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Issuances of common stock and warrants
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Issuances of Common Stock and Warrants

During the three and nine months ended September 30, 2014, we issued 0 and 22,989 shares of our common stock to a board member, and during the three and nine months ended September 30, 2013, we issued 450,000 and 457,167 shares of our common stock to two vendors in exchange for programming services and other services performed.  In connection with these issuances of shares, we recognized expenses of $0 and $72,000 during the respective 2014 periods and $43,002 and $1,055,502 during the respective 2013 periods.

 

During the three and nine months ended September 30, 2014, we entered into subscription agreements with accredited investors pursuant to which we issued 0 and 4,072,426 shares of our Series C Convertible Preferred Stock and warrants to purchase 0 and 16,289,704 shares of our common stock, exercisable during the five-year period commencing on the date of issuance at $1.10 per share (the “Warrants”).

 

This offering resulted in net proceeds to us of approximately $10,472,003.  Maxim Group LLC, a FINRA registered broker-dealer, in connection with the financing received a cash fee totaling $1,221,719 and received warrants to purchase up to 1,628,971 shares of common stock at an exercise price of $1.265 per share as compensation (1,221,727 were issued as of 5/6/14 and 407,244 had been issued at 3/31/14).  The Series C Preferred Stock and the Warrants were offered and sold without registration under the Securities Act of 1933, as amended (the “Securities Act”).