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Note 5 - Deferred Charges, Net

12 Months Ended

Dec. 31, 2012

5.	Deferred Charges, net

“Deferred charges, net” consist of loan arrangement fees which are amortized over the duration of the loan and deferred offering expenses related to the filing of the Company’s shelf registration which was charged against the proceeds of our offering of the Company’s securities completed in 2012.

	2011			2012
Balance, beginning of year		599,374			697,951
Additions, deferred offering expenses		243,392			-
Amortization of loan arrangement fees		(144,815	)		(135,981	)
Deferred offering expenses reclassified to paid-in capital		-			(243,392	)
Balance, end of year		697,951			318,578