10% Convertible Redeemable Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2014

Features Of Convertible Preferred Stock [Abstract]

Ten Percent Convertible Redeemable Preferred Stock

The components of our Preferred Stock, classified as temporary equity in our balance sheet at December 31, 2014 and 2013, are summarized as follows:

	2014		2013
10% convertible preferred stock - face value	$	6,829,980	$	6,946,230
Unamortized discount		-		(221,386)
10% convertible preferred stock, net of discount	$	6,829,980	$	6,724,844

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References+ Details