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STOCKHOLDERS' EQUITY (DEFICIT) (Details Narrative3) (USD $)
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5 Months Ended | 9 Months Ended | 17 Months Ended | 1 Months Ended | ||
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2012
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Aug. 31, 2012
Mark Groussman, CEO
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Aug. 30, 2012
Mark Groussman, CEO
Stock Options
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Aug. 31, 2012
Mark Groussman, CEO
Restricted Stock
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| New employment agreement description |
In August 2012, the Company entered into executive employment agreements (the “Employment Agreement”) with Mark Groussman, Chief Executive Officer of the Company and John Stetson, President and Chief Operating Officer of the Company (the “Executives”). In connection with the Employment Agreement, the Company granted to Executives an aggregate of 3,000,000 10-year options to purchase shares of common stock at $0.50 per share which vest in full upon issuance. The Company also granted Mr. Groussman 1,000,000 restricted shares which shall vest as follows: 1/3 after the Company achieves at least $800,000 in gross profits; 1/3 after the Company achieves at least $1,200,000 in gross profits and 1/3 after the Company achieves at least $1,600,000 in gross profits. The Company granted Mr. Stetson 2,000,000 restricted shares which shall vest as follows: 1/3 after the Company achieves at least $800,000 in gross profits; 1/3 after the Company achieves at least $1,200,000 in gross profits and 1/3 after the Company achieves at least $1,600,000 in gross profits. The Company shall account for the restricted shares once vested pursuant to the terms of the Employment Agreement. |
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| Awards Granted | 3,000,000 | 1,000,000 | ||||
| Awards granted, term | 5 years | |||||
| Awards granted, fair value on grant, per award | $ 0.48 | |||||
| Awards granted, fair value on grant | $ 1,454,400 | |||||
| Awards granted, stock price assumption | $ 0.50 | |||||
| Awards granted, volatility assumption | 192.00% | |||||
| Awards granted, risk-free interest rate | 0.61% | |||||
| Restricted shares vesting terms |
The Company also granted Mr. Groussman 1,000,000 restricted shares which shall vest as follows: 1/3 after the Company achieves at least $800,000 in gross profits; 1/3 after the Company achieves at least $1,200,000 in gross profits and 1/3 after the Company achieves at least $1,600,000 in gross profits. The Company granted Mr. Stetson 2,000,000 restricted shares which shall vest as follows: 1/3 after the Company achieves at least $800,000 in gross profits; 1/3 after the Company achieves at least $1,200,000 in gross profits and 1/3 after the Company achieves at least $1,600,000 in gross profits. The Company shall account for the restricted shares once vested pursuant to the terms of the Employment Agreement.
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| Stock based compensation on options granted | $ 1,454,400 | $ 1,454,400 | $ 1,454,400 | |||