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Capital Structure
12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Capital Structure

Note 13 – Capital Structure

 

At the Company’s annual meeting of stockholders held on May 12, 2014, the Company’s stockholders approved an amendment to our amended and restated certificate of incorporation to effect a reverse split of our common stock at a ratio between 1-for-3 to1-for-10 shares.  The Company’s stockholders further authorized the board of directors to determine the ratio at which the reverse split would be effected by filing an appropriate amendment to our amended and restated certificate of incorporation.  The Company’s board of directors authorized the ratio of the reverse split and corresponding reduction in authorized shares on December 29, 2014 and effective at the close of business on January 8, 2015, the Company amended its amended and restated certificate of incorporation to effect a 1-for-10 reverse split of our common stock, or the Reverse Split.  The board of directors considered a ratio that would allow us to have a number of outstanding shares to have a sufficient trading volume while considering a stock price that would be consistent with our intension to eventually uplist of our common stock from the OTC Markets QB Tier to a listing on the NYSE MKT exchange, though there can be no assurance that we will ultimately pursue or be successful in seeking to uplist the Company’s common stock on such exchange.  The Board of Directors determined that a ratio of 1-for-10 was the best balance of these and other factors.  The effect of the reverse split reduced the Company’s outstanding common stock shares from 172,638,414 to 17,263,842 shares as of the date of the reverse split.  The accompanying consolidated financial statements give effect to the reverse split as of the first date reported.

During 2013 in conjunction with the FHE private placement offering, the Company issued 87,000 shares of common stock valued at $435,000 ($5.00 per share).  See Note 10 – Preferred Noncontrolling Interests for additional information.

During 2013, the Company issued 24,700 shares of common stock as payments for liabilities owed to certain professional service providers.  The shares were valued at $108,537 which represented the fair value of the services provided.