SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2014

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 10: SUBSEQUENT EVENTS

On July 8, 2014 the Company issued 50,000 common shares for services.

On July 16, 2014, the Company collected the $60,000 stock subscription receivable that was booked pursuant to the closing of the Third Private Placement on June 30, 2014.

On July 17, 2014, an employee cashlessly exercised 75,000 options and was issued 34,459 common shares.

On July 22, 2014, the Company awarded 250,000 options, which vest twenty percent upon grant and twenty percent every ninety days thereafter. The options have an exercise price of $0.65 per share and an expiration date of July 22,  2019.

In July 2014, the Company offered holders of a series of its warrants, including the warrants issued in the Second Private Placement and the Third Private Placement, the opportunity to exercise their warrants for a 10% discount to the stated exercise price in exchange for their agreement to exercise their warrants in full and for cash on or before July 31, 2014. Under the warrant exercise offer, in July 2014 the Company issued 10,027,002 shares of common stock pursuant to exercise of warrants for total proceeds of $3,632,801.