XML 39 R24.htm IDEA: XBRL DOCUMENT v2.3.0.15
Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract] 
Subsequent Events

NOTE 19: SUBSEQUENT EVENTS

 

On October 21, 2011, the PSC approved the Company's petition for authority to issue common stock as partial consideration for the purchase of the assets of Alteva. On September 22, 2011, the BPU also approved the Company's petition for authority to issue stock.

 

As of October 21, 2011, the Company issued a total of 272,479 shares of common stock to the members of Alteva in connection with the Lock-up and Put Agreement signed by the members of Alteva, LLC with the Company effective as of October 21,2011.

            

On October 25, 2011, the Company's Board of Directors declared a regular quarterly dividend of $.26 per share of the Company's common stock and $1.25 per share of the Company's preferred stock. The dividends are payable on December 27, 2011 to the shareholders of record on December 16, 2011.

On November 3, 2011, Alteva LLC, received a notice of a patent infringement lawsuit from Klausner Technologies, Inc.  The Company is gathering information in order to respond to this lawsuit on behalf of Alteva, LLC and believes this suit is without merit.