Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Note 10.                      Subsequent Events

In April 2012, the Company approved a plan to modify all Company warrants whose expiration date was before December 31, 2015, by extending that expiration date to December 31, 2015, and to modify all Company warrants, regardless of their expiration date, by reducing the exercise price to $1.00.  All other terms and conditions of each class of warrant remain unchanged.  In total, 977,122 of the total 1,444,585 warrants were affected by the expiration date extension and all 1,444,585 warrants by the price reduction.  Before the reduction, the weighted average exercise price for all warrants was $2.00.  Additional information is available in the Form 8-K filed by the Company on April 19, 2012.

In April 2012, the Company extended the $200,000 Promissory Note payable to a related party of Timothy Kasmoch, the Company's President and Chief Executive Officer, for an additional three months by the prepayment of additional interest, and is now due July 30, 2012.  Additional details of this Note are provided in the Liquidity and Capital Resources section In Item 2, Management's Discussion and Analysis or Plan of Operation.