SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS

Subsequent to March 31, 2012, the available credit on the Line of Credit is $3,500.000.  As of  May 7, 2012, the outstanding balance drawn on the line of credit is $0 leaving an available balance for drawdowns of $3,500,000.

Subsequent to the three months ended March 31, 2012 and through May 1, 2012, a total of 401,771 shares of the Company's Series A Preferred Stock were converted into 401,771 shares of our common stock on a one-for-one basis.  In addition, options to purchase 30,000 shares of the Company's common stock were exercised for cash proceeds of $46,500 and 30,000 shares of common stock were issued to the option holder in connection with such exercise.  Finally, options to purchase 15,000 shares of the Company's common stock were exercised for a net of 3,835 shares of the Company's common stock (when adjusting for a cashless exercise of such options and the payment, in shares of the Company's common stock, of an aggregate exercise price of $23,250 in connection with such exercises) and 3,835 shares of the Company's common stock were issued to the option holder in connection with such exercises.