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Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events

Note 7 – 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 event(s) to be disclosed as follows:

 

On April 2, 2014, the Board granted a strategic partner 20,000 options to purchase the Company’s common stock. The options are exercisable at $0.44 per option, mature in 5 years and were fully vested on the date of grant.

 

On May 5, 2014, the Board authorized the granting to each independent member of the Board on May 9, 2014, a non-qualified stock option to purchase up to three hundred thousand (300,000) shares of the Company’s common stock, which shall be exercisable for a period of five (5) years at an exercise price per share equal to the closing price of the Company on the day of grant and such option shall vest in equal amounts of a period of three (3) years at the rate of twenty-five thousand (25,000) shares per fiscal quarter at the end of such quarter, commencing in the quarter ended June 30, 2014, and pro-rated for the number of days each independent member of the Board serves on the Board during such fiscal quarter.

 

In addition, effective as of May 1, 2014, the independent members of the Board shall be compensated as follows: (i) for their participation in meetings of the Board and its committees, such member will be compensated $1,000 for each in person meeting that is attended, and $250 - $500 per telephonic meeting, depending on the length of the telephonic meeting and (ii) each member shall be provided a monthly retainer of $750.