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Note 8 - Preferred Stock
12 Months Ended
Dec. 31, 2014
Disclosure Text Block Supplement [Abstract]  
Preferred Stock [Text Block]

8. Preferred Stock


The Company has authorized 10,000,000 shares of preferred stock shares for issuance.


The Board of directors authorized the issuance of up to 10,000 shares of Series 2010-A 10% Convertible Preferred Stock on July 29, 2010. Each preferred share is convertible into 1,000 common shares ($100 stated value per share divided by $0.10).  Dividends are payable quarterly at 10% per annum in cash or stock at the option of the preferred stock holder.  Stock dividend payments are valued at the higher of $0.10 per share of common stock or the average of the two highest volume weighted average closing prices for the 5 consecutive trading days ending on the trading day that is immediately prior to the dividend payment date.


Pursuant to the Plan of Reorganization, on November 20, 2014, 3,262 shares of Preferred Equity were converted to 171,684 shares of Common Equity, post reverse split, according to the above terms. The converted shares were cancelled and terminated and returned to the status of authorized, but unissued.


There was no Series 2010-A 10% Convertible Preferred Stock issued in 2013.


The Company accrued $28,881 of dividends on preferred stock during 2014.