XML 75 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9

NOTE 13 - SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 13 – SUBSEQUENT EVENTS The Company's board of directors and stockholders authorized a reverse stock split of its outstanding common stock at a ratio of 1-for-30. On February 4, 2015, the reverse stock split was effected. The accompanying consolidated financial statements give retroactive effect as though the 1-for-30 reverse stock split of the Company's common stock occurred for all periods presented, without any change in the par value per share. On January 29, 2015, the Company's board of directors and stockholders authorized (i) a reduction in authorized shares of the Company's common stock from 750,000,000 to 75,000,000, and (ii) the combination of the Company's Class A Common Stock, par value $0.00001 per share, and Class B Common Stock, par value $0.00001 per share, into a general class of common stock, par value $0.00001 per share. On January 29, 2015, Mark Meller resigned as Chief Financial Officer of the Company and Crandall Melvin III was appointed. Mr. Meller continues to be the Company’s President and CEO. On March 11, 2015 SWK entered into an Asset Purchase Agreement with 2000 SOFT, Inc. d/b/a Accounting Technology Resource (ATR), a California corporation, and Karen Espinoza McGarrigle in her individual capacity as Shareholder. In consideration for the acquired assets, the Company paid $80,000 in cash and issued a promissory note in the aggregate principal amount of $175,000 (the “Note”). The Note is due thirty six (36) months from the Closing Date and bears interest at a rate of two percent (2%) per annum. The monthly payments including interest are $5,012. Additionally in connection with the purchase agreement, the Company entered into an employment agreement with Ms. McGarrigle for a term of three years at a base salary of $155,000 per year.  Additionally Ms. McGarrigle shall receive 10,000 options to purchase the Company’s common stock at a strike price of $4.00 per share.  These options vest at 20% per year over five years. In March 2015, 363,490 of common stock was sold at a price of $4.24 and 181,745 warrants was sold at a price of $0.01. There were also direct underwriting expenses relating to this offering of $142,774, resulting in net proceeds to the Company of approximately $1,400,000. On March 29, 2015, Mr. Meller returned his one share of Series B Preferred to the Company and the Company cancelled the certificate. On March 29, 2015, subject to shareholder approval, the Board approved the cancellation of the Series B Preferred Certificate of Designation.

X

- Details

Name:	us-gaap_SubsequentEventsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_SubsequentEventsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration