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Subsequent Event
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Event

Note 11 Subsequent Event

 

The Company has evaluated all events that occurred after the balance sheet date through the date when the consolidated financial statements were issued to determine if they must be reported. The Management of the Company determined that there were certain reportable subsequent events to be disclosed as follow.

 

From July 1, 2013 through August 13, 2013, the Company issued 1,759,028 shares of common stock to investors in exchange for $2,638,500 in proceeds in connection with the private placement of the Company’s stock. The Company incurred approximately $398,143 in stock issuance costs in conjunction with the placement.

 

The Company is currently in negotiations to refinance a $1,500,000 credit line and has already executed a non-binding term sheet.