Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v2.4.0.6
Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events  
Subsequent Events

Note 4: Subsequent Events

 

During April and May 2012 the Company issued 856,444 shares of common stock at a price of $4.25 per share and received gross proceeds of $3,639,887 cash.

 

On May 3, 2012, the Company entered into a Stock-For-Stock Exchange Agreement with Stanford and its stockholders to acquire all of the outstanding shares of Stanford in exchange for 3,440,000 shares of the Company’s common stock. In addition the Company agreed to assume and adopt Stanford's equity compensation plan and its outstanding options, which would represent the right to purchase up to 1,125,000 shares of the Company’s common stock.