Subsequent Events |
9 Months Ended | ||
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Sep. 30, 2011 | |||
| Subsequent Events [Abstract] | |||
| Subsequent Events [Text Block] |
We performed a review of events subsequent to the balance sheet date through the date the financial statements were issued and determined, except as disclosed herein, that there were no other such events requiring recognition or disclosure in the financial statements.
Series D Private Placement
On November 9, 2011, we completed a private placement, pursuant to which we sold an aggregate of 849 units for a purchase price of $1,000.00 per unit (the “Series D Purchase Price”), resulting in gross proceeds to us of $849,000 (the “Series D Private Placement”). Each unit (“Series D Unit”) consists of (i) one share of Series D Convertible Preferred Stock, $0.01 par value per share (the “Series D Convertible Preferred Stock”) convertible into 1,539 shares of our Common Stock, (subject to adjustment for stock splits, stock dividends, recapitalization, etc.) and (ii) a five-year warrant to purchase 616 shares of our Common Stock at a per share exercise price of $0.80 and will be exercisable beginning on or after May 09, 2012 through and including the close of business on May 9, 2017.
We engaged an investment banker (the “Investment Banker”) to assist with the Series D Private Placement. The Company paid the Investment Banker a cash retainer fee of $67,920. In connection with the Series D Private Placement, we reimbursed the Investment Banker for legal fees of $10,000.
Series A Dividends
On October 28, 2011, we issued 32,941 shares of Common Stock to holders of Series A Convertible Preferred Stock.
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