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

5. SUBSEQUENT EVENTS

 


On April 17, 2015, the Company issued a Promissory Note (the "Note") in the principal amount of $50,000 to Lone Star Value Investors, LP. Under the terms of the Note, interest on the outstanding principal amount accrues at a rate of 10% per annum, and all amounts outstanding under this Note are due and payable on or before April 30, 2020. The Company intends to use the proceeds for legal and operating expenses.

 

 On April 20, 2015, the Board of Directors of the Company was granted discretionary authority to implement a reverse stock split of the outstanding shares of common stock on the basis of one post-reverse split share for up to every 18 pre-reverse split shares to occur as soon as practicable, with the exact time of the reverse stock split and the exchange ratio of the reverse split to be determined by the Board of Directors of the Company.  A proposed 1-for-18 reverse stock split of the outstanding shares of common stock would reduce the outstanding shares of common stock from 15,409,999 shares to approximately 875,000 shares.

 

The Board of Directors was also granted discretionary authority to file a Certificate of Amendment of the Certificate of Incorporation that will decrease the authorized number of shares of the Company's common stock to 100,000,000 shares. The Board was also granted discretionary authority to file a Certificate of Amendment of the Certificate of Incorporation that will change the name of the Company to AMERI Holdings, Inc. Further the Board of Directors was granted discretionary authority to adopt the 2015 Equity Incentive Award Plan (the "Plan") and granted discretionary authority to the executive officers to implement and administer the Plan.