Note 17 - Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 17: SUBSEQUENT EVENTS

On January 31, 2015 the Company issued a promissory note payable in the amount of $950,000 and 3,800,000 common stock purchase warrants (“Warrants”) to our Chief Executive Officer and Director, Cornelis F. Wit, in exchange for an existing promissory note in the amount of $280,000 and accrued interest in the amount of $670,000. The note carries an interest rate of 12% per annum and matures on April 1, 2017. The Warrants are exercisable until April 1, 2017 at an exercise price of $0.25.

On January 31, 2015 the Company issued a promissory note in the amount of $2,860,000 to our Chief Executive Officer and Director, Cornelis F. Wit, in exchange for an existing promissory note in the same amount. The promissory note carries an interest rate of 12% and has a maturity date of April 1, 2017. The expiration date of the warrants associated with the promissory note was also extended to April 1, 2017.

On January 31, 2015 the Company issued a promissory note in the amount of $529,000 to our Chief Executive Officer and Director, Cornelis F. Wit, in exchange for an existing promissory note in the same amount. The promissory note carries an interest rate of 12% and has a maturity date of April 1, 2017. The expiration date of the warrants associated with the promissory note was also extended to April 1, 2017.

On January 31, 2015 the Company and Mr. Wit extended the maturity date of $1,100,000 of convertible debentures to April 1, 2017. The debentures bear interest at 12% per annum. The expiration date of the warrants associated with the debentures was also extended to April 1, 2017.

On January 31, 2015 the Company and Mr. Wit extended the maturity date of the $1,770,000 of convertible debentures to April 1, 2017. The debentures bear interest at 10% per annum. The expiration date of the warrants associated with the debentures was also extended to April 1, 2017.

On January 31, 2015 the Company and Mr. Wit extended the maturity date of the $4,475,000 of convertible debentures to April 1, 2017. The debentures bear interest at 12% per annum. The expiration date of the warrants associated with the debentures was also extended to April 1, 2017.

On January 31, 2015 the Company and Mr. Wit extended the maturity date of the $1,440,000 of convertible debentures to April 1, 2017. The debentures bear interest at 12% per annum. The expiration date of the warrants associated with the debentures was also extended to April 1, 2017.

On January 31, 2015 the Company extended the expiration date of the warrants associated with the promissory note due to Mr. Wit in the amount of $1,600,000 with a maturity date of April 1, 2017. The Warrants are exercisable at $0.25 per share and the new expiration date of the Warrants is April 1, 2017.

On February 3, 2015 the Company renewed the Line of Credit with The Northern Trust Company and increased the available balance to $5,000,000. The line of credit matures on February 2, 2018 and carries a variable interest rate based on the prime rate.

On March 20, 2015 the Company awarded 275,000 restricted shares to our Chairman and Chief Technology Officer, Randall G. Smith, 175,000 restricted shares to our Chief Executive Officer and Director, Cornelis F. Wit, 115,000 restricted shares to our Chief Operating Officer and President, Stephen E. Johnson, and 100,000 restricted shares to our Chief Financial Officer, Thomas E. Vickers. The restrictions on the shares lapse ratably over a three year period contingent on continued employment.

On March 23, 2015 a former employee exercised 7,500 stock options.

Subsequent to December 31, 2014 the Company drew an additional $750,000 on its line of credit.