Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 15 – SUBSEQUENT EVENTS

On January 3, 2012, the Company issued 250 shares of its common stock to its director. The shares are valued at the fair value on the grant date and the Company recorded stock-based compensation of $750.

On February 15, 2012, the Company issued 23,557 shares of common stock upon the conversion of 706,715 shares of series A preferred stock.

On February 23, 2012, the Company issued 73,333 shares of common stock upon the conversion of 2,200,002 shares of series A preferred stock.

On March 6, 2012, the Company issued 10,000 shares of common stock to its chief executive officer pursuant to its 2010 long-term incentive plan. The shares were valued at fair value of the common stock on the date of grant, and the Company recorded stock-based compensation of $7,000 and prepaid expense of $21,000 which will be amortized over the balance of 2012.

On March 6, 2012, the Company issued an aggregate of 20,400 shares of common stock to three key employees who are not executive officers pursuant to its 2010 long-term incentive plan. The shares were valued at fair value on the respective dates of grant, and the Company recorded stock-based compensation of $14,280 and prepaid expense of $42,840 which will be amortized over the balance of 2012.

On March 6, 2012, the Company issued 8,800 shares of common stock to its vice president of financial reporting pursuant to its 2010 long-term incentive plan. The shares were valued at fair value of the common stock on the date of grant, and the Company recorded stock-based compensation of $6,160 and prepaid expense of $18,480 which will be amortized in the balance of 2012.

On March 8, 2012, the Company issued 55,833 shares of common stock upon the conversion of 1,675,002 shares of series A preferred stock.

Reverse stock split

The Company effected a one-for-ten reverse stock split on March 6, 2012.  All share and per share information has been retroactively adjusted to reflect this reverse stock split.