Quarterly report pursuant to Section 13 or 15(d)

10. Subsequent Events

10. Subsequent Events
3 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
10. Subsequent Events

Bonus Awarded to Hojabr Alimi Pursuant to Achievement of Significant Ruthigen Milestone


On August 8, 2013, Ruthigen, Inc., the Company’s wholly owned subsidiary, announced that it filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of Ruthigen’s common stock. The filed registration statement represents Ruthigen’s initial public filing pursuant to the provisions of the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. The number of shares to be offered and the price range for the offering have not yet been determined. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.


Hojabr Alimi, the Company’s former Chief Executive Officer and the current Chief Executive Officer of the Company’s subsidiary, Ruthigen, was instrumental in the filing of Ruthigen’s registration statement. On August 12, 2013, the Company’s Compensation Committee (the “Committee”) approved the grant of a one-time cash bonus of $158,000 to Mr. Alimi in order to recognize his efforts related to the filing of Ruthigen’s registration statement, a significant milestone in Ruthigen’s development. The Committee has further determined that this bonus will be the last bonus payment made by the Company.