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Going Concern
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12 Months Ended |
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Dec. 31, 2011
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| Going Concern [Abstract] | |
| Going Concern [Text Block] | Note 2 - Going Concern
The financial statements have been prepared assuming that the Company will continue as a going concern. The Company exited development stage during the quarter ended September 30, 2010 and had recognized minimal revenues prior to that date. Since its formation, the Company has incurred a cumulative net loss of $20,271,855. The minimal sales volumes to date and recurring losses from operations raise substantial doubt about the Company’s ability to continue as a going concern. Continuation of the Company is dependent on achieving sufficiently profitable operations and obtaining additional financing.
From 2007 through 2010, the Company raised approximately $4.0 million through multiple private placement offerings at varying prices. The Company yielded $1.67 million from the exercise of 1.7 million stock options by third parties for the year ended December 31, 2009. The Company established a $1.0 million line of credit with First Niagara Bank on April 26, 2010. During 2011, the Company raised $3.2 million through several private placement sales of units that included shares of common stock and warrants to purchase common stock. In March of 2012, our Board of Directors approved a private placement for the sale of up to 100 units, with each unit costing no less than $15,000 and consisting of 7,500 shares of the Company’s common stock and a warrant to purchase 1,000 shares of the Company’s common stock at $10.00 per share. The Company sold 14 units on March 14, 2012, which yielded $210,000. This working capital may not be sufficient to fund operational growth, and the Company expects to need to raise additional capital. There can be no assurance that the Company will continue to be able to raise sufficient capital, at terms that are favorable to the Company or at all, to fund operations.
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