Preferred Stock and Warrants (Tables)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity (Deficit) [Abstract]

Summary of Company's Preferred Stock

A summary of the Company’s preferred stock as of March 31, 2015 and December 31, 2014 is as follows.

	March 31,		December 31,
	2015		2014
	(unaudited)
	Shares Issued &		Shares Issued &
Offering	Outstanding		Outstanding
Series A convertible		47,250		47,250
Series B convertible, 10% cumulative dividend		93,750		93,750
Series C convertible, 10% cumulative dividend		38,333		38,333
Series D convertible, 10% cumulative dividend		-		175,000
Series E convertible, 10% cumulative dividend		19,022		19,022
Total Preferred Stock		198,355		373,355

Summary of Preferred Stock Terms

Summary of Preferred Stock Terms

Series A Convertible Preferred Stock

Liquidation Value:	$4.50 per share, $212,625
Conversion Price:	$10,303 per share
Conversion Rate:	0.00044—Liquidation Value divided by Conversion Price ($4.50/$10,303)
Voting Rights:	None
Dividends:	None
Conversion Period:	Any time

Series B Convertible Preferred Stock

Liquidation Value:	$4.00 per share, $375,000
Conversion Price:	$1,000 per share
Conversion Rate:	0.0040—Liquidation Value divided by Conversion Price ($4.00/$1,000)
Voting Rights:	None
Dividends:	10%—Quarterly—Commencing March 31, 2001
Conversion Period:	Any time

Cumulative dividends in arrears at March 31, 2015 and December 31, 2014 were $530,038 and $520,665, respectively.

Series C Convertible Preferred Stock

Liquidation Value:	$3.00 per share, $115,000
Conversion Price:	$600 per share
Conversion Rate:	0.0050—Liquidation Value divided by Conversion Price ($3.00/$600)
Voting Rights:	None
Dividends:	10%—Quarterly—Commencing March 31, 2002
Conversion Period:	Any time

Cumulative dividends in arrears at March 31, 2015 and December 31, 2014 were $154,288 and $151,413, respectively.

Series E Convertible Preferred Stock

Liquidation Value:	$22.00 per share, $418,488
Conversion Price:	$800.00 per share
Conversion Rate:	.0275—Liquidation Value divided by Conversion Price ($22.00/$800)
Voting Rights:	Equal in all respects to holders of common shares
Dividends:	10%—Quarterly—Commencing May 31, 2002
Conversion Period:	Any time

Cumulative dividends in arrears at March 31, 2015 and December 31, 2014 were $568,177 and $558,173 respectively.

Warrants Outstanding

Warrants outstanding

					Weighted
		Weighted			Average
		Average		Aggregate	Remaining
	Options and	Exercise		Intrinsic	Contractual
	Warrants	Price		Value	Life (Years)
Outstanding at December 31, 2014	143,308	$	2.64	—	6.46
Granted	—	$	—	—	—
Exercised	—		—	—	—
Expired	—		—	—	—
Outstanding at December 31, 2013	143.308	$	2.64	—	6.46