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Subsequent Events
6 Months Ended
Sep. 30, 2013
Subsequent Events  
Subsequent Events

Note 19—Subsequent Events

 

Changes to our Board of Directors

 

On September 30, 2013 the Company’s board of directors appointed Reed Dickens and Daniel J. Neumann to its board of directors. On September 29, 2013, Conway Schatz resigned from the Company’s board of directors.  On October 1, 2013, Marc Holtzman and Zhi Zhong Qiu also resigned from the Company’s board of directors. Mr. Schatz’s, Mr. Holtzman’s and Mr. Qiu’s resignations were not due to any disagreement with the Company on any matter related to the Company’s operations, policies or practices. Mr. Holtzman and Mr. Qiu joined the Company’s international advisory board alongside Gov. Gray Davis and Devon Archer.

 

Nasdaq delisting notice and appeal

 

On April 25, 2013, we received written notification from The Nasdaq Stock Market that we were no longer in compliance with Nasdaq Listing Rule 5550(b)(2) because the market value of our listed securities had fallen below the $35 million minimum requirement for continued listing on the Nasdaq Capital Market for a period of at least 30 consecutive business days. Under Nasdaq Listing Rule 5810(c)(3)(C), we had 180 calendar days to regain compliance. Compliance can be achieved by meeting the $35 million minimum requirement for market value of listed securities for a minimum of 10 consecutive business days during the 180-day compliance period.  On October 23, 2013 we received written notification from The Nasdaq Stock Market that we had not regained compliance during that period and that our common stock would be delisted at the open of business on November 1, 2013.

 

We have appealed the delisting action to the Nasdaq Hearing Panel and have a hearing schedule for December 11, 2013. A hearing request stays the delisting pending the Panel’s decision, and our common stock will continue to be listed on The Nasdaq Stock Market during this time.  If our appeal is unsuccessful we intend to takes the necessary steps to have our common stock quoted on the OTC Bulletin or in the “Pink Sheets.”