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Note N - Equity
 12 Months Ended
Dec. 31, 2012
Stockholders' Equity Note Disclosure [Text Block]
NOTE N— EQUITY

1. 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.

2. 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, 2012 and 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.

On February 26, 2013, the Company entered into an agreement to issue 4,026,935 shares of its common stock at a purchase price $0.10 per share, for an aggregate purchase price of $402,693.  Concurrently, the Company closed an equity financing with a number of private and institutional investors and issued 5,000,000 shares of its common stock at a purchase price $0.10 per share, for an aggregate purchase price of $500,000.  See Note S below.

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, 2010
    10,261,615     $ 0.32              
                             
Granted
    —       —              
Exercised
    —       —              
Forfeited
    —       —              
Expired
    (2,011,615 )     0.39              
Outstanding, as of December 31, 2011
    8,250,000     $ 0.30       3.97        
                               
Granted
    —       —                
Exercised
    —       —                
Forfeited
    —       —                
Expired
    —       —                
Outstanding, as of December 31, 2012
    8,250,000     $ 0.30       2.97    
—
 
Vested or expected to vest at December 31, 2012
    8,250,000     $ 0.30       2.97    
—
 
Exercisable at December 31, 2012
    8,250,000     $ 0.30       2.97    
—