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Subsequent Event
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
Subsequent Event

 On April 27, 2015, Auto Holdings Ltd., a British Virgin Islands business company (“Auto Holdings”), acquired from Atrop, Inc., a Florida corporation (formerly Autotropolis, Inc.) (“Atrop”), and IBBF Ventures, Inc., a Florida corporation (formerly Cyber Ventures, Inc.) (“IBBF”), the Cyber Convertible Note discussed in Note 8 and the Cyber Warrant discussed in Note 5.

 

 Upon acquisition of the Cyber Convertible Note and the Cyber Warrant, Auto Holdings converted the entire principal balance of the Cyber Convertible Note at its conversion price of $4.65 per share and fully exercised the Cyber Warrant at its exercise price of $4.65 per share.  Upon conversion of the Cyber Convertible Note and exercise of the Cyber Warrant, the Company issued to Auto Holdings, 1,475,268 shares of the Company’s common stock.  As a result of the conversion and exercise of the Cyber Convertible Note and Cyber Warrant on April 27, 2015, Auto Holdings owns approximately 14.25% of Autobytel’s current issued and outstanding shares.

 

 Autobytel received approximately $1.9 million in cash as a result of the exercise of the Cyber Warrant.  The Company also removed the liability from the consolidated balance sheet related to the Cyber Convertible Note and increased stockholders’ equity related to the Cyber Convertible Note and receipt of cash from exercise of the Cyber Warrant.