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Preferred Stock and Warrants (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Summary of Company's Preferred Stock

		September 30, 2016 (unaudited)				December 31, 2015
		Shares Issued &				Shares Issued &
		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 E convertible, 10% cumulative dividend			19,022				19,022
Total Preferred Stock			198,355				198,355

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 September 30, 2016 were $586,288

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 September 30, 2016 were $171,538

Series D Convertible Preferred Stock

Liquidation Value:	$10.00 per share, $525,000
Conversion Price:	$1,000 per share
Conversion Rate:	.01—Liquidation Value divided by Conversion Price ($10.00/$1,000)
Voting Rights:	None
Dividends:	10%—Quarterly—Commencing April 30, 2002
Conversion Period:	Any time
Cumulative dividends in arrears at September 30, 2016 were $0

The Series D Convertible Preferred Stock, including all outstanding accrued dividends of $656,250, was converted to 12,100 shares of the Company’s common stock during the year ended December 31, 2015.

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 September 30, 2016 were $631,548

Warrants Outstanding

														Weighted
						Weighted								Average
		Options and				Average				Aggregate				Remaining
		Options and				Exercise				Intrinsic				Contractual
		Warrants				Price				Value				Life (Years)
Outstanding at December 31, 2015			400,808			$	2.29				—				5.18
Granted			734,500			$	0.80				—				5.00
Exercised			—				—				—				—
Expired			—				—				—				—
Outstanding at September 30, 2016			1,135,308			$	1 .15				—				4.58

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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