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Subsequent Events
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6 Months Ended |
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Jun. 30, 2013
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| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 11. - Subsequent Events
The Company entered into a Securities Purchase Agreement, dated as of August 13, 2013, by and between the Company and Charles M. Piluso, the Company’s Chairman of the Board and Chief Executive Officer (the “Securities Purchase Agreement”). Pursuant to the Securities Purchase Agreement, the Company issued a Convertible Promissory Note in the principal amount of $100,000 and a Warrant to purchase 66,667 shares of the Company’s Common Stock for an aggregate purchase price of $100,000.
The Convertible Promissory Note matures on August 13, 2014 (the “Maturity Date”), accrues interest at an interest rate of ten percent (10%) per annum payable in arrears on the Maturity Date and is subject to customary terms and conditions including events of default.
The Warrant entitles Mr. Piluso to purchase from the Company an aggregate of 66,667 shares of Common Stock, par value $0.001 per share, at an exercise price of $0.15. The Warrant is immediately exercisable and expires on August 13, 2024. The Warrant is subject to customary terms and conditions.
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