Note 9 - Stock Warrants

6 Months Ended

Jun. 30, 2011

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

9. Stock Warrants

Stock Warrants activity for the six months ended June 30, 2011 and 2010 consisted of:

	2011		2010
		Weighted		Weighted
		Average		Average
	Warrants	Exercise Price	Warrants	Exercise Price
Beginning balance	1,498,377	$0.36	262,500	$0.41
Stock warrants granted	-	-	-	-
Stock warrants expired	-	-	-	-
Stock warrants exercised	(262,500)	0.41	-	-
Ending balance	1,235,877	$0.35	262,500	$0.41

In connection with the private placement of the Company’s Common Stock as more fully described in Note 11, the Company granted Common Stock Warrants to purchase 338,182 and 16,364, respectively, to each of its two placement agents for $1.21 per share which expire on December 8, 2015.

In connection with the Credit Agreement with the Lender as more fully described in Note 8, the Company issued a ten-year warrant to purchase 881,331 shares of the Company’s Common Stock for $.01 per share.

In connection with the private placement offering to certain investment funds affiliated with Signet Healthcare Partners, G.P. (the “Offering”) on March 13, 2009, the Company granted its placement agent for the Offering a Common Stock Warrant to purchase 350,000 shares of Common Stock for $0.41 per share, which expires on March 13, 2012.  On December 2, 2009, the Common Stock Warrant was amended to include a partial transfer for 87,500 shares of Common Stock.  On December 2, 2009, the warrant to purchase 87,500 was exercised using the “Cashless Exercise” provision and 51,681 shares of Common Stock were issued.  On February 25, 2011, the warrant to purchase the remaining 262,500 shares of Common Stock was exercised using the “Cashless Exercise” provision and 200,646 shares of Common Stock were issued.