Annual report pursuant to Section 13 and 15(d)

19. Subsequent Events

v2.4.1.9
19. Subsequent Events
12 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
19. Subsequent Events

ICG

 

On December 3, 2014, ICG converted its note payable of $500,000 plus $35,001 of accrued interest into shares of the common stock.

 

Kingston

 

On October 16, 2014, the Company issued to Kingston a convertible note in the amount of $100,000 and on November 7, 2014, Kingston converted the entire principal balance plus interest into shares of the Company’s Common stock.

 

In addition, on October 29, 2014, the Company entered into an amended convertible note purchase agreement with Kingston whereby the Company and Kinston agreed to (i) increase the maximum principal amount of the notes from $5 million to $10,000,000 in principal amount, (ii) eliminate the original issue discount provision of the Agreement and replaces it with an execution payment equal to 5% of the maximum loan amount to be paid in January 2015, and (iii) provides certain additional adjustments to the note conversion price and to the warrant exercise price.

 

Software Purchase Agreement

 

In October 2014, the Company entered into a purchase agreement to purchase from the seller a products engine infrastructure system software, including without limitation all computer programs in source code, object code, algorithms, flow charts and other code in any format or media, and any and all related documentation and all “Intellectual Property” embodied in such software. The purchase price of $1.5 million is payable in cash or shares of the Company’s common stock.