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Note Payable - Related Party | 9 Months Ended
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Sep. 30, 2014
Note Payable - Related Party |
Note Payable - Related Party | 12. Note Payable — Related Party As of September 30, 2014 and December 31, 2013, the Company had a non-interest bearing and unsecured note payable to a director of the Company dated March 5, 2013 with maturity on the earlier of September 5, 2013 or receipt by the Company of $200,000 in net proceeds from a private placement of Company securities. This note was in default as of September 30, 2014 and December 31, 2013. Subsequent to the end of the third quarter of 2014, on October 21, 2014, the Board of Directors unanimously consented to convert the note and issued to the said director 100,000 shares of common stock and a warrant to purchase 75,000 shares of common stock at an exercise price of $4.80 per share. On June 3, 2014, four convertible promissory notes in the aggregate principal amount of $1,050,000 issued by the Company to the Company’s Chairman of the Board were converted pursuant to the terms thereof into an aggregate of 552,738 shares of common stock and warrants to purchase an aggregate of 355,699 shares of common stock at an exercise price of $4.80 per share. The warrants are exercisable immediately and have a four-year term.

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- Definition The entire disclosure of notes payable to related parties. + References No definition available. + Details
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