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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
Note 18 - SUBSEQUENT EVENTS

 During January and February 2014, holders of 3,090,000 warrants exercised such warrants for cash resulting in the issuance of 3,090,000 shares of common stock and cash proceeds to the Company of approximately $1,548,000.

 

 During January 2014, holders of 1,000 options exercised such options for cash resulting in the issuance of 1,000 shares of common stock and cash proceeds to the Company of approximately $1,000.

 

 In March 2014, the holder of the line of credit agreed to increase the borrowing facility to an aggregate total of $3,500,000. Borrowings under the increased credit facility will bear interest at the same rate and are also due in March 2015. As consideration for the increase to the line of credit borrowing facility, the Company issued to the holder a warrant exercisable for 177,778 shares of the Company’s common stock. The warrant has a term of one year from the date of issuance and an exercise price of $2.25 per share.