2.4.0.80010 - Disclosure - CAPITAL STOCKtruefalsefalse1false falsefalseFrom2013-01-01to2013-06-30http://www.sec.gov/CIK0001402785duration2013-01-01T00:00:002013-06-30T00:00:001true 1fpmi_NotesToFinancialStatementsAbstractfpmi_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes to Financial Statements2false 2fpmi_CapitalStockTextBlockfpmi_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, $0.001 par value; 3,500,000 shares have been designated Series A Preferred Stock. At June 30, 2013 and December 31, 2012, 2,234,673 and 2,126,574 shares of Series A preferred stock, respectively, were issued and outstanding.   Significant terms of the Series A preferred stock, as specified in the Certificate of Designation (COD) are as follows:   Conversion Each share of Series A Preferred Stock may, at the holders option, convert into common stock (voluntary conversion). The conversion rate is equal to the sum of the stated value of the preferred shares plus all accrued and unpaid dividends divided by $0.83, the conversion price.  Subject to the specified provisions, the Series A Preferred Stock will automatically convert into common stock at a $0.83 conversion price on the Mandatory Conversion Date.   Mandatory Conversion Date as defined in the COD is the first date at least six (6) months after the issuance of the Series A Preferred Stock on which each of the following conditions shall have been satisfied: (i) the Company shall have consummated, on or prior to such date, a Qualified Financing for aggregate gross proceeds to the Company of $7,000,000, (ii) the volume weighted average trading price for the Common Stock for each day on thirty (30) consecutive trading days immediately preceding such date, as published by Bloomberg, must be above a price of $1.50 and the trading volume over that period must exceed 1,500,000 shares, and (iii) as of such date, all shares of Common Stock issuable upon conversion of the Series A Preferred Stock are registered under the Securities Act of 1933 pursuant to an effective registration statement or are otherwise eligible for sale under Rule 144 of the Act.  As of June 30, 2013, no mandatory conversion has taken place as all of the conditions required for conversion have not occurred.   Dividends (a) Cumulative Preferred Dividends.  Each holder of the Series A Preferred Stock shall be entitled to receive cash dividends payable on the Stated Value of the Series A Preferred Stock at a rate of 10% per annum which shall be cumulative, accrue daily from the original issuance date of the Series A Preferred Stock (the Issuance Date); provided however, if either (i) the Company shall not have consummated a Qualified Financing, as defined in the COD, with aggregate gross proceeds to the Company of $7,000,000 on or before June 30, 2012, or (ii) for any reason, any shares of Common Stock issuable upon conversion of the Series A Preferred Stock are not registered under the Securities Act of 1933 (the Act) pursuant to an effective registration statement on or before June 30, 2012 or are not otherwise eligible for sale under Rule 144 of the Act, then, effective July 1, 2012, the rate of dividends on the Series A Preferred Stock shall increase to 12% per annum.  As of June 30, 2012, both of the above conditions have been met by the Company and accordingly, the rate of dividends on the Series A Preferred Stock remains at 10% per annum.    (b) Payment of Dividends.  The Company shall be required to pay all accrued and unpaid dividends (whether or not declared) in respect of the Series A Preferred Stock semi-annually on each June 30 and December 31 of each calendar year.  All such dividends shall be paid in cash; provided, that, at the option of the Company, the Company may pay any accrued and unpaid dividends on the Series A Preferred Stock in the form of additional shares of Series A Preferred Stock, with each share of Series A Preferred Stock being valued for this purpose at the Stated Value in effect on the date of payment.   For the six months ended June 30, 2013, the Company accrued a preferred stock dividend of $89,721 and issued 108,099 shares of Preferred Stock in payment of such dividends.  For the year ended December 31, 2012, the Company accrued a preferred stock dividend of $167,945 and issued 202,344 shares of Preferred Stock in payment of such dividends.   Liquidation preference In the event of liquidation, dissolution or winding up of the business of the Company, whether voluntary or involuntary, each holder of Series A Preferred Stock shall be entitled to receive, for each share thereof, out of assets of the Company legally available therefor, a preferential amount in cash, per share of Series A Preferred Stock, equal to (and not more than) the sum of the (x) Stated Value, plus (y) all accrued and unpaid dividends thereon.  All preferential amounts to be paid to the holders of Series A Preferred Stock in connection with such liquidation, dissolution or winding up shall be paid before the payment or setting apart for payment of any amount for, or the distribution of any assets of the Company to the holders of the Company's Common Stock.  If upon any such distribution the assets of the Company shall be insufficient to pay the holders of the outstanding shares of Series A Preferred Stock the full amounts to which they shall be entitled, such holders shall share ratably in any distribution of assets in accordance with the sums which would be payable on such distribution if all sums payable thereon were paid in full.   Voting The holders of the Series A Preferred Stock have the right to one vote for each share of common stock into which such Series A Preferred Stock could then convert.   Common Stock The Company has authorized 200,000,000 shares of its common stock, $0.001 par value, At June 30, 2013 and December 31, 2012, the Company had issued and outstanding 24,375,013 and 24,330,013, respectively, shares of its common stock.   In March 2012, the Company issued 130,000 shares of common stock, valued at $0.85 per share, for services performed pursuant to a consulting agreement.  In September 2012, the Company issued 70,000 shares of common stock to employees, valued at $1.00 per share, for compensation.  The total fair value of these shares, $180,500, is included in 2012 operating expenses.  In November 2012, the Company issued 1,819,119 shares of common stock, valued at $0.85 per share, in conjunction with a private placement (see note 3).   During the six months ended June 30, 2013, the Company issued 45,000 shares of common stock for services performed pursuant to a consulting agreement.  The total fair value of these shares, $36,150, is included in operating expenses.   falsefalsefalsenonnum:textBlockItemTypenaCustom ElementNo definition available.false0Note 5. 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