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6) Subsequent Events
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.
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On April 1, 2014 the Company issued 773,169 shares of common stock for the conversion of 58,750 shares of Series G convertible preferred stock and $58,267 of accrued and unpaid dividends on the Series G convertible preferred stock. |
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On April 1, 2014 the Company issued 92,500 shares of common stock for the conversion of 92.5 shares of Series J convertible preferred stock. |
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On April 3, 2014 a Series D investor exercised his final warrants and purchased 146,658 shares of common stock resulting in net proceeds to the Company of $36,664. |
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On January 20, 2014 the Company agreed to issue 200,000 shares of restricted common stock to an investor relations firm in payment of services to be rendered over a nine month period beginning January 20, 2014. We recorded $52,000 for this issuance which will be amortized over the service period. We recognized $13,300 of expense related to this transaction in the period ended March 31, 2014. We valued the above stock issuance using the greater of the estimated fair value of the services received or the Company’s stock price on the date of the award. These shares have not been issued as of May 15, 2014. |
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On March 8, 2014 the Company agreed to issue up to 150,000 shares of restricted common stock to an investor relations firm in payment of services to be rendered over a six month period beginning March 10, 2014. We recorded $88,500 for this issuance which will be amortized over the service period. We recognized $10,212 of expense related to this transaction in the period ended March 31, 2014. We valued the above stock issuance using the greater of the estimated fair value of the services received or the Company’s stock price on the date of the award. These shares have not been issued as of May 15, 2014. |
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