• Filing Date: 2013-04-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Issue of Debentures (Details) (USD $)
Dec. 31, 2012
Nov. 30, 2012
Oct. 31, 2012
Apr. 30, 2012
Mar. 27, 2012
Dec. 31, 2011
Mar. 30, 2010
Authorized amount of Convertible debenture issuable as per Securities Purchase Agreement             $ 1,000,000
Convertible debenture sold as per Securities Purchase Agreement         400,000    
Percentage of conversion into shares of the Company's common stock at the lowest closing bid price per share         70.00%   70.00%
Redemption rate prior to the expiration of six months from the issuance date             120.00%
Redemption rate after the expiration of six months from the issuance date             131.00%
Aggregate principal amount of debentures issued           695,000  
Discount calculated as the total value of the beneficial conversion feature 171,429         297,857  
Unamortized discount balance 160,774         160,349  
Total debenture balance, net of discount 189,256         534,651  
Deferred debt issuance costs 115,350         102,850  
Unamortized balance of deferred loan costs 9,292         54,878  
Interest expense percentage on the debentures 6.00%         6.00%  
Cash payment on accrued debenture interest           61,113  
Accrued interest balance on debentures $ 18,238         $ 5,000  
Shares of common stock issued in conversion of debentures in millions       4      
Shares of common stock issued in conversion of $30,000 debentures     571,428        
Shares of common stock issued in conversion of $20,000 debentures   816,326