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Subsequent Events
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Subsequent Events

Effective as of January 8, 2016, Mr. Andrew H. Sassine resigned as a director. The resignation was not due to any disagreement on any matter relating to the Company’s operations, policies or practices.

On January 19, 2016, 10,542 shares of Series A Preferred Stock were converted into 25,000 shares of common stock. In addition, the Company issued 130 shares of its common stock in satisfaction of a $45.66 dividend accrued on the shares of Series A Preferred Stock that were converted.

In January 2016, the Company issued 61,159 shares of common stock with a fair value of $21,406 in settlement of certain outstanding liabilities to third parties.

On January 20, 2016, the Company entered into a further amendment to the 2014 Convertible Notes Payable, which among other changes, provides for (i) extension of the maturity date for an additional six months,  (ii) retroactive increase of the interest rate to 12%, (iii) the ability to voluntary convert the investment, including principal and interest multiplied by 1.25, at a conversion price of $0.35 per share (which results in an effective conversion price of $0.28 per share), (iv) resale registration rights, and (v) “full-ratchet” anti-dilutive protection. As a result of this amendment to the 2014 Convertible Notes Payable, the conversion price of each of the Company's existing Series A Preferred Stock, Series B Preferred Stock, the Convertible Notes and certain related warrants, has been adjusted to $0.28 per share.

In February and March, 2016, the Company issued 225,000 shares of common stock pursuant to the conversion of 2014 Convertible Notes.

On March 23, 2016, the Company issued promissory note for $150,000 with terms substantially similar to the 2014 Convertible Notes, as amended (see Note 5).