Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events

13. Subsequent Events

As of April 15, 2013, the Board of Directors has not declared dividends payable to preferred shareholders of record on March 31, 2013. Under most circumstances, the Company is required to either pay the dividend in cash in the aggregate amount of $391,875 or in shares of common stock of equivalent value.