Annual report pursuant to Section 13 and 15(d)

17. Subsequent events

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17. Subsequent events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
17. Subsequent events

Increase in Outstanding Shares of Common Stock and Outstanding Options

 

From January 1, 2015 up to March 2, 2015, the Company issued an aggregate of 310,000 shares of its common stock (i) upon the conversion of our notes payable for 110,000 shares of its common stock, and (ii) 200,000 shares of its common stock upon the exercise of warrants aggregate proceeds of $102,800.

 

In January 2015, the Company granted options under Company’s 2004 Stock Option Plan to members of the Company’s Board of Directors to purchase 738,552 shares with an estimated fair value of $285,000. The stock options are exercisable at $0.46 to $0.48 per share, vesting over a period of up to one year and expire ten years from the date of grant.