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Stockholders' Equity
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9 Months Ended |
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Sep. 30, 2012
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| Stockholders' Equity [Abstract] | |
| Stockholders’ Equity | Note 5 – Stockholders’ Equity
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. In 2012, through June 30, 2012, the Company sold 48 units, which yielded $720,000 and in July 2012, the Company sold 5 units for $75,000.
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. In August 2012, 3,768 shares of our common stock were issued to a strategic vendor for services totaling $7,160. On November 1, 2012, the Company issued 10,000 shares of common stock for professional services.
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 to 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 million in multiple private placement sales of “units”, $2.9 million of which was raised during the nine months ended September 30, 2011. Each unit cost $17,500 and consisted of 25,000 shares of common stock and a warrant to purchase 875 shares of common 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 44,000 shares, totaling $168,000 were issued during the nine months ended September, 2011. |