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13. Stockholder's Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Stockholder's Equity

Issuance of Common Stock for Cash

 

During the nine months ended June 30, 2014, the Company sold an aggregate of 1,217,571 shares of its common stock for $1.40 per share. The sales resulted in $1,698,166 of net proceeds to the Company.

 

During the quarter ended March 31, 2014, shareholders exercised their rights to convert warrants into 125,000 shares common stock for $170,000.

 

Issuance of Common Stock for Payable to Board of Directors

 

During the quarter ended March 31, 2015, the Board of Directors was issued a total of 183,825 shares of common stock for $125,000 in director’s fees that were payable at December 31, 2014.  In addition during the quarter, the Company accrued $75,000 in directors fees payable that will be paid in common stock.

 

Issuance of Common Stock for Services

 

During the quarter ended March 31, 2015, 5,000 shares were issued to Bert Denton for investor services totaling $2,950.

 

During the quarter ended September 30, 2015, the Company issued 100,000 shares to Bert Denton and also forgave a stock receivable amount of $30,000 due to the Company in accordance with a settlement agreement that terminated Mr. Denton’s investor services to the Company.

 

Issuance of Common Stock for Notes Receivable

 

Notes receivable of $120,000 for the purchase of common stock were paid by two shareholders, in the third quarter of 2015.

 

Common Stock Warrants

 

The Company's Board of Directors has the authority to issue stock warrants for the purchase of preferred or unregistered common stock to directors and employees of the Company. No warrants were issued or exercised during the nine months ended September 30, 2015.

 

Transactions in common stock warrants are as follows:

 

    Number of Warrants     Exercise Prices  
Balance, December 31, 2012     1,934,667     $ .25 - $4.50  
Warrants issued     629,740     $ 1.20-$1.60  
Warrants exercised     (25,000 )   $ 1.20  
Warrants expired     (50,000 )   $ 4.50  
Balance, December 31, 2013     2,489,407     $ 0.25 - $4.50  
Warrants exercised     (346,625 )   $ 1.20-$1.60  
Warrants expired     (1,415,865 )        
Balance, December 31, 2014     726,917     $ 0.25 - $4.50  
Warrants expired     (476,917 )        
Balance, September 30, 2015     250,000     $ 0.25  
                 
The common stock warrants outstanding at September 30, 2015 have no expiration date.