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Note 10 - Subsequent Event
6 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

10. Subsequent Event


On August 11, 2014, the Company filed a Certificate of Designation with the Secretary of State of the State of Delaware to authorize the issuance of up to 100,000 shares of Series D Preferred Stock and to establish the relative rights, preferences, qualifications, limitations and restrictions of such Series D Preferred Stock. The Certificate of Designation became effective upon such filing. On August 12, 2014, the Company issued 40,000 shares of its newly authorized Series D Preferred Stock to certain accredited investors pursuant to a Purchase Agreement executed with those investors for aggregate consideration of $200,000. Net proceeds from the offering will be used by the Company to fund working capital and for general corporate purposes. Paul Luber and Graeme Jack, each a member of the Company’s board of directors, purchased 5,000 shares each of Series D Preferred Stock for aggregate consideration of $50,000. Anthony Johnston, the Company’s Chairman and Chief Executive Officer, purchased 6,000 shares of Series D Preferred Stock for total consideration of $30,000. A description of the rights, preferences and limitations of the Series D Preferred Stock is set forth in “Part II – Item 5 – Other Information – Amendment to Articles of Incorporation; Material Modifications to Rights of Security Holders” in this Quarterly Report on Form 10-Q.