Quarterly report pursuant to sections 13 or 15(d)


3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  

Appointment of New Director. On April 1, 2014, William A. Zender agreed to serve as a member of our Board of Directors. In connection with his appointment, Mr. Zender was granted a restricted stock unit award, covering 75,000 shares of our common stock. The restricted stock unit award vests immediately. We will also provide annual cash compensation of $30,000 to be paid in quarterly installments on the last day of each quarter. Mr. Zender will receive options to purchase 25,000 shares of common stock, granted quarterly and vested immediately, with a strike price equal to the closing price on the last day of the quarter. Exercise term of options shall be five years from the date of grant or ninety days from date of separation, whichever is less.


Bank of America Update. On April 10, 2014, the complaint filed by BofA was officially dismissed by the Eighth Judicial District Court in the State of Nevada. See Note 11 for further details.


In accordance with ASC 855-10, we have analyzed our operations subsequent to March 31, 2014 to the date of these financial statements were issued, and have determined that we do not have any material subsequent events to disclose in these financial statements other than the events discussed above.