|
Subsequent Events
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2014
|
|||||||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||
| Subsequent Events |
Note 20 - Subsequent Events
On October 23, 2014 the Company signed a joint venture agreement with Hainan Savy Investment Management Ltd and Mr. Thomas Knox, a related party, to research, develop, produce and sell certain of the Companys rapid diagnostic screening and testing products in China. The joint venture company will be located in Haikou, the capital city of the province of Hainan, China and is incorporated as Hainan Savy Akers Biosciences, Ltd. The Company invested cash of ¥398,000 ($64,675) on March 9, 2015, to hold a 19.9% equity position and Dr. Raymond F. Akers, Jr. and Mr. Thomas Knox will serve on the Board of Directors of the joint venture.
On January 9, 2015, the Board of Directors of the Company approved, upon recommendation from the Compensation Committee of the Board, by unanimous written consent the Amended and Restated 2013 Incentive Stock and Award Plan (the Plan), which increases the number of authorized shares of common stock subject to the Plan by 400,000 shares.
Additionally, pursuant to the Plan, on January 9, 2015, the Company issued an aggregate of 190,000 shares of the Companys restricted common stock, no par value per share, with a fair value of $697,300, calculated using the closing price of $3.67 per common share as of January 9, 2015, to the following directors and officers for their services in the year ended December 31, 2014:
The $697,300 was expensed in 2014 and the liability is included in Trade and Other Payables on the consolidated balance sheet.
On January 26, 2015, the European Patent Office issued a patent surrounding the Companys novel blood separator technology and method of separating a fluid fraction from whole blood (the Technology). The Company was granted U.S. patent protection for the Technology in 2011.
On February 4, 2015, the Companys quality management system was certified as compliant with the International Standards Organizations (ISO) 13485:2003 requirements for the design, manufacture and distribution of medical devices including in-vitro diagnostic products. |
||||||||||||||||||||||||||||||||||||