Subsequent Events (Details Narrative) (USD $)
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0 Months Ended | 1 Months Ended | |||||||||
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Oct. 23, 2013
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Oct. 17, 2013
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Oct. 09, 2013
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Jul. 04, 2013
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Jul. 03, 2013
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Oct. 18, 2013
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Oct. 10, 2013
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Sep. 30, 2013
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Dec. 31, 2012
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Oct. 31, 2013
Series A Preferred Stock
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Oct. 25, 2013
Series A Preferred Stock
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Shares issued upon conversion of notes | 4,080,943 | ||||||||||
Conversion price | $ 0.20 | ||||||||||
Authorized shares, common stock | 200,000,000 | 100,000,000 | 100,000,000 | ||||||||
Authorized shares, preferred stock | 5,000,000 | ||||||||||
Common stock issued for services | $ 442,204 | $ 1,000,000 | $ 150,000 | $ 500,000 | |||||||
Aphena promissory note | 500,000 | ||||||||||
Aphena warrants to purchase common stock | 200,000 | 7,000,000 | |||||||||
Aphena exercise price | 0.50 | 0.60 | |||||||||
Common stock issued upon cashless exercise | 29,069 | ||||||||||
Zicam settlement | 700,000 | ||||||||||
Series A Preferred stock shares sold | 3,500 | ||||||||||
Gross proceeds | $ 3,500,000 | ||||||||||
Series A Warrants issued | 200,000 | 7,000,000 | |||||||||
Exercise price | 0.50 | ||||||||||
Description of Series A Preferred Stock |
The Series A investors also were issued 7,000,000 10-year warrants exercisable at $0.50 per share (the Warrants). The Series A: (i) have a stated value of $1,000, (ii) are convertible at $0.50 per share (the Conversion Price) or a total of 7,000,000 shares of common stock and (iii) provide for 10% dividends per annum payable quarterly on March 31, June 30, September 30, and December 31, beginning on June 30, 2014 and on each conversion date. In lieu of a cash dividend payment, the Company may elect to pay all or part of a dividend in shares of common stock based on a conversion price equal to the lesser of: (i) the Conversion Price and (ii) the average of the volume weighted average prices for the 20 consecutive trading days ending on the trading day that is immediately prior to the dividend payment date. The Companys right to pay a dividend in common stock is subject to the Company meeting certain equity conditions. The holders of Series A: (i) will vote together with the holders of common stock on an as converted basis and (ii) have a liquidation preference over the holders of the Companys common stock. |