9. Common Stock Transactions |
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 with proceeds of $8,477,218, net of direct costs in the
amount of $78,521 in commissions and foreign exchange fees paid on warrants exercised
by foreign (non-U.S.) investors. Furthermore, 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 aggregate net proceeds received amounted to $8,428,218. |
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The
Company issued 375,455 shares of its common stock with a fair value of $419,113 or $1.12/share
to employees, officers and members of the Board of Directors of the Company 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 Companys stockholders agreed to increase the authorized shares of common stock of the Company from 200,000,000
to 300,000,000.
2012
During
the year ended December 31, 2012, the Company issued an aggregate of 29,394,100 shares of its common stock as follows:
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The
Company issued 14,305,156 shares of its common stock in exchange for conversion of $3,789,634
of Convertible Notes pursuant to the convertible notes conversion prices of $0.25 up
to $0.40 per share. |
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The
Company issued 12,563,944 shares of its common stock for exercise of options and warrants
at a price of $0.25 up to $0.40 per share with an aggregate net proceeds of $3,681,881. |
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The
Company issued 2,525,000 shares of our common stock for services valued in the aggregate
at $1,228,250. We valued the shares at market prices at the date of the agreements ranging
from $0.30 to $1.07 per share. |
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