Subsequent Event

6 Months Ended

Jun. 30, 2011

Subsequent Events [Abstract]

Subsequent Events [Text Block]

8.   Subsequent Event

On July 28, 2011, the Company exchanged the warrant issued in connection with the April 6, 2011 financing for a new warrant with substantially the same terms as the original warrant except that in the new warrant (i) the anti-dilution price protection was eliminated, (ii) the exercise price was lowered to $1.00, (iii) the expiration date was extended for an additional three months to August 10, 2012, and (iv) the warrant’s initial exercise date was changed to January 2012.   Due to this warrant exchange, the warrant liability will be eliminated on a go-forward basis since the new warrant no longer contains the provisions that cause it to be treated as a derivative liability.

The Company measured the fair value of the warrant at $253,317 using a Black-Scholes valuation model; As a result of modifying the terms of the warrant, it was not considered indexed to the Company’s common stock.  The fair value of this warrant upon exchange was based upon the following management assumptions:

	Remeasurement Date  July 28, 2011
Closing stock price	$	0.84
Expected dividend rate		0	%
Expected stock price volatility		105.6	%
Risk free interest rate		0.21	%
Expected life (years)		1.04

On August 10, 2011, the Company entered into an agreement to exchange the warrants issued in connection with the January 28, 2011 financing for new warrants with substantially the same terms as the original warrants except that in the new warrants the expiration date will be extended by two months.