SUBSEQUENT EVENTS |
6 Months Ended | ||
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Jun. 30, 2015 | |||
| Subsequent Events [Abstract] | |||
| SUBSEQUENT EVENTS |
On July 13, 2015, the Company entered into an unsecured loan agreement with its majority shareholder in the principal amount of $125,000. The loan bears interest at the rate of 12% per annum and is due on demand.
Effective July 21, 2015, Aaron Meyerson resigned from the board of directors and has been named to the advisory board.
Effective July 21, 2015, Mike Psomas was named to the board of directors of the Company. As compensation for board services, the Company granted 100,000 shares of restricted common stock to Mr. Psomas on July 20, 2015. The shares vest over the 18 month period after the grant date. The Company also granted Mr. Psomas 300,000 stock options on July 20, 2015 with an exercise price of $1.30 per share. The stock options were fully vested on the grant date.
The Company granted 500,000 shares of restricted common stock on July 20, 2015 to Jimmy Geiskopf as compensation for his board services. The shares vest over the 18 month period after the grant date.
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