NovelStem International Corp. 10-Q

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Recent Sales of Unregistered Securities Hollywood Media did not issue any securities during the quarter ended March 31, 2013, in transactions that were not registered under the Securities Act of 1933. [ 39 ] Issuer Repurchases of Equity Securities Hollywood Media reported in its Form 8-K report filed on October 4, 2007 that its Board of Directors authorized a stock repurchase program (the “Repurchase Program”) under which Hollywood Media may use up to $10.0 million of its cash to repurchase shares of its outstanding common stock. The Repurchase Program was approved by Hollywood Media’s Board of Directors on September 28, 2007 and was initially announced via press release on October 1, 2007. Pursuant to the Repurchase Program, Hollywood Media is authorized to purchase shares of its common stock from time to time on the open market or in negotiated transactions. The purchases are to be funded from available cash and cash equivalents, and the timing and amount of any shares repurchased will be determined by Hollywood Media’s management based on its evaluation of financial and market conditions, legal requirements and other factors. The Repurchase Program has no time limit and may be suspended for periods or discontinued at any time, and there is no guarantee as to the number of shares or the amount of cash to be utilized for repurchases. Shares repurchased under the Repurchase Program will become authorized but unissued shares of Hollywood Media’s common stock. The following table provides information with respect to common stock purchases by Hollywood Media during the first quarter of 2013. For additional information relating to the stock repurchase program, see “Liquidity and Capital Resources” in Part I, Item 1 of this Quarterly Report on Form 10-Q. Maximum Total Number of Approximate Shares Purchased Dollar Value of Shares as Part of Publicly that May Yet Be Total Number of Average Price Announced Plans Purchased Under the Period Shares Purchased Paid Per Share or Programs (1) Plans or Programs (1) January 1, 2013 through January 31, 2013 510,700 $ 1.47 (2) 510,700 $ 1,923,295 (3) February 1, 2013 through February 28, 2013 – $ – – $ – March 1, 2013 through March 31, 2013 – $ – – $ – Total 510,700 $ 1.47 (2) 510,700 $ 1,923,295 (3) (1) As stated above, Hollywood Media reported in its Form 8-K report filed on October 4, 2007, that its Board of Directors authorized a stock repurchase program under which Hollywood Media may use up to $10 million of its cash to repurchase shares of its outstanding common stock. The stock repurchase program was approved by Hollywood Media’s Board of Directors on September 28, 2007 and was initially announced via press release on October 1, 2007. The stock repurchase program has no time limit and may be suspended for periods or discontinued at any time, and there is no guarantee as to the number of shares that will be purchased or the amount of cash to be utilized for purchases under the stock repurchase program. (2) Includes a broker commission of $12,292. [ 40 ] (3) As of March 31, 2013, calculated by subtracting (i) the total price paid for all shares purchased under the stock repurchase program from inception through March 31, 2013, or $8,076,705, from (ii) the $10 million potential maximum dollar value of repurchases approved under the life of the stock repurchase program. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. MINE SAFETY DISCLOSURES None.