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
2011 PRIVATE PLACEMENT (Details Textuals) (USD $)
6 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Mar. 31, 2012
Dec. 31, 2011
Jun. 30, 2012
Warrant [Member]
Dec. 31, 2011
Warrant [Member]
Jun. 30, 2012
Private Placement [Member]
Dec. 31, 2011
Private Placement [Member]
Private placement additional details                
The Company raised aggregate gross proceeds pursuant to a Private Placement               $ 7,093,065
Subscription agreements for the sale and issuance of shares               5,481,757
common stock, par value $ 0.001     $ 0.001        
Series A Preferred Stock, par value       $ 0.001        
Purchase price per share     $ 0.85          
Consideration received               Investors who invested in the aggregate a minimum of $1,500,000 received Series A Preferred Stock, which has the rights and preferences set forth in the Certificate of Designation. Investors who purchased Series A Preferred Stock received a four year warrant to purchase 50% of the shares purchased and the investors who purchased common stock received a four year warrant to purchase 35% of the shares purchased. The warrants are exercisable at an exercise price of $1.33
Cumulative preferred stock dividend, rate               10.00%
Accrued preferred stock dividend             $ 81,416 $ 97,110
Increase in number of the Preferred Stock, shares             98,091 117,001
Fair value of the warrants                
Risk free interest rate 2.42% 3.90%     2.42% 3.90%    
Volatility 77.40% 117.00%     77.04% 116.55%    
Exercise price           $ 1.33    
Market value           $ 0.83    
Expected life 5 years         5 years