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Common Stock Financing
6 Months Ended
Jun. 30, 2011
Common Stock Financing

 

NOTE 5 — Common Stock Financing

 

On February 23, 2011, the Company completed the sale of 282,485 shares of its common stock in a private placement with AboCom Systems, Inc., a corporation organized under the laws of Taiwan and a contract manufacturer of the Company’s products. The shares were priced at the closing bid price of $1.77 per share as reported on February 23, 2011 for a total of $499,998 raised in the private placement. The issuance of common stock was used to settle trade payables due to AboCom Systems.