XML 40 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
COMMON STOCK
3 Months Ended
Mar. 31, 2014
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
COMMON STOCK
COMMON STOCK

The total number of authorized shares of the Company’s common stock is 750,000,000 shares, $0.001 par value per share. As of March 31, 2014, there were 21,267,658 common shares issued and outstanding.

Each share of the Company's common stock is entitled to equal dividends and distributions per share with respect to the common stock when, as and if declared by the Company's board of directors.  No holders of any shares of the Company's common stock has a preemptive right to subscribe for any of the Company's securities, nor are any shares of the Company's common stock subject to redemption or convertible into other securities.  Upon liquidation, dissolution or winding-up of the Company and after payment of creditors and preferred shareholders of the Company, if any, the assets of the Company will be divided pro rata on a share-for-share basis among the holders of the Company's common stock.  Each share of the Company's common stock is entitled to one vote.  Shares of the Company's common stock do not possess any cumulative voting rights.
 
During the three months ended March 31, 2014, a total of 39,660 shares of the Company's Series A Preferred Stock were converted into 39,660 shares of our common stock on a one-for-one basis.  Options to purchase 26,250 shares of common stock were exercised for a net of 22,390 shares of common stock (when adjusting for a cashless exercise of 6,250 of such options and the payment, in shares of common stock, of an aggregate exercise price of $13,125, along with an exercise price of $24,000 paid in cash in connection with such exercises) and 22,390 shares of common stock were issued to the option holders in connection with such exercises.