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Note O - Equity
 12 Months Ended
Dec. 31, 2011
Notes To Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
NOTE O—EQUITY

1. Mezzanine Equity

Redeemable Preferred Stock

Within the limits and restrictions provided in the Company’s Certificate of Incorporation, the Board of Directors has the authority, without further action by the shareholders, to issue up to 5,000,000 shares of preferred stock, $.0001 par value per share, in one or more series, and to fix, as to any such series, any dividend rate, redemption price, preference on liquidation or dissolution, sinking fund terms, conversion rights, voting rights, and any other preference or special rights and qualifications.
Series D Convertible Preferred Stock

The Company issued 30,557 shares of its redeemable Series D Convertible Preferred Stock to Shaar and Colatosti on December 28, 2009, in exchange for 30,557 shares of Series A Convertible Preferred Stock held by those shareholders.  Pursuant to the 2010 Exchange Agreement (see “Note L — Notes Payable”), Shaar and Mr. Colatosti exchanged all of their outstanding shares of the Company’s Series D Convertible Preferred Stock, including all accrued and unpaid dividends thereon, for new non-convertible 7% Secured Promissory Notes.

2. Permanent Equity

Common Stock

The Company is authorized to issue 170,000,000 shares of common stock, $.0001 par value per share, of which 78,155,413 were outstanding as of December 31, 2011.

Holders of common stock have equal rights to receive dividends when, as and if declared by the Board of Directors, out of funds legally available therefor. Holders of common stock have one vote for each share held of record and do not have cumulative voting rights.

Holders of common stock are entitled, upon liquidation of the Company, to share ratably in the net assets available for distribution, subject to the rights, if any, of holders of any preferred stock then outstanding. Shares of common stock are not redeemable and have no preemptive or similar rights. All outstanding shares of common stock are fully paid and nonassessable.

3. Warrants

The Company has issued warrants to certain creditors, investors, investment bankers and consultants. A summary of warrant activity is as follows:

   
Total Warrants
   
Weighted
average
exercise
price
   
Weighted
average
remaining
life
(in years)
 
Aggregate
intrinsic
value
                     
Outstanding, as of December 31, 2009
    16,775,791     $ 0.33          
                         
Granted
    8,000,000       0.30          
Exercised
    —       —          
Forfeited
    (13,108,333 )     0.30          
Expired
    (1,405,843 )     0.52          
Outstanding, as of December 31, 2010
    10,261,615     $ 0.32       4.10    
                           
Granted
    —       —            
Exercised
    —       —            
Forfeited
    —       —            
Expired
    (2,011,615 )     0.39            
Outstanding, as of December 31, 2011
    8,250,000     $ 0.30       3.97  
—
Vested or expected to vest at December 31, 2011
    8,250,000     $ 0.30       3.97  
—
Exercisable at December 31, 2011
    8,250,000     $ 0.30       3.97  
—
 
The warrants outstanding and exercisable at December 31, 2011 were in the following exercise price ranges:

   
Warrants outstanding and Exercisable
 
Range of exercise prices
 
Number of
warrants
 
Weighted average
remaining life (in years)
 
           
$ 0.30
 
8,250,000
 
3.97
 
   
8,250,000