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PREFERRED STOCK
12 Months Ended
Dec. 31, 2014
PREFERRED STOCK [Abstract]  
PREFERRED STOCK
NOTE 11 – PREFERRED STOCK

PREFERRED STOCK PAYABLE

Between December 29 and 31, 2014, the Company received cash deposits from several accredited investors in the amount of $1,010,000 towards the purchase of equity securities being offered by the Company.  The equity securities being offered consist of Units which include one share of 12.5% Redeemable Convertible Preferred Stock and one warrant to acquire 8.56 shares of the Company’s common stock.  Each Unit is being offered at a price of $4.00 per Unit.  The aggregate number of Units to be sold is 260,000.

See Note 23 for further discussion of the offering and closing of the new equity securities.
 
On March 18, 2013, Brightline Ventures I converted the Series II Convertible Preferred Stock of $3,326,697 together with $533,000 of accrued dividends thereon into 3,859,697 shares of the Company’s common stock.  As of March 31, 2013 there was no Series II Convertible Preferred Stock outstanding.  The value of the Series II Preferred Stock and dividends converted was equal to the total value recorded to common stock and additional paid in capital with no gain or loss recorded as the conversion was consistent with the original agreement.  As a result of the preferred stock conversion, $2,690,056 was recorded to common stock and additional paid-in capital.
 
As of December 31, 2013, no shares of Series II Preferred Stock remained outstanding.