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Note 15 - Subsequent Event
3 Months Ended
Jun. 30, 2012
Subsequent Events [Text Block]
Note 15 – Subsequent Event

On July 26, 2012 the Company entered into a Securities Purchase Agreement with a private investor.  Pursuant to the terms of the Purchase Agreement, the Company issued (i) a senior secured promissory note in favor of the Private Investor in the aggregate principal amount of $600,000, approximately $481,000 net of expenses, accruing interest at a rate of 14% per annum and (ii) a common stock purchase warrant to purchase 50,000 shares of the Company’s common stock, par value $0.10 per share. The Note, together with all unpaid interest and principal is due on March 31, 2013.  The Common Stock underlying the Warrant is exercisable at a price of $3.35 per share and the Warrant expires on September 10, 2019. In conjunction with the Purchase Agreement the Company entered into an (i) Investor Rights Agreement, (ii) Securities Agreement, (iii) Intercreditor Agreement and (iv) Subordination Agreement. The Company reported the foregoing on its Current Report on Form 8-K on August 3, 2012.

On August 15, 2012, the Company received approval for a $990,000 progress payment invoice related to the CRAFT program. It is expected that the funding will be received within the following 2 weeks.