Annual report pursuant to Section 13 and 15(d)

12. PREFERRED STOCK (Tables)

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12. PREFERRED STOCK (Tables)
 12 Months Ended
Dec. 31, 2015
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