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Redeemable Series G Preferred Stock (Tables)
 6 Months Ended
Jun. 30, 2012
Redeemable Series G Preferred Stock [Abstract]  
Allocation of cash from Series G Preferred and warrants issued
                         
    Financing     Exchange     Total  

Redeemable preferred stock (1)

   $ 2,747,476     $ 888,997     $ 3,636,473  

Compound embedded derivatives (2)

     1,389,114       261,318       1,650,432  

Warrant derivatives (2)

     913,410       161,190       1,074,600  

Extinguishment loss

     —         (383,023 )      (383,023 ) 
   

 

 

    

 

 

    

 

 

  
    $ 5,050,000     $ 928,482     $ 5,978,482  
   

 

 

    

 

 

    

 

 

  

 

(1) The fair value of the redeemable preferred stock was estimated based upon its forward cash flow value, at a credit-risk adjusted market interest rate, as enhanced by the fair value of the conversion feature. Credit-risk adjusted rates used to discount the cash flow component ranged from 3.98% to 4.89% over our estimated period to redemption, which is October 2013.The fair value of the conversion feature is reflected in the compound embedded derivative line of the table.
(2) See NOTE M for information related to the valuation of these financial instruments both on the inception date of the transactions and at December 31, 2010.