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

On April 3, 2015, we issued 1,571,416 shares of our common stock to an investor upon the exercise of conversion rights associated with 440,000 shares of Series A Preferred Stock.

 

On May 14, 2015, Lattice closed on financing totaling $908,000 through the issuance of a convertible note to an investor. The cash proceeds to the Company were $454,000 after the repayment of a pro-rata portion of the outstanding $500,000 bridge note facility and placement fees. The note bears interest at an interest rate of 8% per year and is secured by a first priority security interest in the revenues from certain of the Company’s contracts and the equipment associated with such contracts. The note matures on April 30, 2020 and is convertible into shares of the Company’s common stock at a conversion price of $0.15 per share (See our 8K filing May 20, 2015 for a detailed discussion).