2.4.0.8115 - Disclosure - STOCKHOLDERS' EQUITYtruefalsefalse1falsefalsefalseP01_01_2013To06_30_2013http://www.sec.gov/CIK0001308027duration2013-01-01T00:00:002013-06-30T00:00:001true1us-gaap_StockholdersEquityNoteAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00 <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="clear:both;MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.75in"> <div><b>NOTE 9</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>STOCKHOLDERS’ EQUITY</b></div> </td> </tr> </table> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Common Stock and Warrants</b></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In January 2013, under the terms of the private placement offering which commenced on May 4, 2012, the Company sold <font style=" FONT-SIZE: 10pt">20,000</font> shares of common stock at $<font style=" FONT-SIZE: 10pt">0.25</font> per share and <font style=" FONT-SIZE: 10pt">20,000</font> warrants to purchase common stock at $<font style=" FONT-SIZE: 10pt">0.35</font> per share for proceeds of $<font style=" FONT-SIZE: 10pt">5,000</font>.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In March 2013, the Company issued <font style=" FONT-SIZE: 10pt"> 200,000</font> shares valued at $<font style=" FONT-SIZE: 10pt">40,000</font> as compensation for a business development contract.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In April 2013, the Company sold <font style=" FONT-SIZE: 10pt"> <font style=" FONT-SIZE: 10pt">400,000</font></font> shares of common stock at $<font style=" FONT-SIZE: 10pt"><font style=" FONT-SIZE: 10pt">0.075</font></font> per share for proceeds of $<font style=" FONT-SIZE: 10pt">30,000</font>. The Company also issued <font style=" FONT-SIZE: 10pt">4,433,333</font> to investors in the Company’s 2012 private placement of common stock who were the beneficiary of a “ratchet clause” trigger.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On May 2, 2013, the Company began a private placement offering to sell up to <font style=" FONT-SIZE: 10pt">200,000</font> shares of the Company’s <font style=" FONT-SIZE: 10pt">10</font>% Series A Cumulative Convertible Preferred Stock. Under the terms of the offering, the Company offered to sell up to 200,000 shares of preferred stock at $<font style=" FONT-SIZE: 10pt">10.00</font> per share for a value of $<font style=" FONT-SIZE: 10pt">2,000,000</font>. The preferred stock accumulates a 10% per annum dividend and is convertible at a conversion price of $<font style=" FONT-SIZE: 10pt">0.075</font> per common share at the option of the holder after a six month holding period. The holder may convert up to <font style=" FONT-SIZE: 10pt">5</font>% of the shares to common shares per month. The preferred shares have full voting rights as if converted and have a fully participating liquidation preference. As of August 30, 2013 the Company has received net investment of $<font style=" FONT-SIZE: 10pt">197,110</font> and issued <font style=" FONT-SIZE: 10pt">19,711</font> shares of preferred stock under the terms of the offering. The Company has also issued an additional <font style=" FONT-SIZE: 10pt">10,374</font> shares of preferred stock in connection with the conversion of four of the Shareholder Notes issued on March 11, 2011 with a collective outstanding balance including accumulated interest on the date of conversion of $<font style=" FONT-SIZE: 10pt">103,740</font> (please see Note 8 for more detail).</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 28, 2013, the Company issued <font style=" FONT-SIZE: 10pt">133,333</font> common shares to its CEO, William R. Doyle in lieu of expense reimbursement.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On July 1, 2013, the Company issued to the prior owner of Kiron Clinical Sleep Lab, LLC (“Kiron”), Michael Soo, M.D. a total of <font style=" FONT-SIZE: 10pt">727,434</font> common shares in connection with the purchase of Kiron.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On August 8, 2013, the Company issued a total of <font style=" FONT-SIZE: 10pt">239,733</font> common shares upon the cashless warrant exercise of <font style=" FONT-SIZE: 10pt">429,000</font> of the Company’s outstanding and exercisable warrants.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On August 28, 2013, the Company issued a total of <font style=" FONT-SIZE: 10pt">3,300,000</font> common shares as compensation for an amendment to the Company’s Consulting Agreement with Blue Oar Consulting, Inc.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recorded $<font style=" FONT-SIZE: 10pt">60,000</font> and $<font style=" FONT-SIZE: 10pt">90,000</font> in amortization of deferred compensation expense during the six month period ended June 30, 2013 and 2012, respectively, related to 2013 and 2012 common stock and warrants issuances for services.</div> </div> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. 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