Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

 

Issuance of Common Stock - In February and March 2013, the Company sold $346,202 in shares of its common stock pursuant to a private placement, with shares to be issued.

In April and May 2013, the Company sold $2,000,198 in shares of its common stock pursuant to a private placement, with shares to be issued, and $489,501 in shares of its common stock pursuant in a direct offering, with shares to be issued.

In June 2013, the Company issued 11,664,665 shares of common stock to investors in connection with the private placement and direct offering. In June 2013 the Company issued 1,496,499 shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors. No warrants to purchase additional shares of common stock of the Company were issued to these investors or to the Placement Agent in connection with the sale of the common stock.

In August and September 2013, the Company sold $3,220,966 in shares of its common stock pursuant to a private placement, with shares to be issued.

In November 2013, the Company issued 8,052,416 shares of common stock to investors in connection with the private placement. In November 2013 the Company issued 805,242 shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors. No warrants to purchase additional shares of common stock of the Company were issued to these investors or to the Placement Agent in connection with the sale of the common stock.

In January 2014, the Company issued a total of 5,000,000 shares of the Company’s common stock and warrants to purchase 2,500,000 shares of the Company’s common stock for aggregate gross proceeds of $15,000,000. The warrants are exercisable for a period of five years from the date of issuance. The exercise price of the warrants is $4.74 a share. The Company also issued warrants to purchase 250,000 shares of the Company’s common stock to the Placement Agent for the transaction with the same terms and conditions.

In December 2014, a former director of the Company exercised stock options on 525,000 shares of the Company’s common stock for aggregate gross proceeds of $435,500.

  

As of December 31, 2015, there were 89,762,872 shares of common stock issued and outstanding. There are no preferred shares outstanding as of December 31, 2015.