Stockholders' Equity (Deficit)

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Stockholders' Deficit

Note 6 - Stockholders’ Equity (Deficit)

Series A Cumulative Convertible Preferred Stock

On May 3, 2013, a stockholder converted $100,000 of the Company’s Series A Cumulative Convertible Preferred Stock into 250,000 shares of the Company’s common stock, par value $0.0001 per share, at a conversion price of $0.40 per share.

On August 21, 2013, the Company’s Series A Preferred Shareholders converted all outstanding Series A Cumulative Convertible Preferred Stock (“Preferred Stock”) into approximately 9.5 million shares of the Company’s common stock (“Common Stock”), par value $0.0001 per share. In addition, the Series A Shareholders and certain other shareholders exchanged approximately 8.0 million outstanding Series A Common Stock Purchase Warrants for approximately 4.0 million shares of Common Stock. In connection with the conversion of the Preferred Stock, the Company issued approximately 1.6 million shares of Common Stock as payment for accrued and unpaid dividends.

Warrants

The following is a summary of the Company’s warrant activity:

	Warrants		Weighted Average Exercise Price
Outstanding – December 31, 2012		7,987,274	$	0.45
Granted		-	$	-
Exercised		7,987,274	$	0.45
Forfeited/Cancelled		-	$	-
Outstanding – September 30, 2013		-	$	-
Exercisable – September 30, 2013		-	$	-

Warrants Outstanding						Warrants Exercisable
	Range of exercise price	Number Outstanding	Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price	Number Exercisable		Weighted Average Exercise Price
$		-	-	$	-	-	$	-

At September 30, 2013 and 2012, the total intrinsic value of warrants outstanding and exercisable was $0 and $0, respectively.