|
PREFERRED STOCK ISSUANCE AND CONVERSION
|
12 Months Ended |
|---|---|
|
Dec. 31, 2011
|
|
| PREFERRED STOCK ISSUANCE AND CONVERSION [Abstract] | |
| PREFERRED STOCK ISSUANCE AND CONVERSION | NOTE 5 PREFERRED STOCK ISSUANCE AND CONVERSION Series B Preferred Stock As partial consideration of the M&EC Acquisition in 2001, M&EC issued shares of its Series B Preferred Stock to stockholders of M&EC having a stated value of approximately $1,285,000. No other shares of M&EC's Series B Preferred Stock are outstanding. The Series B Preferred Stock is non-voting and non-convertible, has a $1.00 liquidation preference per share and may be redeemed at the option of M&EC at any time after one year from the date of issuance for the per share price of $1.00. Following the first 12 months after the original issuance of the Series B Preferred Stock, the holders of the Series B Preferred Stock will be entitled to receive, when, as, and if declared by the Board of Directors of M&EC out of legally available funds, dividends at the rate of 5% per year per share applied to the amount of $1.00 per share, which shall be fully cumulative. We began accruing dividends for the Series B Preferred Stock in July 2002, and have accrued a total of approximately $610,000 since July 2002, of which $64,000 was accrued in each of the years ended December 31, 2003 to 2011. |