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EXCEL - IDEA: XBRL DOCUMENT - MIT Holding, Inc.Financial_Report.xls
10-Q - MIT Holding, Inc.form10q.htm
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EX-31.2 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A) - MIT Holding, Inc.ex31-2.htm
EX-32.2 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER - MIT Holding, Inc.ex32-2.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A) - MIT Holding, Inc.ex31-1.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER - MIT Holding, Inc.ex32-1.htm
v2.4.0.6
Estimated Liability For Equity-Based Financial Instruments With Characteristics of Liabilities
9 Months Ended
Sep. 30, 2012
Other Liabilities Disclosure [Abstract]  
Estimated Liability for Equity-Based Financial Instruments with Characteristics of Liabilities

NOTE H – ESTIMATED LIABILITY FOR EQUITY-BASED FINANCIAL INSTRUMENTS WITH CHARACTERISTICS OF LIABILITIES

 

Effective January 1, 2009, in accordance with EITF Issue No. 07-05, “Determining Whether an Instrument (or Embedded Feature) is indexed to an Entity’s Own Stock”, the Company reclassified the fair values at January 1, 2009 of the outstanding Series A Convertible Preferred Stock and warrants from the private placement of the units which closed May 31, 2007 from stockholders’ equity to liabilities, as follows:

 

    Common        
    Shares     Fair  
    Equivalent     Value  
Series A Convertible Preferred Stock     3,793,460     $ 227,608  
Warrants     8,168,780       106,194  
                 
Total financial instruments     11,962,240     $ 333,802  

 

Since at January 1, 2009 the carrying value of the outstanding financial instruments was $2,871,316, the Company recognized a cumulative effect adjustment resulting from a change in accounting principle of $2,537,514. Accordingly, the accumulated deficit balance at December 31, 2008 was decreased from $9,899,884 to $7,362,370, as adjusted, on January 1, 2009.

 

The characteristics which require classification of the Series A Preferred Stock and warrants as liabilities are the Company’s obligations to reduce the conversion price of the Series A Preferred Stock and the exercise price of the warrants in the event that the Company sells, grants, or issues any nonexcluded shares, options, warrants, or any convertible instrument at a price below the $0.50 current conversion price of the Series A Preferred Stock. As a result, the Company remeasures the fair values of these financial instruments each quarter, adjusts the liability balances, and reflects changes in operations as “income (expense) from revaluation of equity-based financial instruments with characteristics of liabilities at fair values”.

 

The fair values of the financial instruments consisted of:

 

    SEPTEMBER 30, 2012     December 31,2011  
    Common           Common        
    Shares     Fair     Shares     Fair  
    Equivalent     Value     Equivalent     Value  
Series A Convertible Preferred Stock     3,593,460     $ 143,738       3,793,460     $ 151,738  
Warrants     8,168,780       9,803       8,168,780       25,323  
                                 
Total financial instruments     11,762,240       153,541       11,962,240     $ 177,061  

 

Below is a reconciliation of the change in the fair values of the financial instruments from January 1, 2009 through SEPTEMBER 30, 2012:

 

    Common        
    Shares     Fair  
    Equivalent     Value  
Balance, January 1, 2009     11,962,240     $ 333,802  
Revaluation credited to operations     -       (164,271 )
Balance, March 31, 2009     11,962,240       169,531  
Revaluation charged to operations     -       789,139  
 Balance, June 30, 2009     11,962,240       958,670  
Revaluation credited to operations     -       (403,695 )
Balance, September 30, 2009     11,962,240       554,975  
Revaluation credited to operations     -       (377,914 )
Balance, December 31, 2009     11,962,240       177,061  
Revaluation charged  to operations     -       332,169  
Balance, March 31,2010     11,962,240       509,230  
Revaluation credited to operations     -       (295,050 )
Balance, June 30, 2010     11,962,240       214,180  
Conversion of Series A Convertible Preferred Stock     (200,000 )     (8,000 )
Revaluation credited to operations     -       (52,639 )
Balance, September 30, 2011     11,762,240       153,541  
Revaluation credited to operations             (80,855 )
Balance, December 31, 2010     11,762,240       72,686  
Revaluation charged to operations             35,395  
Balance, March 31,2011     11,762,240       108,081  
Revaluation charged to operations             41,375  
Balance, June 30,2011     11,762,240       149,459  
Revaluation credited to operations             (29,838 )
Balance, SEPTEMBER 30, 2012     11,762,240     $ 119,621