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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2015
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
NOTE 22 – SUBSEQUENT EVENTS
 
On October 2, 2015, the Company issued a warrant to acquire 250,000 shares of the Company’s common stock, par value, $0.00005 per share, at an exercise price of $0.64 per share to an accredited investor.  The Warrants expire on the fifth anniversary of their issuance, may be exercised on a cashless basis, are subject to full ratchet price anti-dilution protection and entitled to registration rights.
 
On October 20, 2015, the Company received $200,000 from an accredited investor towards the purchase of 50,000 units in a private placement offering.  Each unit consists of (i) one (1) share of 12.5% Convertible Preferred Stock and (ii) one (1) warrant, to acquire 8.56 shares of the Company’s common stock, par value, $0.00005 per share, at an exercise price of $0.64 per share all pursuant to separate Securities Purchase Agreements entered into with the investor.
 
On November 4, 2015, the Company received $200,000 from an accredited investor towards the purchase of 50,000 units in a private placement offering.  Each unit consists of (i) one (1) share of 12.5% Convertible Preferred Stock and (ii) one (1) warrant, to acquire 8.56 shares of the Company’s common stock, par value, $0.00005 per share, at an exercise price of $0.64 per share all pursuant to separate Securities Purchase Agreements entered into with the investor.
 
On November 4, 2015, Steven J. Cohen provided the Company with notice of his resignation from the Company’s Board of Directors (the “Board”), effective immediately.  Mr. Cohen’s resignation from the Board was not the result of any dispute or disagreement with the Company. Mr. Cohen has served on the Board since 2006.
 
On November 16, 2015, Anthony Saguto resigned as Chief Financial Officer of the Company, effective immediately. To replace Mr. Saguto, Donald G. Wittmer was appointed as acting Chief Financial Officer of the Company, effective November 18, 2015.
 
On November 18, 2015, the Company entered into a consulting agreement (the “Consulting Agreement”) with ACT Financial Services Inc. (“ACT Financial”), pursuant to which ACT Financial will provide to the Company finance, accounting and administrative functions, including acting chief financial officer (and principal financial officer) services to be provided by Donald G. Wittmer.  The Company will pay an agreed upon weekly rate for such services and will reimburse ACT Financial for certain travel expenses. The Consulting Agreement will continue for six months and may be extended by mutual agreement of the parties.