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10. Equity
 3 Months Ended
Mar. 31, 2015
Notes  
10. Equity

10.  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 the 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. No shares were issued in 2015.

 

Stock Purchase Warrants Outstanding

No transactions in common stock purchase warrants occurred during the period ended March 31, 2015. The balance in stock purchase warrants is as follows:

 

 

 

 

Number of Warrants

 

Exercise Prices

Balance December 31, 2013

 

11,000,000

$

0.15

Issued in connection with private placement

 

10,200,000

$

0.10-0.20

Balance  December 31, 2014 and March 31, 2015

 

21,200,000

$

0.10-0.20

 

These warrants expire as follows:

 

 

Shares

Exercise Price

Expiration Date

11,000,000

$0.15

May 31, 2015

3,000,000

$0.15

March 4, 2017

6,000,000

$0.20

August 11, 2017

1,200,000

$0.10

August 11, 2019