Stock transactions and preferred stock dividends

3 Months Ended

Mar. 31, 2013

Stock transactions and preferred stock dividends

5.    Stock transactions and preferred stock dividends

During the quarter ended March 31, 2013, the Company did not issue any common stock for compensation or services. The Board of Directors has not declared the semi-annual dividend payable to preferred shareholders of record as of March 31, 2013. Under most circumstances, the Company is required to either pay preferred dividends in cash in the aggregate amount of $391,875 or in shares of common stock of equivalent value. The Board of Directors declared the preferred dividend of $391,875 on April 26, 2013 and paid in cash on April 28, 2013. (See note 10)