Annual report pursuant to Section 13 and 15(d)

7. Common Stock Transactions

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7. Common Stock Transactions
12 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
Common Stock Transactions
7. Common Stock Transactions

 

Year Ending December 31, 2017

 

In August 2017, shareholders approved an increase in authorized shares of common stock from 300,000,000 to 500,000,000, approved the creation of a new class of preferred stock, and authorize the Company to issue up to 100,000,000 shares of preferred stock. During the year ended December 31, 2017, the Company issued an aggregate of 35,031,881 shares of its common stock as follows:

 

  The Company issued 181,355 shares of its common stock upon the private sale of restricted common stock for cash proceeds of $38,000 at a purchase price of $.21 per share.

 

  The Company issued 29,986,772 shares of its common stock upon the conversion of $1,528,000 in convertible notes pursuant to the convertible notes conversion prices of $0.05 to $0.48 per share.

 

  The Company issued 4,414,000 shares of its common stock upon the exercise of warrants for proceeds of $359,000 at exercise prices of $0.05 to $0.10 per share.

 

  The Company issued 449,754 shares of its common stock upon the exercise of options for proceeds of $37,000 at exercise prices of $0.07 to $0.13 per share.

 

Year Ending December 31, 2016

 

During the year ended December 31, 2016, the Company issued an aggregate of 15,213,449 shares of its common stock as follows:

 

  The Company issued 14,913,449 shares of its common stock upon the conversion of $1,491,000 in convertible notes pursuant to the convertible notes conversion price of $0.10 per share.

 

  The Company also issued 300,000 shares of common stock to consultants for services rendered with a fair value of $48,000 which is included as part of Operating Expenses in the accompanying consolidated statements of operations. The shares were valued at the trading price at the date of issuance.