Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 16 – SUBSEQUENT EVENTS

On October 11, 2011, the Company issued 7,500 shares of its common stock to its chief financial officer pursuant to the employment agreement between the Company and the chief financial officer. The shares are valued at the fair value on the grant date and the Company recorded stock-based compensation of $2,475.

On November 8, 2011, the Company issued 30,000 shares to a key employee.  The shares, which were issued pursuant to the Company’s long-term incentive plan, were valued at the fair market value on the date of issuance of $11,700.

On October 12, 2011, the Company renewed its loan agreement with Agricultural and Commercial Bank in the amount of $468,618. The loan is due on August 31, 2012 with interest at the annual rate of 7.872% and secured by certain assets of the Company.