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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2012
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
NOTE 21 – SUBSEQUENT EVENTS
 
On January 1, 2013 the Company issued 114,944 shares of common stock to its four non-executive directors (28,736 each) – Mark Hershhorn, Brian Israel, Morris Garfinkle and Edward Smith III. The Company recognized a total expense of $200,000 related to these issuances. These shares were valued based on the closing price of the grant date.

Subsequent to December 31, 2012, we issued 1,838,841 shares of Common Stock as a result of warrants being exercised and the company received gross proceeds of $2,225,621.
 
Subsequent to December 31, 2012, 117,999 shares of Common Stock were issued due to the cashless exercise of warrants.
 
On February 22, 2013, we issued 10,000 shares of Common Stock to a former employee as a result of stock options being exercised and the company received gross proceeds of $10,100.
 
Subsequent to December 31, 2012, we issued 79,825 shares of Common Stock to current and former employees who exercised stock options on a cashless basis.
 
On January 23, 2013, we entered into an agreement with Maxim Group LLC ("Maxim"), pursuant to which Maxim agreed to act as the Company's lead or managing placement agent in connection with a potential offering of common equity of the Company up to $20 million. This agreement will remain in effect until May 30, 2013. In exchange for Maxim's services, we agreed to issue to Maxim warrants exercisable for a number of shares of common stock equal to 5% of the aggregate number of shares sold in any an offering specified in the agreement (excluding any shares of common stock issuable upon exercise of any warrants included in such offering).
 
On February 12, 2013, we entered into a settlement agreement with a former provider of investment services over compensation provided in a prior period for services in the raising of equity capital for the Company. As a result of this agreement, the Company issued 875,000 shares of Common Stock to this party. As of December 31, 2012, the Company recorded a common stock payable and settlement loss in the amount of $1,881,250.
 
On March 18, 2013, Brightline Ventures I, LLC, the Company's largest shareholder, elected to convert $3,326,697 of Series II Convertible Preferred Stock it held, plus $533,000 of accrued dividends thereon into 3,859,697 shares of the Company's Common Stock.