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11. Equity
 9 Months Ended
Sep. 30, 2015
Notes  
11. Equity

11.  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.

 

A private placement was completed by the Company in the third quarter of 2014. Each unit consist of two shares of the Company’s common stock and one purchase warrant for $0.20; each warrant is exercisable for one share of the Company’s stock at $0.20 through August 2017; 6,000,000 units were sold for net proceeds of $1,080,000 after deducting the 10% commission. In addition to the 10% cash commission 1,200,000 warrants were issued to the placing broker. These warrants are exercisable at $0.10 through August 11, 2019.

 

No shares have been issued in the first nine months of 2015.

 

Stock Purchase Warrants Outstanding

No transactions in common stock purchase warrants occurred during the period ended September 30, 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

 

21,200,000

$

0.10-0.20

Expired May 31, 2015

 

11,000,000

 

0.15

Balance September 30, 2015

 

10,200,000

 

0.10-0.20

 

 

These warrants expire as follows:

 

 

Shares

Exercise Price

Expiration Date

3,000,000

$0.15

March 4, 2017

6,000,000

$0.20

August 11, 2017

1,200,000

$0.10

August 11, 2019