Subsequent Events

9 Months Ended

Sep. 30, 2013

11. Subsequent Events

Subsequent to September 30, 2013, the Company is committed to issue 8,052,416 shares of common stock pursuant to the private placement disclosed in Note 8. In connection with this private placement, the Company is also committed to issue 805,242 shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors.

On November 5, 2013, the Company filed a registration statement on Form S-3 with the SEC, which has not yet been declared effective. The shelf registration statement has been filed to register the offering and sale of up to $100 million of our common stock, preferred stock, warrants to purchase common stock or preferred stock or any combination thereof, either individually or in units. The foregoing does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. There can be no assurance that the shelf registration statement will be declared effective.