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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2014
Subsequent Events  
Note 15. SUBSEQUENT EVENTS

Management has evaluated events subsequent to March 31, 2014.  Other than as discussed below and in Notes 1, 8, 13 and 14, there are no subsequent events that require adjustment to or disclosure in the Financial Statements.

 

On April 3, 2014, an investor group led by Platinum Management (NY) LLC (the “Platinum Group”), which owns approximately 19.9% of our common stock, notified us of its intention on behalf of itself and other members of its group (collectively, the “Platinum Group”) to nominate Shepard M. Goldberg for election as a director at the 2014 Annual Meeting of Stockholders in opposition to one of the candidates recommended for election by the Board. On April 17, 2014, the Platinum Group filed a preliminary proxy statement with the SEC confirming its intention to conduct a proxy contest in connection with the 2014 Annual Meeting and solicit proxies for the election to the Board of Mr. Goldberg. If a proxy contest involving the Platinum Group ensues, we could incur substantial costs and disruption of our operations.