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 9 - Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required further adjustment or disclosure in the condensed consolidated financial statements. 8% Note Conversion On July 1, 2013, in connection with the Units Offering, a noteholder converted an 8% Note in the amount of $106,533 (including outstanding principal and interest) into the Units Offering. Units Offering On July 11, 2013, the Company had a closing of the Units Offering, pursuant to which the Company sold an aggregate of $190,925 in Offering Units, such that the Purchasers were issued Offering Warrants to purchase an aggregate of 5,092 shares of common stock with a relative fair value of $1,291. The fair value of the Offering Warrants was recorded as debt discount and will be amortized over the term of the Offering Notes. Short-Term Loans On August 14, 2013, the Company borrowed $250,000 via a short-term interest free loan from an affiliate. The loan is intended to convert into the Units Offering. |