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Stockholders' Deficit
 6 Months Ended
Jun. 30, 2014
Equity [Abstract]  
Stockholders' Deficit

Note 7 – Stockholders' deficit

 

Preferred stock

 

As of June 30, 2014, we had no preferred shares issued and outstanding.

 

Common stock

 

As of June 30, 2014, we had 4,624,123 shares of our $0.001 par value common stock issued and outstanding.

 

Equity-based compensation

 

On May 24, 2013, the Company granted 68,000 shares of restricted common stock to one director and one employee for services. In accordance with the terms of the grant, the shares will vest in full at the end of two years from the date of grant for the director. The restricted common stock granted to the employee will vest in full at the end of three years from the date of grant. The Company has recorded prepaid stock-based compensation of $13,128 representing the estimated fair value on the date of grant, and will amortize the fair market value of the shares to compensation expense ratably over the two and three year vesting periods.

 

Also on May 24, 2013, the Company granted 34,000 shares of common stock to a director for past services. These shares are fully vested. The fair value on the date of grant of $6,800 was recorded as stock-based compensation.