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Subsequent Events
6 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

Note 12 – Subsequent Events

 

The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The management of the Company deteimined that there were certain reportable subsequent event(s) to be disclosed as follows.

 

During October 2015, the Company issued 100,000 shares of common stock for an aggregate purchase price of $1,000 in connection with the exercise of warrants to purchase shares of the Company’s commons stock at $0.01 per share.

 

On October 15, 2015, LXL entered into a Separation and Consulting Agreement and Mutual Release (the “Separation and Consulting Agreement”) with John Petrocelli pursuant to which Mr. Petrocelli resigned as President of LXL. The Separation and Consulting Agreement provides that in connection with his termination of employment from LXL, Mr. Petrocelli agreed to the forfeiture of 500,000 unvested restricted common shares of the Company.

 

On October 5, 2015, the Company announced that Schuyler Hoversten joined the Company as Chief Revenue Officer of LXL. Mr. Hoversten was granted 250,000 shares of the Company’s restricted common stock in conjunction with his employment agreement.

 

On October 6, 2015, the Board of Directors of the Company appointed Blake Indursky as the Executive Vice Chairman and Senior Vice President of Operations of the Company. Mr. Indursky has been a member of the Company’s Advisory Board since August 2015 and was granted an additional 150,000 shares of the Company’s restricted common stock in conjunction with his employment agreement.