Quarterly report pursuant to Section 13 or 15(d)

Merger between Macrosolve, inc. and Drone Aviation Holding Corp

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Merger between Macrosolve, inc. and Drone Aviation Holding Corp
6 Months Ended
Jun. 30, 2014
Merger between macrosolve, inc. And drone aviation holding corp / Drone Aviation Corp Acquisition of Lighter Than Air Systems [Abstract]  
MERGER BETWEEN MACROSOLVE, INC. AND DRONE AVIATION HOLDING CORP
2. 
MERGER BETWEEN MACROSOLVE, INC. AND DRONE AVIATION HOLDING CORP
 
On April 14, 2014, a majority of shareholders of MacroSolve’s common stock approved a plan of merger whereby MacroSolve would merge with Drone Aviation Holding Corp., its newly created wholly-owned Nevada subsidiary, for the purpose of the redomestication. Pursuant to the redomestication, the shareholders approved a share consolidation, whereby MacroSolve’s shareholders would receive one share of common stock, par value $0.0001 per share of the Nevada subsidiary for every 50.56186 shares of MacroSolve’s common stock (the Merger Exchange Rate). The approved merger and redomestication occurred on April 30, 2014.
 
Prior to the Merger, MacroSolve had 198,219,132 shares of common stock issued and outstanding. Subsequent to the Merger, as a result of the Merger Exchange Ratio described above, Drone Aviation Holding Corp. had approximately 3,920,700 shares of common stock issued and outstanding on April 30, 2014.
 
On April 30, 2014 as a result of the merger, MacroSolve’s preferred stock Series C, D and D-1 were reissued as Drone Aviation Holding Corp. preferred stock Series A, B and B-1 with 595,000 shares, 324,671 shares and 156,231 shares issued respectively.