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Subsequent Events
9 Months Ended
Sep. 30, 2014
Subsequent Events  
10 - Subsequent Events

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements, except as disclosed.

 

On October 23, 2014, the Company sold 2,333,333 shares of common stock, par value $0.001 per share, in the second phase of a private offering at $0.15 per share for $350,000 in gross proceeds (net of expenses of $20,925). The initial phase of the private offering closed on August 21, 2014 (see Note 6).  Warrants to purchase 1,166,666 shares of common stock at $0.30 per share were issued to the purchasers in this phase of the private offering.  The warrants expire five years from the date of issuance.  The Company realized an aggregate of $1,653,000 in gross proceeds (net of expenses of $115,166) from the offering.  A total of 11,020,003 shares and 5,509,998 warrants were issued in the private offering.

 

Following the approval of the Board of Directors and stockholders of record as of August 25, 2014, the Company filed a Certificate of Amendment with the Secretary of State of Delaware on October 17, 2014, which increased the number of authorized shares of common stock of the Company from 50,000,000 to 100,000,000.

 

Following the approval of the Board of Directors and stockholders of record as of August 25, 2014, the Company adopted the 2014 Equity Incentive Plan which made a total of 6,000,000 shares of common stock authorized and available for issuance pursuant to awards granted under the 2014 Equity Plan.

 
 

On October 23, 2014, the Company granted options to directors of the Company to purchase an aggregate of 1,342,857 shares of common stock under the 2014 Plan at an exercise price of $0.12 per share for an aggregate grant date value of $154,455.  The options vest immediately and have a term of ten years.