Note 9 - Stock Warrants

3 Months Ended

Mar. 31, 2013

Stockholders' Equity Note Disclosure [Text Block]

9.        Stock Warrants

Stock Warrants activity for the quarters ended March 31, 2013 and 2012 consisted of:

	2013					2012
	Warrants			Weighted Average Exercise Price		Warrants		Weighted Average Exercise Price
Beginning balance		782,259		$	0.85		1,235,877	$	0.35
Stock warrants granted		-			-		-		-
Stock warrants expired		-			-		-		-
Stock warrants exercised		(427,713	)		0.55		-		-
Ending balance		354,546		$	1.21		1,235,877	$	0.35

In connection with the private placement of the Company’s Common Stock on December 8, 2010, the Company granted common stock warrants to purchase 338,182 and 16,364 shares, respectively, to each of its two placement agents for $1.21 per share which expire on December 8, 2015.  In connection with the private placement of the Company’s common stock in 2012, the Company granted common stock warrants to purchase 387,201 shares for $0.01 per share, which expire December 2022.

In addition, the Company executed as of December 31, 2012 a settlement agreement with Amzak Capital Management, LLC in connection with a common stock purchase warrant issued to Amzak on December 21, 2012 under which the Company issued a ten-year warrant to purchase up to 427,713 shares of the Company’s common stock, with an exercise price of $0.55 per share. The warrants were exercised in full on February 8, 2013.  The amount of the fair value of the warrant issued was $209,000, and included as interest expense in 2012, as it related to the credit agreement which was terminated in August of 2012.