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Subsequent Events
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 16. Subsequent Events

On March 1, 2013, the Company entered into an Exchange Agreement with NuRx and QND, pursuant to which the Company exchanged its Settlement Shares for certain patents, trademarks and other intellectual property formerly held by NuRx and QND covering point-of-care lateral flow diagnostics (RapidSenseTM) and related oral fluid collection technologies.

 

On February 11, 2013 and March 15, 2013, the Company issued two additional promissory notes to an investor in the principal amount of $20,000 and $16,000, respectively, which notes accrue interest at the rate of 6% annually, and as payable on June 30, 2013, on demand. As additional consideration for the issuance of the notes, the Company issued to the investor a warrant to purchase a total of 36,000 shares of common stock of FluoroPharma, Inc., with an exercise price of $1.00 and an expiration date of February 15, 2019 (the “Warrants”), which Warrants were originally issued to the Company.

 

On April 8, 2013, the Company filed a Summary Judgement in Lieu of Complaint (the "Complaint") against Genomics USA, Inc. ("GUSA") to recover all amounts due the Company under the terms of a promissory note in the principal amount of $200,000 (the "GUSA Note"). The Complaint was filed in the Supreme Court of the State of New York, and seeks repayment of all amounts due under the terms of the GUSA Note, and accrued interest thereon, plus attorney's fees.

 

Management has reviewed and evaluated subsequent events and transactions occurring after the balance sheet date through the filing of this Annual Report on Form 10-K on April 15, 2013 and determined that no additional subsequent events occurred.