RESTRICTED STOCK 2015
|9 Months Ended|
Jun. 30, 2016
|2015 Restricted Stock [Member]|
|RESTRICTED STOCK [Line Items]|
|2015 RESTRICTED STOCK||
On August 6, 2015, we entered into separate consulting agreements with two investor relations firms, Excelsior Global Advisors LLC (“Excelsior”) and Acorn Management Partners, LLC (“Acorn”). In consideration of the services to be provided under and in accordance with the terms of each consulting agreement, we issued 300,000 shares of Common Stock subject to time-based vesting restrictions to each of Excelsior and John R. Exley, Acorn’s Chief Executive Officer and the party designated by Acorn to receive its shares, at an agreed upon value of $0.35 per share, which was the closing price of our common stock on August 6, 2015. 150,000 of the shares of common stock granted to each of Excelsior and Mr. Exley vested immediately upon issuance, and the remaining 150,000 shares were scheduled to vest in 75,000, 50,000 and 25,000 share increments on September 4, 2015, October 2, 2015, and November 4, 2015, respectively. The issuance and sale of the shares of Common Stock to Excelsior and Acorn was made in reliance upon an exemption from registration afforded by Section 4(a)(2) of the Securities Act.
Restricted stock activity for the nine months ended June 30, 2016 is as follows:
The weighted average restricted stock award date fair value information for the nine months ended June 30, 2016 is as follows:
For the three and nine months ended June 30, 2016, compensation expense recorded for the restricted stock awards was $0 and $52,500, respectively and is recorded in general and administrative operating expenses in the accompanying unaudited interim statements of operations.
The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.
No definition available.