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Stockholders' Deficiency
 9 Months Ended
Sep. 30, 2016
Equity:  
Stockholders' Deficiency

Note 6 – Stockholders’ Deficiency

 

Warrants

 

A summary of warrants issued, exercised and expired during the nine months ended September 30, 2016 is as follows:

 

    Shares   Weighted Average Exercise Price   Aggregate Intrinsic Value
Balance at December 31, 2015       4,480,000     $ .58     $ 45,000  
Issued       925,000       .15       —  
Expired       (1,055,000 )     (1.05 )     —  
Balance at September 30, 2016       4,350,000     $ .37     $ 45,000  

 

A warrant for the purchase of 900,000 shares of common stock was issued in June 2016 to a stockholder at an exercise price of $0.11 per share in consideration for the Company utilizing his facility space from January 2013 to December 2015. The fair market value of the warrant was determined to be $0.08 per share, or $72,000, which is included in the general and administrative expenses as stock compensation expense.

 

In July 2016, a warrant for the purchase of 25,000 shares of common stock was issued to a stockholder as additional consideration for a $25,000 loan. See Note 8. The fair market value of the warrant was determined to be $0.13 per share, or $3,250, which was recorded as interest expense.