Convertible Preferred Stock

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Convertible Preferred Stock

7. Convertible Preferred Stock

Each share of the Company’s Series F Convertible, Redeemable Preferred Stock (“Series F Stock”) can be converted into 25 shares of common stock pursuant to the conversion terms of the Series F Stock contained in the Certificate of Designation for the Series F Stock. All shares of Series F Stock were sold to Robert Gipson in 2009 at $25 per share, yielding the Company aggregate proceeds of $4,600,000. As of June 30, 2013, 12,000 shares of Series F Stock were outstanding and held by Robert Gipson.