XML 31 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Common Stock Issuances
3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Common Stock Issuances

Note 9. Common stock issuances

 

Sale of Common stock

 

In February and March 2017, the Company entered into Securities Purchase Agreements (the “Purchase Agreements”) with accredited investors (the “Investors”) relating to the issuance and sale of 1,625,000 shares of the Company’s Common stock, par value $0.001 per share (the “Shares”) at a purchase price of $0.40 per Share. In addition, for every Share purchased, the Investors shall receive detachable warrants, as follows (i) one Series A Warrant; (ii) one Series B Warrant; and (iii) one Series C Warrant (collectively the “Warrants”).

 

Each Series A Warrant is exercisable for one (1) Share, for a period of three (3) years at a price of $0.50 per Share. Each Series B Warrant is exercisable for one (1) Share, for a period of three (3) years at a price of $0.75 per Share, and each Series C Warrant is exercisable is exercisable for one (1) Share, for a period of three (3) years at a price of $1.00 per Share.

 

The gross proceeds from the Purchase Agreements were $650.

 

Common stock awards to employees

 

During the three months ended March 31, 2017, the Company issued 550,000 shares of restricted Common stock to certain employees. The Company valued the awards on the grant date ($338) and is expensing over the 16-18 months vesting period. During the three months ended March 31, 2017, the Company expensed $51 of the stock based compensation.