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Common Stock
6 Months Ended
Jun. 30, 2017
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
Common Stock

Effective April 28, 2017, the Company increased the authorized shares from 35,000,000 to 50,000,000.

 

During the six months ended June 30, 2017, the Company issued 4,310,000 shares of common stock for $2,155,000, less $153,000 of issuance costs. In connection with the issuance of common stock, the Company issued 2,155,000 warrants to purchase shares of common stock at $0.50, for a term of 5 years. We also issued 50,000 shares from stock subscriptions of $25,000 at December 31, 2016 and issued 25,000 warrants on the same terms and conditions. At June 30, 2017, the Company received $25,000 stock subscription for the purchase of 50,000 shares of common stock and 25,000 warrants. During the six months ended June 30, 2016, the Company issued 292,167 shares to settle certain liabilities totaling $274,870.

 

The Board appointed two officers on May 4, 2017, who received 350,000 shares of restricted common stock with a three year vesting schedule. In addition, on April 26, 2017, the Company appointed an officer who received 200,000 shares of restricted common stock with a three year vesting schedule. On June 9, 2017 the Company issued 160,000 shares of restricted common stock with a vesting schedule through December 31, 2019. Amortization associated with restricted stock to officers and management is $52,668 and $63,085 for the three and six months ended June 30, 2017, respectively. In addition, the Company issued 50,000 shares to an investor relations firm in June 2017 at a value of $0.50 per share for services through September 30, 2017. For the three and six months ended June 30, 2017, the Company recorded $6,250 included in selling, general and administrative expenses for professional fees for investor relations expense.