INVESTMENT AGREEMENT |
6 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Notes to Financial Statements | |
| NOTE 13 - INVESTMENT AGREEMENT |
On June 25, 2015, the Company, entered into a common stock purchase agreement (the Investment Agreement) with Northbridge Funding, Inc., a Delaware corporation (the Investor). The Investment Agreement provides that, upon the terms and subject to the conditions set forth therein, the Investor is committed to purchase up to $10,000,000 (the Total Commitment) worth of the Companys common stock, $0.001 par value (the Shares).
From time to time over the term of the Investment Agreement, commencing on the trading day immediately following the date on which an initial registration statement is declared effective by the Securities and Exchange Commission (the Commission), the Company may provide the Investor with a draw down notice to purchase a specified dollar amount of Shares, with each draw down subject to certain limitations.
The applicable purchase price is defined as a price equal to 80% of the three lowest closing prices traded twelve consecutive trading days prior to the drawdown notice inclusive to the drawdown notice date.
In connection with the Investment Agreement, the Company is obligated to issue 200,000 shares of its common stock as a commitment fee. |