18.	SUBSEQUENT EVENTS

On January 30, 2015, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with the Leslie G. Rudd Living Trust (the “Trust”), pursuant to which the Company (i) agreed to issue to Buyer (a) 769,381 shares (the “Initial Shares”) of its Common Stock, and (b) warrants (the “Initial Warrants”) to purchase up to an additional 1,538,462 shares of Common Stock at an exercise price of $0.72 per share (the “Exercise Price”) for an aggregate purchase price of $500 (the “Initial Offering”) and (ii) granted the Trust an option, which expires on January 30, 2025, to purchase in one or more transactions up to an additional (a) 6,923,077 shares (the “Option Shares”) of Common Stock and (ii) warrants (the “Option Warrants” to purchase up to an additional 6,923,077 shares of Common Stock at the Exercise Price for an aggregate purchase price of $4,500 in one or more transactions.

On January 30, 2015, the Initial Offering closed and the Company issued and sold to Buyer the Initial Shares and the Initial Warrants and received $500.

The Initial Warrants are, and upon issuance the Option Warrants will be, exercisable immediately and expire ten years from the date of issuance.

Additionally, in connection with the Initial Offering, the Company issued warrants to purchase an aggregate of 854,789 shares of Common Stock to Cleveland Capital and Prescott Group, in accordance with its obligations under the Purchase Agreement and for no further consideration.

On March 4, 2015, the Company entered into a Securities Purchase Agreement with certain purchasers (“Buyers”), pursuant to which the Company (i) agreed to issue to Buyers, in the aggregate, (a) 342,467 shares (the “March 2015 Shares”) of its Common Stock, par value $0.01 per share (the “Common Stock”), and (b) warrants (the “March 2015 Warrants”) to purchase up to an additional 684,934 shares of Common Stock at an exercise price of $0.82 per share for an aggregate purchase price of $250.

On March 4, 2015, the offering closed and the Company issued and sold to Buyers the March 2015 Shares and the March 2015 Warrants and received $250.

The March 2015 Warrants are exercisable immediately and expire ten years from the date of issuance.

Additionally, in connection with the offering, the Company issued warrants to purchase an aggregate of 576,600 shares of Common Stock to Cleveland Capital and Prescott, in accordance with its obligations under the Purchase Agreement and for no further consideration.