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STOCKHOLDERS' EQUITY (DEFICIT)
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
STOCKHOLDERS' EQUITY

 

 

3. STOCKHOLDERS’ EQUITY (DEFICIT)

 

On January 15, 2014, the Company issued 3,401,360 shares of unregistered common stock in a private placement to Lone Star Value Investors, LP, an entity controlled by a former director and officer of the Company, Jeffrey E. Eberwein for cash proceeds of $50,000. Mr. Eberwein is the manager of Lone Star Value Investors LP’s general partner and was the president, chief executive officer and a director of the Company and owned 6,786,588 shares of the Company at the time of the transaction. Lone Star Value Investors, LP and its affiliates thus had adequate access to information about the Company. The proceeds of this issuance were used to assist in funding the Company’s operating expenses.