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Subsequent Events
6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
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 July 10, 2015, the Company granted options to directors of the Company to purchase an aggregate of 61,221 shares of common stock under the 2014 Plan at an exercise price of $0.15 per share for an aggregate grant date value of $9,000.  The options vested on the grant date and have a term of ten years.  The options were granted as part of director compensation approved by the Compensation Committee.

 

Effective July 23, 2015, the Company reached a settlement agreement with a shareholder that holds a note payable in the amount of $42,095, plus accrued interest, with a maturity date of May 31, 2014.  The Company has agreed to pay twelve monthly payments of $4,099 on the first of each month starting on August 1, 2015 to fully satisfy its obligations under the note payable.

 

On August 5, 2015, the Company granted options to the President and Chief Executive Officer of the Company to purchase an aggregate of 100,000 shares of common stock under the 2014 Plan at an exercise price of $0.12 per share.  The options vested on the grant date and have a term of ten years.  The options were granted as compensation approved by the Compensation  Committee.

 

On August 5, 2015, the Company granted options to a consultant of the Company to purchase an aggregate of 200,000 shares of common stock under the 2014 Plan at an exercise price of $0.12 per share.  The options have a vesting period of three years and have a term of ten years. The options were granted as compensation approved by the Compensation Committee.

 

On August 5, 2015, the Company granted options to employees of the Company to purchase an aggregate of 680,000 shares of common stock under the 2014 Plan at an exercise price of $0.11 per share. The options have a vesting period ranging from immediate to three years and have a term of ten years.