Annual report pursuant to section 13 and 15(d)

16. Subsequent events

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16. Subsequent events
12 Months Ended
Dec. 31, 2013
Subsequent Events [Abstract]  
16. Subsequent events

Increase in Outstanding Shares 

 

From January 1, 2013 up to February 28, 2014, the Company issued an aggregate of 4,360,947 shares of its common stock upon exercise of warrants to purchase 4,340,947 shares of its common stock and 20,000 shares of its common stock upon exercise of options for aggregate proceeds of $1,308,284.

 

Leases

On February 1, 2014, the Company amended its lease of office space in Santa Barbara, California, in order to reduce the leased area as well as the monthly lease from $13,750 per month to $5,830 per month.

 

Board Compensation

 

Effective January 1, 2014, the Company’s Board of Directors adopted a resolution to suspend compensation to the Board of Directors under the Company’s current compensation plan. The Board intends to adopt a new equity-based compensation plan in the future, specifically excluding any direct grants of common stock.