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Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

Note 8 – Subsequent Events

 

The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The management of the Company determined that there were certain reportable subsequent events to be disclosed as follows:

 

On April 27, 2012, the Company entered into subscription agreements with the certain subscribers for the issuance and sale of (i) $725,000 in shares of the Company’s Series A Preferred Stock (the“Series A Preferred”) with the rights and preferences set forth in the Amended and Restated Certificate to set forth Designations, Voting Powers, Preferences, Limitations, Restrictions, and Relative Rights of Series A Cumulative Convertible Preferred Stock, $0.0001 par value per share, and (ii) 362,500 warrants. The Series A Preferred is convertible into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a per share conversion price of $0.40, subject to adjustment, and the warrants are exercisable to purchase shares of the Company’s common stock at a per share exercise price of $0.60, subject to adjustment. In connection with the closing, the Company paid to Network 1 Financial Securities, Inc. certain fees related to the closing, including (i) $72,500 in commission fees; (ii) $11,750 in expense fees; and (iii) 181,250 common stock purchase warrants, par value $0.0001 per share, at an exercise price of $0.40 per share.