Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Deficit)

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Stockholders' Equity (Deficit)
6 Months Ended
Jun. 30, 2013
Equity [Abstract]  
Stockholders' Equity (Deficit)
7.
Stockholders' Equity (Deficit)
 
In April 2013, the Company entered into an escrow agreement in connection with a private offering of the Company’s common stock that was to close immediately prior to the reverse merger transaction (see below). A stockholder advanced $728,382 in funds into the escrow, of which $500,000 was released to the Company in April 2013 and $228,382 was released to the Company in June 2013, in each case for the purchase of shares of the Company’s common stock at $.75 per share for an aggregate of approximately 971,176 shares.
 
In April 2013, an aggregate of approximately $671,618 that was owed by the Company to one or more of a stockholder’s entities was converted into an aggregate of approximately 895,491 shares of common stock of the Company. Such economic obligations consisted of (i) the March $260,200 note payable, (ii) $80,000 that had been advanced to the Company in March 2013, (iii) $220,710 that had been advanced on behalf of the Company under a letter of credit entered into in connection with the November 2012 spin-off transaction; and (iv) $11,708 for certain reimbursable legal expenses incurred in February, March, and April 2013.