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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
STOCKHOLDERS' EQUITY
11. STOCKHOLDERS’ EQUITY

 

Issuance of common stock pursuant to services performed

 

In April 2016, the Company issued a total 250,000 “restricted” shares of its common stock as compensation pursuant to celebrity endorsement agreements at a fair value of $560,000, or $2.24 per share representing the closing stock price on that date.

 

Issuance of common stock pursuant to conversion of note

 

In April 2015, the Company issued 5,000,000 unregistered common shares upon conversion of $1,500,000 of convertible notes, at contractual terms.

 

Issuance of common stock pursuant to private placement

 

In April 2015, the Company issued a total of 12,921,348 shares of common stock at $0.89 per share for gross proceeds of $11.5 million (see note 2). Expenses incurred of $111,841 were charged to additional paid in capital and the Company received net proceeds of $11,388,084.

 

Issuance of preferred stock pursuant to private placement

 

Refer to note 9 for discussion on preferred stock issuances.

 

Issuance of common stock pursuant to exercise of stock options

 

During the nine months ended September 30, 2016, the Company issued an aggregate of 36,071 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive Plan. The Company received aggregate proceeds of $5,300 for options exercised for cash, with the balance of the options having been exercised on a “cashless” basis.