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SUBSEQUENT EVENTS
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9 Months Ended | |||
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Sep. 30, 2014
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Management has evaluated all subsequent events to determine if events or transactions occurring through the date the condensed consolidated financial statements were issued, require adjustment to or disclosure in the condensed consolidated financial statements.
Equity Transactions
On November 4, 2014, the Company issued 618,261 shares of Series A Preferred stock at $2.30 per share to accredited investors. Gross proceeds of $1,422,000 related to the sale of the shares were received prior to the balance sheet date, and are included in other liabilities, non-current portion on the condensed consolidated balance sheet as of September 30, 2014. The shares of Series A Preferred Stock were immediately converted to common shares on a one-for-one basis.
As of September 30, 2014, the Company had received $2,538,678 of subscription deposits for the purchase of common shares. This includes the conversion of a loan to a deposit for the purchase of common stock on September 11, 2014 in the amount of $125,000 that was originally issued on July 25, 2014. Upon closing of this private placement in the fourth quarter of 2014, the Company will issue 1,176,600 additional shares of common stock.
Foreign Currency Exchange Rates
The Argentine Peso to United States Dollar exchange rate was 8.4449, 8.4630 and 6.5049 at October 31, 2014, September 30, 2014 and December 31, 2013, respectively.
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