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Note 10 - Subsequent Events
9 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

10.        SUBSEQUENT EVENTS


On November 13, 2014, the Company raised additional working capital of $1,431,666 through the issuance of 14,316,664 shares of common stock and warrants to purchase an additional 21,474,997 shares of common stock in a private placement transaction. As part of the transaction, the investors surrendered to us for cancellation, previously issued warrants to acquire shares of our common stock.  In connection with the transaction, we are obligated to effect a 1-for- 2 reverse split of our common stock and register the public resale of both the shares of common stock issued and the shares underlying the warrants.  Warrants to purchase 50% of the shares are immediately exercisable and the balance are exercisable upon completion of the 1-for- 2 reverse split of our outstanding shares.  The warrants have a term of five years and are exercisable at $0.15 per share, subject to “full ratchet” anti-dilution adjustment.  In addition, if at any time within two years after the effective date of the registration statement we issue shares of common stock at a price lower than $0.10 per share, we will be required to issue additional shares of common stock.


In connection with the transaction described above, the Company expects to incur estimated costs of $55,500, which will be offset against additional paid-in capital.