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Stockholders' Equity
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3 Months Ended |
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Mar. 31, 2012
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| Stockholders Equity Note [Abstract] | |
| Stockholders' Equity Note Disclosure [Text Block] | Note 5 – Stockholders’ Equity
In March, 2012, we issued 119,191 shares of our common stock to strategic vendor-investors in lieu of cash for goods and services totaling $251,854.
On March 7, 2012, our Board of Directors approved a private placement for the sale of up to 100 units, with each unit costing no less than $15,000 and consisting of 7,500 shares of the Company’s common stock and a warrant to purchase 1,000 shares of the Company’s common stock at $10.00 per share. Each warrant vests two years from the date of purchase of the applicable unit and has a ten-year life. Each purchaser of the units has agreed not to sell any shares of common stock purchased in the private placement for at least one year. During March 2012 the Company sold 16 units, which yielded $240,000, and in April and May 2012, the Company sold 6 units for $90,000.
On October 18, 2011, the Company’s Board of Directors approved, authorized, and recommended to the Company’s shareholders to file a Restated Certificate to effect a one for twenty reverse stock split. As of November 17, 2011, the holders of approximately 74% of the aggregate voting power of Common Stock delivered the Registrant written consents approving the adoption of the Restated Certificate. On December 21, 2011, the Company filed its Restated Certificate of Incorporation with the Secretary of the State of New York, and on December 27, 2011, the one for twenty reverse stock split became effective. All stock related disclosures, including number of shares of common stock, stock options, warrants, and loss per share calculations have been restated retrospectively to reflect the one for twenty reverse stock split for all periods presented.
During 2011, the Company raised $3.2 in multiple private placement sales of “units”, $928,000 of which was raised during the quarter ended March 31, 2011. Each unit cost $17,500 and consisted of 25,000 shares of common stock and a warrant to purchase 875 shares of commons stock at $10.00 per share. The warrants fully vest two years from the date of the unit purchase, and have a ten-year term.
In 2011, the Company issued 46,500 shares of common stock to vendors for services totaling approximately $174,000, which included approximately 19,400 shares issued to the Company’s landlord of its Rochester, New York headquarters for base rent payments. Of this amount, approximately 29,000 shares, totaling $119,000 were issued during the quarter ended March 31, 2011. |