Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Event

Note 14 – Subsequent Events

 

Promissory Note and Security Agreement

 

Subsequent to June 30, 2015, we entered into a Promissory Note and Security Agreement (“Note”) with Allen Kronstadt, who beneficially owns in excess of 5% of our outstanding stock and was a member of our board of directors from September 11, 2012 to June 9, 2015, in the amount of $326,350 which guaranteed funds provided by Mr. Kronstadt in the form of a cashier’s check which served as a bid bond for a procurement process by one of our municipal customers. The Note provides for interest of 12% per annum, matures on November 5, 2015 and allows us to prepay the Note at any time. We secured the Note by providing Mr. Kronstadt with a security interest in all of our unencumbered assets at any time.