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6 Months Ended | ||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||
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Note 11. Subsequent Events
Common Stock Issued to Company Service Providers
On October 1, 2011, the Company issued 15,000 shares to NetGain Financial, Inc. for services rendered and 30,000 shares to Vista Partners LLC for services rendered. The fair value of the shares, which amounted to $62,000, will be recognized as selling, general and administrative expense for the three months ending December 31, 2011.
Bonus Granted to Executive Officer
On October 31, 2011, the Compensation Committee of the Board of Directors granted a cash spot bonus of $170,000 to Hojabr Alimi, the Company’s Chairman of the Board of Directors and Chief Executive Officer.
Options Granted to Board Members
On October 31, 2011, the Company’s non-employee board members agreed to accept stock options in lieu of cash compensation for their board service. The stock options will be fully vested on the date of grant and have a ten year term. The following options will be granted on November 7, 2011 at an exercise price equal to the Company’s closing stock price on November 7, 2011.
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