| Common Stock Transactions |
2015
During
the year ended December 31, 2015, the Company issued an aggregate of 2,803,333 shares of its common stock as follows:
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The
Company issued 2,603,333 shares of its common stock in exchange for conversion of $668,800
of Convertible Notes pursuant to the convertible notes conversion price ranging from
$0.10 to $0.48 per share. |
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The
Company issued 200,000 shares of its common stock upon exercise of warrants at price
of $0.25 per share for total cash proceeds of at $50,000. |
2014
During
the year ended December 31, 2014, the Company issued an aggregate of 4,785,427 shares of its common stock as follows:
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The
Company issued 74,480 shares of its common stock in exchange for conversion of $35,750
of Convertible Notes pursuant to the convertible notes conversion price of $0.48 per
share. |
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The
Company issued 4,710,947 shares of its common stock for exercise of options and warrants
at price of $0.30 per share and valued at $1,413,284, of which, $30,000 was applied to
an existing accounts payable and $1,383,284 was received in cash. |
2013
During
the year ended December 31, 2013, the Company issued an aggregate of 32,575,247 shares of its common stock as follows:
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The
Company issued 29,152,389 shares of its common stock upon exercise of options and warrants
at a price of $0.25 up to $0.98 which resulted in net cash proceeds of $8,428,218 and
settlement of unpaid fees recorded in prior years of $49,000 for a total of $8,477,218. |
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The
Company issued 375,455 shares of its common stock with a fair value of $419,113 or $1.12
per share to employees, officers, members of the Board of Directors and a consultant
for service rendered. The shares were valued at market at the date of the agreement. |
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In
December 2013, the Company issued 3,047,403 shares of common stock with a fair value
of $3,108,347 pursuant to a settlement with CEDE & Co (see Note 13). The shares were
valued at market at the date of issuance. |
In
December 2013, the Company’s stockholders agreed to increase the authorized shares of common stock of the Company from 200,000,000
to 300,000,000.
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