Annual report pursuant to Section 13 and 15(d)

8. PREFERRED STOCK (Tables)

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8. PREFERRED STOCK (Tables)
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Company's agreements with the holders of its Series B Preferred Stock:
Agreement/Payment Date     Amount of Dividends Paid     Shares of Common Stock Issued     Extended Forbearance Date  
  August 12, 2012     $ 732,000       157,000     January 1, 2014  
  December 26, 2012       732,000       144,500     June 30, 2014  
  March 27, 2013       732,000       139,000     September 30, 2014  
  July 26, 2013       731,000       175,000     December 31, 2014  
  September 17, 2013       731,000       197,000     March 31, 2015  
  May 23, 2014       1,463,000       120,000     November 30, 2015  
  November 24, 2014       1,000,000       –          
  December 23, 2014       1,194,000       –          
  Total     $ 7,315,000       932,500