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Note 13 - Subsequent Events
12 Months Ended
Dec. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

Note 13 – Subsequent Events

 

In March 2013, the Company issued to its Chief Executive Officer, Richard H. Davis, and its Chief Financial Officer, John L. Hofmann, five-year warrants to purchase common stock at an exercise price of $.30 per share (the market price on the date of grant) in the amounts of 1,000,000 and 500,000 shares, respectively.

 

In the first quarter of 2013, the Company sold an additional $75,000 principal amount of Series A Secured Promissory Notes. In connection with these Notes, the Company issued warrants to purchase 75,000 shares of common stock and will be obligated to issue warrants to purchase an additional 75,000 shares in December 2013. See Note 10.