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14. SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2014
Notes to Financial Statements |
NOTE 14. SUBSEQUENT EVENTS | The Company has evaluated subsequent events through the date the financial statements were issued and up to the time of filing of the financial statements with the Securities and Exchange Commission. In January 2015, as per the Company’s directors’ compensation plan adopted on September 18, 2009, the Company granted 40,000 stock options to two directors. The options have an exercise price of $0.27 per share and expire January 2, 2025. During the first quarter of 2015, the Company sold 1,500,002 equity units, each unit consisting of 1 share of common stock and 2.5 warrants for gross proceeds of $435,000. Expenses in connection with the sale of these equity units was approximately $56,500. On January 31, 2015, the Company made its bi-annual interest payment in connection with the convertible notes in the amount of $253,700.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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