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Convertible Preferred Stock
9 Months Ended
Sep. 30, 2013
Text Block [Abstract]  
Convertible Preferred Stock

7. Convertible Preferred Stock

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 September 30, 2013, 12,000 shares of Series F Stock were outstanding and held by Robert Gipson. The preferred stock accrues interest at a rate of 7% per annum and is carried at its liquidation value plus accrued interest on the Company’s balance sheet.