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4. Capital stock
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9 Months Ended |
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Sep. 30, 2013
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| Stockholders' Equity Note [Abstract] | |
| Note 4. Capital stock |
During the nine months ended September 30, 2013, the Company issued 22,868,662 shares of common stock upon exercise of 22,753,662 warrants and 115,000 options at $0.25 up to $0.98 per share for gross proceeds of $6,602,100, net of direct costs incurred in the amount of $78,521 in commissions and foreign exchange fees paid on warrants exercised by foreign (non-U.S.) investors. Included in the exercise was issuance of 50,000 shares of common stock valued at $49,000 pursuant to an exercise of options and accounted for as partial settlement of unpaid fees recorded in prior years. As a result, the for aggregate net proceeds received amounted to of $6,553,100.
During the nine months ended September 30, 2013, the Company issued 50,000 shares of common stock for consulting services provided valued at $49,000, or $0.98 per share. The shares issued were valued at the trading price at the date of the agreement.
During the nine months ended September 30, 2013, the Company issued 325,455 shares of common stock for employees’ and directors’ compensation valued on the date of the Company’s grant of stock at $1.09 up to $1.71 per share for an aggregate fair value of $370,113. The shares issued were valued at the trading price at the date of the grant. |