Note 7 - Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Schedule of Stockholders Equity [Table Text Block]

Note 7 – Stockholders’ Equity

Stock Options

Following is a summary of the activity of options to an independent director:

	Options outstanding		Weighted Average Exercise Price		Weighted average remaining contractual life		Aggregate Intrinsic Value
Outstanding, December 31, 2011		50,000	$	10.96		2.98	$	-
Exercisable, December 31, 2011		50,000	$	10.96		2.98	$	-
Outstanding, June 30, 2012		50,000	$	10.96		2.48	$	-
Exercisable, June 30, 2012		50,000	$	10.96		2.48	$	-

The exercise price for options outstanding at June 30, 2012, is as follows:

Number of Options				Exercise Price
	50,000			$	10.96

The assumptions used in calculating the fair value of options granted using the Black-Scholes option-pricing model are as follows:

Risk-free interest rate		2.25	%
Expected life of the options	3 to 3.5 years
Expected volatility		80	%
Expected dividend yield		0	%

During the six months ended June 30, 2012 and 2011, the Company recorded $0 and $51,314 stock option expense, respectively. During three months ended June 30, 2012 and 2011, the Company recorded $0 and $25,657 stock option expense, respectively.

Warrants

At the end of 2010, all warrants were exercised. No new warrants were granted during the six and three months ended June 30, 2012. No warrants were granted during the six months ended June 30, 2011.