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22. Subsequent Events
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
Note 22 - Subsequent Events

The Series B preferred stock accrues 7 percent per annum dividends. The dividends began accruing April 30, 2010, and are cumulative.  Dividends are payable annually in arrears.  At December 31, 2013, $56,840 of dividends has accrued on these shares, respectively.  However, they are unrecorded on the Company’s books until declared.  On January 16, 2014 the Company declared dividends on its Series B and the Company paid the dividends in Company common stock.  On January 16, 2014 the Company issued 98,003 shares to the 7% Series B Convertible Preferred Stockholders.

 

The Series C preferred stock accrues 7 percent per annum dividends. The dividends began accruing March 3, 2011, and are cumulative.  Dividends are payable annually in arrears. At December 31, 2013, $350,000 of dividends has accrued on these shares. However, they are unrecorded on the Company’s books until declared. On January 16, 2014 the Company declared dividends on its Series C and the Company paid the dividends in Company common stock.  On January 16, 2014 the Company issued 603,448 shares to the 7% Series C Convertible Preferred Stockholders.