XML 43 R50.htm IDEA: XBRL DOCUMENT v2.4.0.8
(9) Redeemable Convertible Preferred Stock (Details Narrative) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Sep. 16, 2013
Hale Capital Partners, LP
Redeemable convertible preferred stock, par value $ 0.001   $ 0.001   $ 0.001 $ 0.001
Redeemable convertible preferred stock, shares authorized 2,000,000   2,000,000   2,000,000  
Series A redeemable convertible preferred stock 900,000   900,000   0 900,000
Series A redeemable convertible preferred stock, par value $ 0.001   $ 0.001   $ 0.001 $ 0.001
Series A redeemable convertible preferred stock, price per share           $ 10.00
Series A redeemable convertible preferred stock, purchase consideration (in millions) $ 9,000,000   $ 9,000,000   $ 0 $ 9,000,000
Redeemable convertible preferred stock conversion price           $ 1.02488
Proceeds from Issuance of Redeemable Convertible Preferred Stock 8,731,677   8,731,677 0    
Redeemable convertible preferred stock, Threshold Trading Days 60 days   60 days      
Minimum percentage of common stock price to conversion price to determine eligibility of conversion through 60 consecutive trading days 250.00%   250.00%      
Minimum percentage of common stock price to conversion price to determine eligibility of conversion 225.00%   225.00%      
Daily trading volume 25.00%   25.00%      
Consecutive days 20 days   20 days      
Upon certain triggering events holders can redeem 100.00%   100.00%      
Percentage of accounts receivable 80.00%   80.00%      
Preferred Stock Dividend Payment Rate, Variable Holders of the redeemable convertible preferred stock are entitled to receive quarterly dividends at the Prime Rate (Wall Street Journal Eastern Edition) plus 5% (up to a maximum amount of 10%)   Holders of the redeemable convertible preferred stock are entitled to receive quarterly dividends at the Prime Rate (Wall Street Journal Eastern Edition) plus 5% (up to a maximum amount of 10%)      
Preferred stock dividend, minimum cash flow requirement 1,000,000   1,000,000      
Closing stock price $ 1.23   $ 1.23      
Voting power 7,317,073   7,317,073      
Temporary Equity, Accounting Treatment The Company has classified the redeemable convertible Preferred Stock as temporary equity in the financial statements as it is subject to redemption at the option of the holder under certain circumstances.   The Company has classified the redeemable convertible Preferred Stock as temporary equity in the financial statements as it is subject to redemption at the option of the holder under certain circumstances.      
Embedded Derivative, Fair Value of embedded Derivative Liability 170,337   170,337   0  
Stock price on the date one day prior to the closing of the Preferred Stock Agreement $ 1.23   $ 1.23      
Stock price greater than conversion price of preferred stock $ 0.21   $ 0.21      
Debt Instrument, Convertible, Beneficial Conversion Feature 1,951,265   1,951,265      
Preferred Stock, Accretion of Redemption Discount 17,061   17,061      
Undistributed preferred stock dividends 28,875 0 28,875 0    
Transaction costs associated with the preferred stock issuance $ 268,323   $ 268,323