SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2013

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS

Subsequent to March 31, 2013, the available credit on the Line of Credit is $10,000,000.  As of May 3, 2013, the outstanding balance drawn on the line of credit is $7,000,000 leaving an available balance for draw downs of $3,000,000.

Subsequent to March 31, 2013, a total of 59,875 shares of the Company’s Series A Preferred Stock were converted into 59,875 shares of the Company’s common stock; warrants to purchase 250,000 shares of the Company’s common stock were exercised for a net of 105,955 shares of common stock (when adjusting for a cashless exercise of such warrants and the payment, in shares of common stock, of an aggregate exercise price of $437,500 in connection with such exercises) and 105,955 shares of common stock were issued to the warrant holders in connection with such exercises; and options to purchase 55,000 shares of the Company’s common stock were exercised for a net of 43,520 shares of common stock (when adjusting for a cashless exercise of such options and the payment, in shares of common stock, of an aggregate exercise price of $36,000 in connection with such exercise) and 43,520 shares of common stock were issued to the option holder in connection with such exercise.