Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
NOTE 14 - Subsequent Events

Employment Agreement, Chief Financial Officer


Effective as of August 1, 2012, the Company entered into an employment agreement (the “Agreement”) with Tim Schatz, the Company’s Chief Financial Officer. The Agreement has an initial term of three years. Unless terminated at least 90 days prior to the expiration date by either party, the Agreement automatically renews for additional one-year periods.


Under the terms of the Agreement, Mr. Schatz will be paid a base salary of $160,000 per annum. A onetime bonus of $2,917 was paid upon signing. The base salary may be increased based on an annual salary review by the Company’s Board of Directors, commencing on December 31, 2012, and each 12 month period thereafter. The Company’s Board may also award an annual bonus of up to 30% of the base salary for achieving milestones as defined by the Board from time to time.


Mr. Schatz will also be granted options to purchase 225,000 shares of common stock of the Company pursuant to the terms and conditions of the Company’s incentive stock option plan, if and when adopted by the Company. Awards there under will be made from time to time at the discretion of the Board.


Amendment to Articles of Incorporation, Corporate Name Change


On August 6, 2012, the Company filed a document with the Secretary of State of the State of Nevada changing its corporate to Mobivity Holdings Corp. The name change will be effectuated by merging the Company’s wholly owned subsidiary into itself without shareholder approval, as permitted by Nevada law. The name change will become effective on August 22, 2012, which the Company expects is the date that the FINRA will announce the name change.