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Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

NOTE 12 — Subsequent Events

Notes Payable Redemption

In October 2014, $50,000 of the subordinated notes payable outstanding were redeemed by a non-related party note holder (see “NOTE 5 — Related Party and Other Short Term Notes Payable” for more information).

Warrant Exercises/Shares Reserved

In October 2014, a warrant holder exercised a total of 516,000 warrants on a cashless basis in accordance with the terms of the warrant agreement resulting in the issuance of 278,266 shares of Common Stock. Share reserved for future issuance at September 30, 2014 and November 7, 2014 are as follows:

		September 30,				November 7,
		2014				2014
Stock option grants outstanding			1,974,285				1,967,921
Reserved for future stock option grants			72,843				72,647
Reserved for note conversion			977,400				977,400
Reserved for exercise of outstanding warrants			929,375				413,375
			3,953,903				3,431,343

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- Definition

Tabular disclosure of 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, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 855

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662

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