Subsequent Events
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3 Months Ended |
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Mar. 31, 2012
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Notes to Financial Statements | |
Note 17 - Subsequent Events |
From April 30 through May 10, 2012, the Company sold convertible notes to unaffiliated accredited investors totaling $1,228,000. The notes are convertible into units, where each unit consists of: (i) 1 share of common stock of the Issuer, par value $0.001 per share, and (ii) a warrant to purchase 0.25 shares of common stock of the Issuer at an exercise price of $1.25 per share. The notes may be converted at any time and from time to time in whole or in part prior to the maturity date thereof . These securities were sold in reliance upon the exemption provided by Section 4(2) of the Securities Act and the safe harbor of Rule 506 under Regulation D promulgated under the Securities Act. |