Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

Note 7. Subsequent Events

On October 10, 2013, Peter Barrios, our former Chief Financial Officer, resigned from his position, as a result of him no longer being able to devote the level of commitment necessary to carry out his duties with us.  Mr. Barrios’ resignation was effective as of October 5, 2013.

Effective as of October 11, 2013, the Board appointed David Selig as the new Chief Financial Officer (and Principal Account Officer) of the Company.  In connection with Mr. Selig’s appointment, we entered into an agreement with S&A pursuant to which S&A will receive compensation for the services provided by Mr. Selig to us.  S&A is a New York tax representation and advocacy firm, representing businesses before the Internal Revenue Service, founded by Mr. Selig.  Under the agreement S&A will receive cash compensation of $15,000 per calendar quarter (or pro-rata thereof for such shorter period), commencing September 1, 2013, and a grant of 600,000 restricted shares of our common stock, which will vest quarterly at a rate of 25% (or pro-rata thereof for such shorter period) in arrears.

Effective as of October 17, 2013, the Board elected Thomas Spinelli as a director of our Company, effective immediately, and appointed Mr. Spinelli as our new Chairman of the Board.  In connection with Mr. Spinelli’s appointment, Ron Ulfers, Jr. resigned from his position as our Chairman of the Board, effective immediately, but will continue to serve on the Board.  Consistent with our Board compensation policy, Mr. Spinelli will receive (i) a grant of $2,000 worth of restricted shares of our common stock in connection with his election as a director, and (ii) an annual grant of $2,000 worth of restricted shares of our common stock for his services to the Board.