Annual report pursuant to Section 13 and 15(d)

Common Stock

v3.7.0.1
Common Stock
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Common stock

Note 7 – Common Stock

 

During the year ended December 31, 2016, the Company sold units to accredited investors for an aggregate of 10,000,000 shares of its common stock at $0.05 per share and warrants to purchase 10,000,000 shares of its common stock for total gross proceeds of $500,000. The warrants have a term of three years and an exercise price of $0.10 per share.

 

During the year ended December 31, 2016, the Company issued 6,956,218 shares of its common stock upon the exercise of 6,680,000 warrants issued in connection with the sale of common stock in 2014, and the exercise of 276,218 warrants issued for services in 2012 and 2013. The total proceeds from the exercise of the warrants was $69,563.

 

During the year ended December 31, 2015, the Company entered into securities purchase agreements with 11 accredited investors pursuant to which the Company sold an aggregate of 10,320,000 shares of common stock for $0.10 per share and warrants to purchase 10,320,000 shares of common stock for total proceeds of $1,032,000. The warrants have an exercise price of $0.15 per share and have a term of three years.

 

During the year ended December 31, 2015, the Company issued 6,450,000 shares of its common stock with a fair value of $759,560 to employees and consultants for services rendered. The shares were valued at market prices, which ranged from $0.09 per share to $0.15 per share, on the date the shares were granted.