Nevada
|
20-4754291
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer o
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company x
|
ITEM 1:
|
FINANCIAL STATEMENTS (Unaudited)
|
3
|
Balance Sheets
|
4
|
|
Statements of Operations
|
5
|
|
Statement of Shareholders' Equity
|
6
|
|
Statements of Cash Flows
|
7
|
|
Notes to the Financial Statements
|
8
|
|
ITEM 2:
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
9
|
ITEM 3 :
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
11
|
ITEM 4:
|
CONTROLS AND PROCEDURES
|
11
|
PART II: OTHER INFORMATION
|
||
ITEM 1
|
LEGAL PROCEEDINGS
|
12
|
ITEM 1A :
|
RISK FACTORS
|
12
|
ITEM 2
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
12
|
ITEM 3
|
DEFAULTS UPON SENIOR SECURITIES
|
12
|
ITEM 4
|
REMOVED AND RESERVED
|
12
|
ITEM 5
|
OTHER INFORMATION
|
12
|
EXHIBITS
|
12
|
|
14
|
September 30, 2011
|
December 31, 2010
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash & cash equivalents
|
$ | 34,577 | $ | 44,318 | ||||
Prepaid expenses
|
18,850 | 12,349 | ||||||
TOTAL CURRENT ASSETS
|
53,427 | 56,667 | ||||||
PROPERTY AND EQUIPMENT
|
||||||||
Machinery and equipment
|
76,281 | 76,281 | ||||||
Computer
|
2,928 | 2,928 | ||||||
79,209 | 79,209 | |||||||
Less accumulated depreciation
|
(24,684 | ) | (18,639 | ) | ||||
NET PROPERTY AND EQUIPMENT
|
54,525 | 60,570 | ||||||
OTHER ASSETS
|
||||||||
Patents
|
139,287 | 121,919 | ||||||
Deposit
|
770 | 770 | ||||||
TOTAL OTHER ASSETS
|
140,057 | 122,689 | ||||||
TOTAL ASSETS
|
$ | 248,009 | $ | 239,926 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable and other payables
|
$ | 7,544 | $ | 5,506 | ||||
TOTAL CURRENT LIABILITIES
|
7,544 | 5,506 | ||||||
SHAREHOLDERS' EQUITY
|
||||||||
Common stock, $0.0001 par value;
|
||||||||
500,000,000 authorized common shares
|
||||||||
5,441,141 and 5,174,448 shares issued and outstanding, respectively
|
544 | 517 | ||||||
Additional paid in capital
|
4,720,955 | 3,867,610 | ||||||
Deficit accumulated during the development stage
|
(4,481,034 | ) | (3,633,707 | ) | ||||
TOTAL SHAREHOLDERS' EQUITY
|
240,465 | 234,420 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 248,009 | $ | 239,926 |
From Inception
|
||||||||||||||||||||
April 24, 2006
|
||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
through
|
||||||||||||||||||
September 30, 2011
|
September 30, 2010
|
September 30, 2011
|
September 30, 2010
|
September 30, 2011
|
||||||||||||||||
REVENUE
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
OPERATING EXPENSES
|
||||||||||||||||||||
General and administrative expenses
|
296,423 | 194,302 | 808,455 | 518,368 | 3,812,429 | |||||||||||||||
Research and development
|
9,607 | 35,168 | 31,464 | 126,886 | 726,282 | |||||||||||||||
Depreciation and amortization
|
2,015 | 2,030 | 6,045 | 5,944 | 24,724 | |||||||||||||||
TOTAL OPERATING EXPENSES
|
308,045 | 231,500 | 845,964 | 651,198 | 4,563,435 | |||||||||||||||
LOSS FROM OPERATIONS BEFORE OTHER INCOME
|
(308,045 | ) | (231,500 | ) | (845,964 | ) | (651,198 | ) | (4,563,435 | ) | ||||||||||
TOTAL OTHER INCOME/(EXPENSES)
|
||||||||||||||||||||
Interest income
|
9 | 86 | 67 | 526 | 87,211 | |||||||||||||||
Interest expense
|
(172 | ) | - | (630 | ) | - | (630 | ) | ||||||||||||
Penalties
|
- | (180 | ) | - | (180 | ) | (180 | ) | ||||||||||||
TOTAL OTHER INCOME/(EXPENSES)
|
(163 | ) | (94 | ) | (563 | ) | 346 | 86,401 | ||||||||||||
LOSS BEFORE PROVISION FOR TAXES
|
(308,208 | ) | (231,594 | ) | (846,527 | ) | (650,852 | ) | (4,477,034 | ) | ||||||||||
Income taxes
|
- | - | (800 | ) | (800 | ) | (4,000 | ) | ||||||||||||
NET LOSS
|
$ | (308,208 | ) | $ | (231,594 | ) | $ | (847,327 | ) | $ | (651,652 | ) | $ | (4,481,034 | ) | |||||
BASIC AND DILUTED LOSS PER SHARE
|
$ | (0.06 | ) | $ | (0.05 | ) | $ | (0.15 | ) | $ | (0.13 | ) | ||||||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||||||||||
BASIC AND DILUTED
|
5,423,781 | 5,042,806 | 5,595,592 | 4,981,738 |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Additional
|
during the
|
|||||||||||||||||||
Common stock
|
Paid-in
|
Development
|
||||||||||||||||||
Shares
|
Amount
|
Capital
|
Stage
|
Total
|
||||||||||||||||
Balance at December 31, 2010
|
5,174,448 | $ | 517 | $ | 3,867,610 | $ | (3,633,707 | ) | $ | 234,420 | ||||||||||
Issuance of common shares for cash (unaudited)
|
||||||||||||||||||||
(prices ranging between $1.725 and $2.25 per share)
|
266,693 | 27 | 567,274 | - | 567,301 | |||||||||||||||
Stock compensation cost (unaudited)
|
- | - | 286,071 | - | 286,071 | |||||||||||||||
Net loss for the nine months ended September 30, 2011 (unaudited)
|
- | - | - | (847,327 | ) | (847,327 | ) | |||||||||||||
Balance at September 30, 2011 (unaudited)
|
5,441,141 | $ | 544 | $ | 4,720,955 | $ | (4,481,034 | ) | $ | 240,465 |
From Inception
|
||||||||||||
April 24, 2006
|
||||||||||||
Nine Months Ended
|
through
|
|||||||||||
September 30, 2011
|
September 30, 2010
|
September 30, 2011
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net loss
|
$ | (847,327 | ) | $ | (651,652 | ) | $ | (4,481,034 | ) | |||
Adjustment to reconcile net loss to net cash
|
||||||||||||
used in operating activities
|
||||||||||||
Depreciation expense
|
6,045 | 5,944 | 24,724 | |||||||||
Stock option cost
|
286,071 | - | 286,071 | |||||||||
Issuance of stock for services
|
- | - | 325,260 | |||||||||
Changes in Assets and Liabilities
|
||||||||||||
(Increase) Decrease in:
|
||||||||||||
Inventory
|
- | (1,628 | ) | - | ||||||||
Prepaid expenses
|
(6,501 | ) | 59,716 | (18,850 | ) | |||||||
Deposits
|
- | - | (770 | ) | ||||||||
Increase (Decrease) in:
|
||||||||||||
Accounts payable and other payable
|
2,038 | 5,939 | 7,544 | |||||||||
Accrued expenses
|
- | (750 | ) | - | ||||||||
NET CASH USED IN OPERATING ACTIVITIES
|
(559,674 | ) | (582,431 | ) | (3,857,055 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase of equipment
|
- | (2,587 | ) | (79,209 | ) | |||||||
Patent expenditures
|
(17,368 | ) | (34,652 | ) | (139,327 | ) | ||||||
Proceeds from /(investments in) certificate of deposits
|
- | 147,288 | - | |||||||||
NET CASH PROVIDED/(USED) IN INVESTING ACTIVITIES
|
(17,368 | ) | 110,049 | (218,536 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds from common stock subcription payable
|
- | - | 203,000 | |||||||||
Proceeds from issuance of common stock
|
567,301 | 350,000 | 3,907,168 | |||||||||
NET CASH PROVIDED IN FINANCING ACTIVITIES
|
567,301 | 350,000 | 4,110,168 | |||||||||
NET INCREASE/(DECREASE) IN CASH
|
(9,741 | ) | (122,382 | ) | 34,577 | |||||||
CASH, BEGINNING OF PERIOD
|
44,318 | 289,229 | - | |||||||||
CASH, END OF PERIOD
|
34,577 | 166,847 | 34,577 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||||||
Interest paid
|
$ | 172 | $ | - | $ | 630 | ||||||
Taxes paid
|
$ | 800 | $ | 800 | $ | 4,000 | ||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH TRANSACTIONS
|
||||||||||||
Common stock issued for prepaid services
|
$ | - | $ | 88,000 | $ | 88,000 |
|
Management reviewed accounting pronouncements issued during the three months ended September 30, 2011, and no pronouncements were adopted during the period.
|
3.
|
CAPITAL STOCK
|
9/30/2011
|
||||
Risk free interest rate
|
2.14 | % | ||
Stock volatility factor
|
1 | % | ||
Weighted average expected option life
|
5 years
|
|||
Expected dividend yield
|
None
|
9/30/2011
|
||||||||
Weighted
|
||||||||
Number
|
average
|
|||||||
of
|
exercise
|
|||||||
Options
|
price
|
|||||||
Outstanding, beginning of period
|
236,667 | $ | 4.05 | |||||
Granted
|
- | - | ||||||
Exercised
|
- | - | ||||||
Expired
|
- | - | ||||||
Outstanding, end of period
|
236,667 | $ | 4.05 | |||||
Exercisable at the end of period
|
94,284 | $ | 3.15 | |||||
Weighted average fair value of
|
||||||||
options granted during the period
|
$ | - |
Weighted
|
||||||||||||||
Average
|
||||||||||||||
Stock
|
Stock
|
Remaining
|
||||||||||||
Exercisable
|
Options
|
Options
|
Contractual
|
|||||||||||
Prices
|
Outstanding
|
Exercisable
|
Life (years)
|
|||||||||||
$ | 4.050 | 236,667 | 94,284 | 4.48 |
5.
|
SUBSEQUENT EVENT
|
|
Management evaluated subsequent events as of the date of the financial statements pursuant to ASC TOPIC 855, and there were no other events to report.
|
31.1
|
Certification by Chief Executive Officer and Acting Chief Financial Officer pursuant to Sarbanes-Oxley Section 302 (filed herewith).
|
|
32.1
|
Certification by Chief Executive Officer and Acting Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (filed herewith).
|
EX-101.INS
|
XBRL INSTANCE DOCUMENT
|
|
EX-101.SCH
|
XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
|
|
EX-101.CAL
|
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
|
|
EX-101.DEF
|
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
|
|
EX-101.LAB
|
XBRL TAXONOMY EXTENSION LABELS LINKBASE
|
|
EX-101.PRE
|
XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
|
BIOSOLAR
|
|||
|
By:
|
/s/ David Lee | |
Chief Executive Officer (Principal Executive
|
|||
Officer ) and Acting Chief Financial Officer
|
|||
(Principal Financial Officer and Principal Accounting Officer)
|
November 9, 2011
|
/s/ David Lee
|
David Lee
|
Chief Executive Officer and
|
Acting Chief Financial Officer
|
November 9, 2011
|
/s/ David Lee | ||
David Lee
|
|||
Chief Executive Officer
|
|||
Acting Chief Financial Officer
|
BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Statement Of Financial Position [Abstract] | ||
Common Stock, Par Value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorised | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 5,441,141 | 5,174,448 |
Common Stock, Shares Outstanding | 5,441,141 | 5,174,448 |
STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | 66 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | |
Income Statement [Abstract] | |||||
REVENUE | |||||
OPERATING EXPENSES | |||||
General and administrative expenses | 296,423 | 194,302 | 808,455 | 518,368 | 3,812,429 |
Research and development | 9,607 | 35,168 | 31,464 | 126,886 | 726,282 |
Depreciation and amortization | 2,015 | 2,030 | 6,045 | 5,944 | 24,724 |
TOTAL OPERATING EXPENSES | 308,045 | 231,500 | 845,964 | 651,198 | 4,563,435 |
LOSS FROM OPERATIONS BEFORE OTHER INCOME | (308,045) | (231,500) | (845,964) | (651,198) | (4,563,435) |
TOTAL OTHER INCOME/(EXPENSES) | |||||
Interest income | 9 | 86 | 67 | 526 | 87,211 |
Interest expense | (172) | (630) | (630) | ||
Penalties | (180) | (180) | (180) | ||
TOTAL OTHER INCOME/(EXPENSES) | (163) | (94) | (563) | 346 | 86,401 |
LOSS BEFORE PROVISION FOR TAXES | (308,208) | (231,594) | (846,527) | (650,852) | (4,477,034) |
Income taxes | (800) | (800) | (4,000) | ||
NET LOSS | $ (308,208) | $ (231,594) | $ (847,327) | $ (651,652) | $ (4,481,034) |
BASIC AND DILUTED LOSS PER SHARE (in dollars per share) | $ (0.06) | $ (0.05) | $ (0.15) | $ (0.13) | |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED (in shares) | 5,423,781 | 5,042,806 | 5,595,592 | 4,981,738 |
Document and Entity Information | 9 Months Ended | |
---|---|---|
Sep. 30, 2011 | Nov. 07, 2011 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BioSolar Inc | |
Entity Central Index Key | 0001371128 | |
Trading Symbol | bsrc | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,441,141 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2011 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 |
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SUBSEQUENT EVENT | 9 Months Ended | ||
---|---|---|---|
Sep. 30, 2011 | |||
Subsequent Events [Abstract] | |||
SUBSEQUENT EVENT |
On October 24, 2011, the Company issued 75,000 shares of common stock at a price of $1.80 per share for gross cash proceeds of $135,000, with warrants attached to purchase 75,000 shares of common stock.
Management evaluated subsequent events as of the date of the financial statements pursuant to ASC TOPIC 855, and there were no other events to report.
|
Basis of Presentation | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011. For further information refer to the financial statements and footnotes thereto included in the Company's Form 10-K for the year ended December 31, 2010.
Going Concern
The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company does not generate any revenue, and has negative cash flows from operations, which raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusion. The Company has obtained funds from private placement offerings of its securities since its inception. It is Management's plan to generate additional working capital from investors, and then continue to pursue its business plan and purposes. |
STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $) | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Statement Of Stockholders Equity [Abstract] | |
Issue Price of Common stock issued for cash, Minimum Range (in dollars per share) | $ 1.725 |
Issue Price of Common stock issued for cash, Maximum Range (in dollars per share) | $ 2.25 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||
---|---|---|---|
Sep. 30, 2011 | |||
Accounting Policies [Abstract] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This summary of significant accounting policies of Biosolar, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.
Development Stage Activities and Operations
The Company is in its initial stages of formation and has no revenues. A development stage activity is one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant.
Revenue Recognition
The Company will recognize revenue when services are performed, and at the time of shipment of products, provided that evidence of an arrangement exists, title and risk of loss have passed to the customer, fees are fixed or determinable, and collection of the related receivable is reasonably assured. To date, the Company has had no revenues and is in the development stage.
Cash and Cash Equivalent
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Investments
Certificate of Deposits with banking institutions are short-term investments with initial maturities of more than 90 days. The carrying amount of these investments is a reasonable estimate of fair value due to their short-term nature.
Loss per Share Calculations
Loss per Share calculates basic earnings per share and diluted earnings per share. Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company’s diluted loss per share is the same as the basic loss per share for the nine months ended September 30, 2011 as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss.
Recently Issued Accounting Pronouncements
|
CAPITAL STOCK | 9 Months Ended | ||
---|---|---|---|
Sep. 30, 2011 | |||
Equity [Abstract] | |||
CAPITAL STOCK |
As of July 5, 2011, the Company authorized a one-for-thirty (1:30) reverse split of its authorized and outstanding common stock. All share amounts have been retroactively restated reflecting this reverse split.
During the nine months ended September 30, 2011, the Company issued:
● 28,986 shares of common stock at a price of $1.725 per share for gross cash proceeds of $50,000, with warrants attached to purchase 57,971 shares of common stock;
● 164,445 shares of common stock at a price of $2.25 per share for gross cash proceeds of $370,000, with warrants attached to purchase 88,889 shares of common stock;
● 10,000 shares of common stock at a price of $2.10 per share for gross cash proceeds of $21,000;
● 41,429 shares of common stock at a price of $2.10 per share for gross cash proceeds of $87,000;
● 21,834 shares of common stock at a price of $1.80 per share for gross cash proceeds of $39,301. During the nine months ended September 30, 2010, the Company issued 83,333 shares of common stock at a price of $2.40 per share for gross cash proceeds of $200,000;
● 83,333 shares of common stock at a price of $1.80 per share for gross cash proceeds of $150,000, with warrants attached to purchase 166,667 shares of common stock;
● 26,667 shares of common stock at a fair value of $3.30 per share for prepaid services.
● 75,000 shares of common stock at a price of $1.80 per share for gross cash proceeds of $135,000, with warrants attached to purchase 75,000 shares of common stock.
|
STOCK OPTIONS AND WARRANTS | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK OPTIONS AND WARRANTS | 4. STOCK OPTIONS AND WARRANTS
On March 24, 2011, the Board of Directors of the Company granted a non-qualified stock option to purchase 236,667 shares of common stock to its employees, directors and consultants, pursuant to the terms of option agreements. Each Option expires on the date specified in the Option agreement, which date shall not be later than the fifth (5th) anniversary from the grant date of the options. The stock options vest at various times, and are exercisable for a period of five years from the date of grant at an exercise price of $4.05 per share, the market value of the Company’s common stock on the date of grant.
A summary of the Company’s stock option activity and related information follows:
The weighted average remaining contractual life of options outstanding as of September 30, 2011 was as follows:
The stock-based compensation expense recognized in the statement of operations during the nine months ended September 30, 2011, related to the granting of these options is $286,071.
Warrants
During the nine months ended September 30, 2011, the Company issued to investors in a private placement offering, five year warrants to purchase 146,860 shares of common stock, exercisable at a price between $1.725 and $2.25 per share. |
STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-In Capital | Development Stage | Total |
---|---|---|---|---|
Balance at Dec. 31, 2010 | $ 517 | $ 3,867,610 | $ (3,633,707) | $ 234,420 |
Balance (in shares) at Dec. 31, 2010 | 5,174,448 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common shares for cash (unaudited) (prices ranging between $1.725 and $2.25 per share) | 27 | 567,274 | 567,301 | |
Issuance of common shares for cash (unaudited) (prices ranging between $1.725 and $2.25 per share) (in shares) | 266,693 | |||
Stock compensation cost (unaudited) | 286,071 | 286,071 | ||
Net loss for the nine months ended September 30, 2011 (unaudited) | (847,327) | (847,327) | ||
Balance at Sep. 30, 2011 | $ 544 | $ 4,720,955 | $ (4,481,034) | $ 240,465 |
Balance (in shares) at Sep. 30, 2011 | 5,441,141 |
BALANCE SHEETS (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
CURRENT ASSETS | ||
Cash & cash equivalents | $ 34,577 | $ 44,318 |
Prepaid expenses | 18,850 | 12,349 |
TOTAL CURRENT ASSETS | 53,427 | 56,667 |
PROPERTY AND EQUIPMENT | ||
Machinery and equipment | 76,281 | 76,281 |
Computer | 2,928 | 2,928 |
Property, Plant and Equipment, Gross, Total | 79,209 | 79,209 |
Less accumulated depreciation | (24,684) | (18,639) |
NET PROPERTY AND EQUIPMENT | 54,525 | 60,570 |
OTHER ASSETS | ||
Patents | 139,287 | 121,919 |
Deposit | 770 | 770 |
TOTAL OTHER ASSETS | 140,057 | 122,689 |
TOTAL ASSETS | 248,009 | 239,926 |
CURRENT LIABILITIES | ||
Accounts payable and other payables | 7,544 | 5,506 |
TOTAL CURRENT LIABILITIES | 7,544 | 5,506 |
SHAREHOLDERS' EQUITY | ||
Common stock, $0.0001 par value; 500,000,000 authorized common shares 5,441,141 and 5,174,448 shares issued and outstanding, respectively | 544 | 517 |
Additional paid in capital | 4,720,955 | 3,867,610 |
Deficit accumulated during the development stage | (4,481,034) | (3,633,707) |
TOTAL SHAREHOLDERS' EQUITY | 240,465 | 234,420 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 248,009 | $ 239,926 |