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EQUITY
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9 Months Ended |
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Dec. 31, 2012
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| Stockholders Equity Note [Abstract] | |
| Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 — EQUITY
Preferred stock dividends – Holders of the Company’s 10% Series A Convertible Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”), are entitled to receive cumulative dividends at the rate per share (as a percentage of the stated value of $1,000 per share) of 10% per annum, whether or not declared by the Company’s Board of Directors, which are only payable in shares of the Company’s common stock upon conversion of the Series A Preferred Stock or upon a liquidation. For the three months ended December 31, 2012 and 2011, the Company recorded accrued dividends of $188,429 and $148,848, respectively, and for the nine months ended December 31, 2012 and 2011 the Company recorded accrued dividends of $552,579 and $209,549, respectively, included as an increase in the accumulated deficit and in additional paid-in capital on the accompanying condensed consolidated balance sheets. In the three months ended June 30, 2011, the Company also recognized a related beneficial conversion feature of $318,705 as a fully accreted deemed dividend. This amount is included in dividend to preferred shareholders on the attached condensed consolidated statement of operations for the nine months ended December 31, 2011.
Preferred stock conversions – In December 2012, a holder of Series A Preferred Stock converted 15 shares of Series A Preferred Stock, and accrued dividends thereon, into 56,745 shares of common stock.
In September 2012, a holder of Series A Preferred Stock converted 10.032 shares of Series A Preferred Stock, and accrued dividends thereon, into 37,235 shares of common stock.
In June 2012, a holder of Series A Preferred Stock converted 50 shares of Series A Preferred Stock, and accrued dividends thereon, into 181,561 shares of common stock.
In May 2012, holders of Series A Preferred Stock converted 70.1 shares of Series A Preferred Stock, and accrued dividends thereon, into 251,438 shares of common stock. |