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7. Equity
 3 Months Ended
Mar. 31, 2014
Notes  
7. Equity

7.             Equity

 

Common Stock issued for Cash

 

A private placement was completed by the Company in the first quarter of 2014. Each unit consist of two shares of the Company’s common stock and one purchase warrant, each warrant exercisable for one share of the Company’s stock at $0.15 through March 2017. At closing of the private placement in March 2014, 3,000,000 units consisting of 6,000,000 shares and 3,000,000 warrants were sold for net proceeds of $405,000 after deducting the 10% commission.

 

Stock Purchase Warrants Outstanding

Transactions in common stock purchase warrants for the quarter ended March 31, 2014 are as follows:

 

 

 

Number of Warrants

Exercise Prices

Balance December 31, 2013

 

11,100,000

$

0.15

Issued in connection with private placement

 

3,000,000

 

0.15

Balance March 31, 2014

 

14,100,000

 

0.15

 

 

These warrants expire as follows:

 

 

Shares

Exercise Price

Expiration Date

11,100,000

$0.15

May 31, 2015

3,000,000

$0.15

March 4, 2017