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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On January 7, 2014, in connection with the Series B Offering, the Company sold 87,500 shares of Series B Preferred and issued Warrants to purchase an aggregate total of 408,333 shares of the Company's Common Stock for $0.30 per share to certain accredited investors.

 

In January 2014, the Company repaid $25,750 in outstanding principal, lender’s fees and interest on convertible notes payable.

 

On January 31, 2014, in connection with the Series B Offering, the Company sold 193,750 shares of Series B Preferred and issued Warrants to purchase an aggregate total of 904,167 shares of the Company's Common Stock for $0.30 per share to certain accredited investors.

 

On February 5, 2014, in connection with the Series B Offering, the Company sold 223,750 shares of Series B Preferred and issued Warrants to purchase an aggregate total of 1,044,167 shares of the Company's Common Stock for $0.30 per share to certain accredited investors.

 

In February 2014, holders of $789,938 in outstanding principal, lender’s fees and interest on convertible notes payable exchanged this total for 197,487 shares of the Company’s Series B Preferred Stock and Warrants to purchase 921,596 shares of the Company’s Common Stock for $0.30 per share.

 

On March 20, 2014, the Company appointed Scot Cohen to the fifth and final open spot on the Company’s Board of Directors.

 

    Management has evaluated subsequent events through the date the accompanying consolidated financial statements were filed with the Securities and Exchange Commission, and noted no other significant subsequent events not elsewhere disclosed in these notes to consolidated financial statements.