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EQUITY
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6 Months Ended | |
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Sep. 30, 2013
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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 September 30, 2013 and 2012, the Company recorded accrued dividends of $187,978 and $184,199, respectively, and for the six months ended September 30, 2013 and 2012 the Company recorded accrued dividends of $377,910 and $364,150, respectively, included as an increase in the accumulated deficit and in additional paid-in capital on the accompanying condensed consolidated balance sheets. Preferred stock conversions – In the six months ended September 30, 2013, holders of Series A Preferred Stock converted 430 shares of Series A Preferred Stock, and accrued dividends thereon, into 1,704,729 shares of common stock. In the six months ended September 30, 2012, holders of Series A Preferred Stock converted 130.132 shares of Series A Preferred Stock, and accrued dividends thereon, into 470,234 shares of common stock. |