XML 39 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stockholder's Equity
 3 Months Ended
Mar. 31, 2015
Stockholder's Equity  
Stockholder's Equity

 

7.Stockholder’s Equity

 

Common Stock

 

During the three months ended March 31, 2015, the Company did not issue, purchase or retire any shares of its common stock.

 

Warrants

 

During the three months ended March 31, 2015, the Company did not grant any warrants to purchase shares of its common stock and no warrants were exercised.  During the three months ended March 31, 2015, warrants to purchase an aggregate of 8,500 shares of common stock expired unexercised.

 

During the three months ended March 31, 2014, the Company issued to an independent consultant a warrant to purchase 15,000 shares of common stock at an exercise price of $4.90 in consideration for services.  This warrant has a five-year term and vested in monthly installments over one year, resulting in 2,500 vested shares and a Black-Scholes warrant expense of $2,993 during the three months ended March 31, 2015.  This warrant was fully vested as of March 31, 2015.

 

In December 2014, the Company issued to its investor relations firm a warrant to purchase 250,000 shares of common stock at an exercise price of $3.75 in consideration for investor relations services for one year, commencing December 15, 2014 and ending December 14, 2015.  This warrant has a five-year term and was immediately vested and exercisable as of the date of grant, resulting in Black-Scholes warrant value of $517,576, of which $129,430 was expensed in general and administrative expenses during the three months ended March 31, 2015.

 

Warrants to purchase an aggregate of 4,815,266 shares of the Company’s common stock were outstanding and exercisable as of March 31, 2015 with per share exercise prices ranging from $2.00 to $200.00 and a weighted average exercise price of $8.58 per share.