Series C Convertible Preferred Stock

6 Months Ended

Jun. 30, 2012

Series C Convertible Preferred Stock [Abstract]

Series C Convertible Preferred Stock

Note 6 – Series C Convertible Preferred Stock

On March 31, 2011, we issued 7,000 shares of our Series C Convertible Preferred Stock (each a “Preferred Share” and, collectively, the “Preferred Shares”) having an initial stated value of $10,000 per Preferred Share, subject to adjustment.

The Series C Convertible Preferred Stock is to be redeemed in nine equal quarterly installments that began on September 1, 2011 and will end on September 1, 2013 (each, an “Amortization Date”) by paying cash, issuing shares of our Common Stock or any combination thereof for $10,000 per Preferred Share plus accumulated and unpaid dividends. Total Series C Convertible Preferred Stock installments made during the six months period ended June 30, 2012 is as follows:

	Installment Payments ($)		Cash ($)		Stock ($)		Stock (shares)
Dividend	$	2,026	$	996	$	1,030		80,165
Principal		15,560		7,780		7,780		603,931
Total	$	17,586	$	8,776	$	8,810		684,096

The following table summarizes the Series C Preferred Stock activity during the six months ended June 30, 2012:

	Shares			Amount
Balance at December 31, 2011		5,444		$	50,098
Preferred stock principal paid in cash		(778	)		(7,780	)
Preferred stock principal paid in common stock		(778	)		(7,780	)
Preferred stock accretion of fees and embedded derivative		—			2,093
Balance at June 30, 2012		3,888		$	36,631