Note 6 - Deferred Charges, Net

12 Months Ended

Dec. 31, 2013

6.	Deferred Charges, net

“Deferred charges, net” consist of loan arrangement fees which are amortized over the duration of the loan and deferred offering expenses. The deferred offering expenses in 2012related to the filing of the Company’s shelf registration statement which was charged against the proceeds of its offering of the Company’s securities completed in 2012, and the deferred offering expense in 2013 reflect expenses incurred in the process of raising capital for the Company which was finalized in 2014.

	2012			2013
Balance, beginning of year		697,951			318,578
Amortization of loan arrangement fees		(135,981	)		(145,825	)
Deferred offering expenses		-			165,678
Deferred offering expenses reclassified to paid-in capital		(243,392	)		-
Balance, end of year		318,578			338,431