Series C Convertible Preferred Stock

9 Months Ended

Sep. 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 nine months period ended September 30, 2012 is as follows:

	Installment Payments ($)		Cash ($)		Stock ($)		Stock (shares)
Dividend	$	2,810	$	1,780	$	1,030		80,169
Principal		23,340		15,560		7,780		600,309
Total	$	26,150	$	17,340	$	8,810		680,478

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

	Shares			Amount
Balance at December 31, 2011		5,444		$	50,098
Preferred stock principal paid in cash		(1,556	)		(15,560	)
Preferred stock principal paid in common stock		(778	)		(7,780	)
Preferred stock accretion of fees and embedded derivative		—			2,875
Balance at September 30, 2012		3,110		$	29,633