Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 15 – SUBSEQUENT EVENTS

In April and May 2012, the Company issued 287,189 shares of common stock upon the conversion of  8,615,670 shares of series A preferred stock.  As of May 14, 2012, there were no shares of series A preferred stock outstanding.

On April 24, 2012, the Company issued 12,000 shares of common stock to a key employee who is not executive officers pursuant to its 2010 long-term incentive plan. The shares were valued at fair value on the date of grant, and the Company recorded stock-based compensation of $45,960.

In May 2012, the Company issued 73,386 shares of common stock upon the exercise of warrants, for which the Company received cash proceeds of $198,142.  As of May 14, 2012, there were no warrants outstanding.