XML 42 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Preferred Stock
9 Months Ended
Sep. 30, 2012
Equity [Abstract]  
Preferred Stock [Text Block]

Note 4. Preferred Stock

 

On February 28, 2012 the Board of Directors voted not to authorize the payment of a cash dividend on convertible preferred stock, Series B, to shareholders of record as of December 31, 2011. Dividends on the Series B preferred stock accrue at 10% annually on the outstanding shares. Accrued Dividends on the Series B preferred stock were $6,038 for the three months ended September 30, 2012 and 2011 and $18,114 for the nine months ended September 30, 2012 and 2011. The Company had accrued dividends on Series B preferred stock of $163,026 and $138,874 at September 30, 2012 and 2011, respectively. These amounts are included in Convertible preferred stock, Series B, on the balance sheet.