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Subsequent Events
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

19. Subsequent Events

The Company evaluates and discloses subsequent events as required by ASC Topic No. 855, Subsequent Events. The Topic establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued or are available to be issued.

On July 15, 2016, the Company filed a definitive proxy statement for a Special Meeting of Stockholders (the “Special Meeting”) of the Company, to be held on August 15, 2016. At the Special Meeting, our stockholders will be asked to approve an amendment to the Company’s Certificate of Incorporation to effect a reverse split of our Common Stock at a ratio of either 1-for-3 or 1-for-4, with the exact ratio to be determined by our Board of Directors. If this proposal is approved by our stockholders at the Special Meeting, the Board (or any authorized committee of the Board) will have the authority, without further action on the part of the stockholders, to implement the reverse stock split. The Company anticipates that the reverse stock split, if approved by our stockholders, will be implemented as soon as practicable. The Board (or any authorized committee of the Board) reserves the right to abandon the reverse stock split, even if approved by the stockholders, if the Board (or any authorized committee of the Board), in its sole discretion, determines that the reverse stock split is no longer in the best interests of the Company or its stockholders.

On July 19, 2016, the Company entered into a Share Purchase Agreement (the “Purchase Agreement”) to acquire all of the outstanding shares of iMobileMagic – Mobile Experiences, LDA, a Portuguese limited liability company. The acquisition was consummated concurrently with the execution of the Purchase Agreement. Under the terms of the Purchase Agreement, the Company paid an aggregate purchase price consisting of (i) €500,000 in cash, plus €20,238 in cash corresponding to the difference between cash and debt not acquired in the acquisition as of June 30, 2016, (ii) €500,000 in value of the Company’s common stock, totaling 814,339 shares of common stock (the “Initial Shares”), and (iii) €1,000,000 in value of the Company’s common stock, totaling 1,628,676 shares of common stock (the “Escrow Shares”), to be held in escrow pursuant to an Escrow Agreement executed with the selling shareholders and Computershare Trust Company, N.A., as escrow agent. The Escrow Shares may be repurchased by the Company for a period of two years at their original value of €1,000,000 (less the value of any Escrow Shares which may have been delivered to the Company as indemnity payment up to a maximum amount of €100,000) plus interest at an interest rate of 10% per annum.