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Note 11 - Subsequent Events
6 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 11. - SUBSEQUENT EVENTS


On August 12, 2014, the Company and Computershare Trust Company, N.A. (the “Rights Agent”) entered into Amendment No. 1 (the “Amendment”) to that certain Rights Agreement (the “Rights Agreement”) dated as of July 29, 2011, by and between the Company and the Rights Agent. The Amendment accelerated the scheduled expiration of the Rights under the Rights Agreement from 5:00 p.m. (Eastern time) on July 21, 2021 to 8:00 p.m. (Eastern time) on August 12, 2014, effectively terminating the Rights Agreement as of that time on that date, to make available sufficient shares to facilitate a private placement. All of the Rights distributed to the holders of the Company’s common stock expired, without the need for action by any of the holders, upon the termination of the Rights Agreement.


On August 13, 2014, the Company entered into a common stock purchase agreement with, and consummated a private placement of an aggregate of 1,367,000 shares of its common stock to, Hodges Small Cap Fund, an institutional “accredited investor” as defined by Rule 501(a) promulgated under the Securities Act, pursuant to an exemption from registration provided by Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), with gross proceeds to the Company of approximately $3.3 million. In connection with the common stock purchase agreement, on the same day the Company entered into a registration rights agreement with the investor. In accordance with the registration rights granted under that agreement, the Company agreed to prepare and file a registration statement under the Securities Act to permit the investor to publicly resell from time to time the shares of common stock issued in the private placement.