On April 11, 2013 the Company completed a transaction (the "Transaction") wherein the Company assigned to new investors its right to repurchase eleven outstanding convertible promissory notes (the "Notes") issued by the Company's subsidiary, AbTech Industries, Inc. The Notes were all non-interest bearing with an aggregate principal amount of $1,856,000 and maturity dates ranging from March 31, 2013 to May 11, 2014. The Company assigned these notes to new investors pursuant to Assignment and Assumption Agreements whereby the new investors agreed to immediately convert the Notes into shares of Series A preferred stock of AbTech Industries, Inc. in accordance with the conversion terms of the Notes and then to further convert the shares of Series A preferred stock into shares of the Company's common stock as provided for in the terms of the Company's merger with AbTech Industries, Inc. that occurred in February 2011. The transaction was a cashless transaction for the Company with the price paid to repurchase the Notes equal to the price paid by the new investors to acquire the Notes. As a result of the transaction, the Company reduced its outstanding convertible debt to $480,000 from $2,336,000 and issued 2,649,640 shares of its common stock increasing the Company's total shares outstanding to 67,509,462.