Quarterly report pursuant to Section 13 or 15(d)

Securities Purchase Agreement (Details Narrative)

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Securities Purchase Agreement (Details Narrative) (Securities Purchase Agreement, USD $)
0 Months Ended
May 11, 2011
Securities Purchase Agreement
 
Securities Purchase Agreement of May 11, 2011 (Textual) [Abstract]  
Numer of common stock sold 295,833
Number of common stock called by warrants 221,875
Net proceeds from sale of common stock and warrants $ 2,998,000
Combination of securities offered in Securities Purchase Agreement, description The common stock and warrants were sold in fixed combinations, with each combination consisting of one share of common stock and 0.75 of one warrant, with each whole warrant exercisable for one share of common stock.
Purchase price per fixed combination 11.28
Description of period for exercisability of warrants The warrants became exercisable six months and one day following the closing date of the Offering and will remain exercisable for five years thereafter.
Exercise price of warrants 13.56
Percentage of holding in common stock after which exercisability of warrant may be limited 4.99%
Right to call warrants for cancellation, description After the one year anniversary of the initial exercise date of the warrants, the Company has the right to call the warrants for cancellation for $.006 per share in the event that the volume weighted average price of the Company’s Common Stock for 20 consecutive trading days exceeds $27.12.