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Subsequent Events | 6 Months Ended
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Jun. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events | Note 18. Subsequent Events Ronco's promissory note issued June 30, 2013 in the amount of $1,100,000 that matured on June 30, 2014 is currently outstanding and in default due to nonpayment. Effective July 1, 2014 (the "Effective Date"), the board of directors of the Company appointed Mark Ethier as Chief Operating Officer and President of the Company. In addition, he has been appointed to serve on the board of directors to fill the recent vacancy on the board. On the Effective Date the Company entered into a three year employment agreement, as amended and restated, with Mr. Ethier. The employment agreement provides for a base salary in the amount of $180,000 per annum, although from the Effective Date through October 31, 2014 the rate shall be reduced to $72,000. Mr. Ethier shall also be entitled to an annual bonus as determined by the board of directors. Furthermore, under the employment agreement, Mr. Ethier was granted a number of restricted shares of common stock of the Company equivalent to 4% of outstanding shares of the Company (on a fully diluted basis) on the date of grant, which equals 25,174,888 shares. Subject to Mr. Ethier's continued employment in good standing, the grant shall vest in 1/4th increments on each of the first two year anniversaries of the Effective Date, and the final 1/2 vesting on the third anniversary of the Effective Date. The employment agreement provides for ordinary executive benefits and perquisites, and imposes standard non-competition and non-solicitation covenants. The employment agreement also contain a provision which provides that for 360 days following any change in control, the termination or resignation of the officer will be treated as a termination without cause. As such, the officer would be entitled to severance compensation for the remaining compensation left for the term of his employment agreement, and all unvested stock, stock equivalents or stock options would immediately vest in full, free of Company-imposed restrictions. On July 9, 2014, Mr. Dennis W. Healey, As Seen On TV, Inc.'s Chief Financial Officer and a member of our Board of Directors, tendered his resignation from all positions with our company, to become effective on August 8, 2014. In accordance with provisions of his employment agreement, Mr. Dennis W. Healey will receive $160,000, inclusive of accrued benefits, as severance over the next year in accordance with the Company's normal payroll schedule. On August 28, 2014, the Company extended by 1 month the expiration dates of warrants to purchase up to an aggregate of 9,954,939 shares of Common Stock with an exercise price of $0.64 per share (the "Warrants"). As a result of the extension, the expiration date of the Warrants has been changed to September 30, 2014 from August 29, 2014. The Warrants were originally issued by the Company on August 29, 2011 to six purchasers of the Company's securities under a Securities Purchase Agreement dated August 29, 2011 (the "Offering") and a registered broker dealer that acted as placement agent for the Offering. The modification charge expected from this transaction is expected to be immaterial.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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