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Subsequent Events
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 13 SUBSEQUENT EVENTS

 

On April 26, 2018, the Company’s Board of Directors approved the Company’s 2018 Stock Incentive Plan (the “2018 Plan”), relating to the issuance of up to 5,000,000 shares of Common Stock, to be effective for ten (10) years unless earlier terminated. The 2018 Plan is on substantially the same terms as the Company’s 2015 Stock Incentive Plan. On the same date, the Board of Directors amended grants of options to purchase up to 900,000 shares of Common Stock made under the 2015 Plan on April 19, 2017 to be issuable under the 2018 Plan (the “Amended Grants”), because the number of such grants exceeded the number of shares of Common Stock issuable under the 2015 Plan. In addition, on the same date, the Board of Directors approved grants under the 2018 Plan to an employee of the Company consisting of a stock award of 100,000 shares of Common Stock vesting immediately, and an award of options to purchase up to 100,000 shares of Common Stock, expiring two years from the date of grant and having an exercise price of $3.00 per share (the “April 2018 Grants).

 

On or about May 14, 2018, the Company issued Stock Option Agreements representing all unissued grants made on April 19, 2017 under the 2015 Plan, and the Amended Grants and April 2018 Grants under the 2018 Plan, for an aggregate total of options to purchase up to 1,800,000 shares of Common Stock. Also on or about May 14, 2018, the Company issued a Stock Award Agreement for 100,000 shares of Common Stock that vested on April 26, 2018, representing the April 2018 Grants under the 2018 Plan. As of May 14, 2018, the Company has entered into Stock Option Agreements with all grantees of the April 2017 Grants, the Amended Grants, and the April 2018 Grants, thereby issuing, in the aggregate, options to purchase up to 2,250,000 shares of our Common Stock, with 835,000 of such options having vested on June 30, 2017 with an exercise price of $3.00 per share; 901,667 of such options having vested on December 31, 2017 with exercise prices ranging from $3.00 to $4.00 per share; 100,000 of such options having vested on April 26, 2018 with an exercise price of $3.00 per share; 246,667 of such options vesting on December 31, 2018 with exercise prices ranging from $3.00 to $4.00 per share; and 166,666 of such options vesting on December 31, 2019 with an exercise price of $5.00 per share.