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Preferred Stock (Tables)
 6 Months Ended
Jun. 30, 2014
Stockholders' Equity (Deficit) [Abstract]  
Summary of Company's Preferred Stock
A summary of the Company’s preferred stock is as follows:
 
 
 
June 30,
 
 
 
2014
 
 
 
Shares Issued &
 
Offering
 
Outstanding
 
 
 
 
 
 
Series A convertible
 
 
47,250
 
Series B convertible, 10% cumulative dividend
 
 
93,750
 
Series C convertible, 10% cumulative dividend
 
 
38,333
 
Series D convertible, 10% cumulative dividend
 
 
175,000
 
Series E convertible, 10% cumulative dividend
 
 
19,022
 
Total Preferred Stock
 
 
373,355
 
Summary of Preferred Stock Terms
As of June 30, 2014, the Company had cumulative preferred undeclared and unpaid dividends. In accordance with the Financial Accounting Standard Board’s Accounting Standards Codification 260-10-45-11, “Earnings per Share”, these dividends were added to the net loss in the net loss per share calculation.
 
Summary of Preferred Stock Terms
 
Series A Convertible Preferred Stock
Liquidation Value:
$4.50 per share, $212,625
Conversion Price:
$103.034 per share
Conversion Rate:
0.04367—Liquidation Value divided by Conversion Price ($4.50/$103.034)
Voting Rights:
None
Dividends:
None
Conversion Period:
Any time
 
 
Series B Convertible Preferred Stock
Liquidation Value:
$4.00 per share, $375,000
Conversion Price:
$10.00 per share
Conversion Rate:
0.40—Liquidation Value divided by Conversion Price ($4.00/$10.00)
Voting Rights:
None
Dividends:
10%—Quarterly—Commencing March 31, 2001
Conversion Period:
Any time
Cumulative and undeclared dividends in arrears at June 30, 2014 were $501,000
 
 
Series C Convertible Preferred Stock
Liquidation Value:
$3.00 per share, $115,000
Conversion Price:
$6.00 per share
Conversion Rate:
0.50—Liquidation Value divided by Conversion Price ($3.00/$6.00)
Voting Rights:
None
Dividends:
10%—Quarterly—Commencing March 31, 2002
Conversion Period:
Any time
Cumulative and undeclared dividends in arrears at June 30, 2014 were $146,000
 
Series D Convertible Preferred Stock
Liquidation Value:
$10.00 per share, $1,750,000
Conversion Price:
$10.00 per share
Conversion Rate:
1.00—Liquidation Value divided by Conversion Price ($10.00/$10.00)
Voting Rights:
None
Dividends:
10%—Quarterly—Commencing April 30, 2002
Conversion Period:
Any time
Cumulative and undeclared dividends in arrears at June 30, 2014 were $630,000
 
 
Series E Convertible Preferred Stock
Liquidation Value:
$22.00 per share, $418,488
Conversion Price:
$8.00 per share
Conversion Rate:
2.75—Liquidation Value divided by Conversion Price ($22.00/$8.00)
Voting Rights:
Equal in all respects to holders of common shares
Dividends:
10%—Quarterly—Commencing May 31, 2002
Conversion Period:
Any time
Cumulative and undeclared dividends in arrears at June 30, 2014 were $537,000