Subsequent Events

3 Months Ended

Mar. 31, 2015

SUBSEQUENT EVENTS

Between April 1 and May 15, 2015, six investors in Series A preferred stock converted a total of 38,579 shares of Series A for 3,857,900 shares of restricted common stock in accordance with their conversion rights which includes a blocker with respect to individual ownership percentages.

On May 12, 2015, the Company approved a Series G Preferred Private Placement to certain investors at a purchase price of $0.25 per Unit for up to 8,000,000 Units. Each Unit consists of one share of the Company’s Series G Convertible Preferred Stock, par value $0.0001 per share, each of which is convertible into one share of Common Stock, with such rights and designations as set form in the Certificate of Designation. The Series G stock has voting rights equal to the number of shares it would have on an ‘as if converted’ basis. The Series G stock is entitled to dividends rights equal to the number of shares it would have on an ‘as if converted’ basis. None of the Series G stock is redeemable, participating or callable.