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Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events
 
NOTE 16 – Subsequent Events
 
During the third quarter of 2012, the Company borrowed an additional $132,033 from InsOglass Holding SA pursuant to the June 1, 2012 Loan Agreement with such entity to meet the working capital needs of the Company and its subsidiary.

During the third quarter of 2012, three noteholders converted an aggregate of $2,850,000 of convertible notes and accrued interest into an aggregate of 6,910,464 shares of common stock at a conversion price of $0.50 per share.

During the third quarter of 2012, the maker of the $500,000 interest-free loan to the Company in December, 2010 agreed to convert the loan into 4,326,377 shares of common stock at a conversion price of $0.11557 per share.  At the same time, the Company issued an aggregate of (a) 1,831,373 shares of common stock to two of its former noteholders in consideration of logistical support and other services rendered by such noteholders to the Company’s subsidiary, (b) 2,500,000 shares of common stock to InsOglass Holding SA in consideration of services rendered to date by the Chief Executive Officer, (c) 1,000,000 shares to an individual in consideration of services rendered by such individual to the Company’s subsidiary in connection with the industrialization and commercialization of such subsidiary’s KLYMMA business, (d) 168,460 shares of common stock to SICG S.A. in consideration of the cancellation of certain debt of the Company’s subsidiary to such entity and (e) 3,333,333 shares to the maker of the $500,000 interest-free loan to the Company in June, 2012 upon conversion of that loan into an equity purchase at $0.15 per share.  In addition, the Company granted non-qualified options to purchase 100,000 shares of common stock to an individual in consideration of business development services to the Company’s subsidiary.