Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

NOTE 12 — SUBSEQUENT EVENTS

Other than the events discussed elsewhere above and as follows, no events were identified that in our opinion require accounting recognition or disclosure in these financial statements.

On March 26, 2012, we received a letter from a customer terminating a contract effective July 1, 2012. The elimination of this contract slightly improves our prospects for future profitability.

Effective January 13, 2012, we increased the number of authorized shares of our common stock that we may issue from 200,000,000 to 500,000,000, based on an affirmative vote by written consent of a majority of our shareholders held in November 2011. We also increased the number of our common shares that we may issue under our 2009 Equity Compensation Plan from 10,000,000 to 50,000,000, effective with the same date.

On January 4, 2012, we issued 250 restricted shares of Series D Stock, par value $50 per share, to an officer and certain board members. As a condition for the grants, the recipients of the grants surrendered for cancellation all warrants for the purchase of up to 120 shares of such preferred stock. The granted Series D Stock will contain a ten-year vesting period but have the voting, dividend, liquidation and other rights of a share of Series D Stock effective from the date of grant. Upon the 10th anniversary of the grant date, each share of Series D Stock may be converted into 100,000 shares of our common stock, or an aggregate of 25,000,000 common shares.