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9. COMMON STOCK
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
9. COMMON STOCK

Stock Issued in Cash Sales

 

During the nine months ended September 30, 2015 pursuant to private placements, the Company issued 4,533,334 shares of common stock for cash with a per share price of $0.15 per share or $680,000 (See note 11).

 

Stock Issued for Services

 

During the nine months ended September 30, 2015, as partial payment for professional services provided by GreenCore Capital, LLC (“GreenCore’), the Company issued 373,107 shares of the Company’s common stock with a per share fair value between $0.13 and $0.18 (based on an average market value of the stock when earned as defined in the agreement) or $54,000 and expensed the payment at issuance. The difference between the grant date fair value and contractual value was de minimis. Jay Potter, our director, is the managing member of GreenCore and the primary individual performing the services (See note 11).

 

During the nine months ended September 30, 2015, the Company released 277,776 shares of common stock with a per share fair value of $0.15, or $41,666 (based on the market price at the time of the agreement), to two directors for their service as defined in their respective Restricted Stock Grant Agreements. The payments were expensed at issuance (See note 11).