PREFERRED DIVIDEND

9 Months Ended

Sep. 30, 2013

Dividends Disclosure [Abstract]

PREFERRED DIVIDEND

11. PREFERRED DIVIDEND

The Series G Preferred pays a dividend, quarterly, at an annual rate of 10% (as a percentage of the Stated Value per share) payable in G Preferred based on the equivalent of 90% of the average of the last ten trading day closing price of the Common Stock prior to the dividend payment date. The amount of the dividend paid during the nine months ended September 30, 2013 and 2012 was $1,118,800 and $739,450, respectively. The amount of the dividend paid during the quarter ended September 30, 2013 and 2012 was $374,900 and $312,150, respectively.