Convertible Promissory Notes And Warrants
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12 Months Ended |
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Dec. 31, 2011
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Convertible Promissory Notes And Warrants [Abstract] | |
Convertible Promissory Notes And Warrants |
6. CONVERTIBLE PROMISSORY NOTES AND WARRANTS: On December 21, 2009, the Company issued $2,400,000 in principal of convertible promissory notes (the "Exchange Notes") and warrants to purchase an aggregate of 935,040 shares of the Company's common stock (the "Exchange Warrants") in exchange for 480 shares of outstanding Series A Preferred Stock (the "Exchange"). The Exchange Warrants have an exercise price of $5.08 and expire three years from issuance. There are no price-based anti-dilution provisions in the Exchange Notes or Exchange Warrants. See Note 8 for further discussion of the Exchange. |