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v2.4.0.6
Stockholders' Equity (Deficit)
9 Months Ended
Sep. 30, 2012
Stockholders' Equity (Deficit) [Abstract]  
Stockholders' Equity (Deficit)
Note 7. Stockholders’ Equity (Deficit)

 

Loss per share

 

A reconciliation of the numerator and the denominator used in the calculation of loss per share is as follows:

           

    Nine months ended     Three months ended  
    September 30,
 2012
    September 30,
2011
    September 30,
2012
    September 30,
2011
 
    (unaudited)     (unaudited)  
             
Basic and Diluted:                                
Net loss applicable to common stockholder   $ (1,208 )   $ (1,749 )   $ (53 )   $ (627 )
Weighted average common shares outstanding     70,278,553       55,644,245       72,964,624       59,759,909  
Net loss per common share   $ (0.02 )   $ (0.03 )   $ (0.00 )   $ (0.01 )

 

Warrants to purchase 922,667 and 1,205,762 common shares and preferred stock convertible into 599,075 and 571,754 common shares were not included in the computation of diluted loss per share applicable to common stockholders as they are anti-dilutive as a result of net losses for the periods ended September 30, 2012 and September 30, 2011, respectively.

 

Preferred Stock

 

A summary of the Company’s preferred stock is as follows:

 

    September 30,     December 31,  
    2012     2011  
    Shares Issued &     Shares Issued &  
Offering     Outstanding       Outstanding  
    (unaudited)          
                 
Series A convertible     47,250       47,250  
Series B convertible, 10% cumulative dividend     93,750       93,750  
Series C convertible, 10% cumulative dividend     38,333       38,333  
Series D convertible, 10% cumulative dividend     175,000       175,000  
Series E convertible, 10% cumulative dividend     19,022       19,022  
Total Preferred Stock     373,355       373,355  

 

As of September 30, 2012 and 2011, the Company had cumulative preferred undeclared and unpaid dividends. In accordance with Accounting Standards Codification 260-10-45-11, “Earnings per Share”, these dividends were added to the net loss in the net loss per share calculation.

 

Summary of Preferred Stock Terms

 

Series A Convertible Preferred Stock

Liquidation Value: $4.50 per share, $212,625
Conversion Price: $103.034 per share
Conversion Rate: 0.04367—Liquidation Value divided by Conversion Price ($4.50/$103.034)
Voting Rights: None
Dividends: None
Conversion Period: Any time

 

Series B Convertible Preferred Stock

Liquidation Value: $4.00 per share, $375,000
Conversion Price: $10.00 per share
Conversion Rate: 0.40—Liquidation Value divided by Conversion Price ($4.00/$10.00)
Voting Rights: None
Dividends: 10%—Quarterly—Commencing March 31, 2001
Conversion Period: Any time
Cumulative and undeclared dividends in arrears at September 30, 2012 were $435,000

 

Series C Convertible Preferred Stock

Liquidation Value: $3.00 per share, $115,000
Conversion Price: $6.00 per share
Conversion Rate: 0.50—Liquidation Value divided by Conversion Price ($3.00/$6.00)
Voting Rights: None
Dividends: 10%—Quarterly—Commencing March 31, 2002
Conversion Period: Any time

Cumulative and undeclared dividends in arrears at June 30, 2012 were $126,000

 

Series D Convertible Preferred Stock

Liquidation Value: $10.00 per share, $1,750,000
Conversion Price: $10.00 per share
Conversion Rate: 1.00—Liquidation Value divided by Conversion Price ($10.00/$10.00)
Voting Rights: None
Dividends: 10%—Quarterly—Commencing April 30, 2002
Conversion Period:

Any time

Cumulative and undeclared dividends in arrears at June 30, 2012 were $1,911,000

 

Series E Convertible Preferred Stock

Liquidation Value: $22.00 per share, $418,488
Conversion Price: $8.00 per share
Conversion Rate: 2.75—Liquidation Value divided by Conversion Price ($22.00/$8.00)
Voting Rights: Equal in all respects to holders of common shares
Dividends: 10%—Quarterly—Commencing May 31, 2002
Conversion Period:

Any time

Cumulative and undeclared dividends in arrears at June 30, 2012 were $460,000

 

Issuance of Common Stock as Payment for Services

 

During the nine months ended September 30, 2012, the Company issued to two of the Company’s directors, Mauro Scimia (“Scimia”) and Xavier Carbonell (“Carbonell”), 1,200,056 and 1,713,019 shares of restricted, unregistered common stock, respectively, for consulting services rendered, and the Company recorded a charge of $53,500, or $0.02 per share, as a selling, general and administrative expense.

 

Also, during the nine months ended September 30, 2012, the Company issued 849,838 shares of restricted, unregistered common stock to a consultant for services rendered, and recorded $15,000 as a research and development expense.

 

During the quarter ended March 31, 2012, the Company issued 1,066,667 shares of restricted, unregistered common stock to two other consultants for services rendered, and recorded $12,000, or $0.02 per share, as a research and development expense and $10,000, or $0.02 per share, as a selling, general and administrative expense.

 

Issuance of Common Stock as Payment for Employee Compensation

 

During the nine months ended September 30, 2012, the Company issued to Augusto Ocana (“Ocana”), a director and vice president of the Company, 1,626,481 shares of restricted, unregistered common stock, for services rendered. The Company recorded a charge of $30,000, or $0.02 per share, as a selling, general and administrative expense.