Reverse Stock Split

6 Months Ended

Jun. 30, 2015

2.	Reverse Stock Split

On November 18, 2014, the Company filed a Definitive Information Statement to effect a 1-for-400 reverse split of the Company’s common stock (the “Reverse Split”). The reverse stock split was announced by Financial Industry Regulatory Authority on April 17, 2015 and became effective on April 18, 2015. This action was approved on May 8, 2014 by written consent of our Board of Directors and the affirmative vote of holders of two-thirds of the company’s voting common stock.

On April 8, 2015, the effective date, every 400 shares of the Company’s issued and outstanding common stock were combined into one share of common stock. The Company did not issue any fractional shares in connection with the reverse stock split. Stockholders of record who otherwise would have been entitled to receive fractional shares, received one whole share.

Throughout this report, each instance which refers to a number of shares of our common stock refers to the number of shares of common stock after giving effect to the Reverse Split, unless otherwise indicated. References to a number of shares of common stock in our historical financial statements for the year ended December 31, 2014 are reported on a post-Reverse Split basis.