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Stockholders' Equity
6 Months Ended
Jun. 30, 2017
Stockholders' Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 13 – STOCKHOLDERS’ EQUITY

 

Common stock issued for services

 

On May 8, 2017, the Company issued 15,000 shares of common stock pursuant to its 2016 long-term incentive plan for legal services. The shares were valued at $50,400, the fair market value on the grant date using the reported closing share price on the date of grant. In connection with this issuance, the Company reduced accounts payable by $28,400 and recorded stock-based professional fees of $22,000 during the six months ended June 30, 2017.

 

On May 18, 2017, pursuant to a consulting agreement, the Company issued 25,000 shares of its common stock to a consultant for business development services provided and to be provided through December 31, 2017. The shares were valued at $84,000, the fair market value on the grant date using the reported closing share price on the date of grant. Pursuant to this consulting agreement, the Company will issue an additional 25,000 share of common stock to this consultant before September 1, 2017. For the six months ended June 30, 2017, the Company recorded stock-based professional fees of $33,600 and prepaid expenses of $50,400 which to amortized over the remaining service period.

 

On June 22, 2017, pursuant to a one-year consulting agreement effective May 16, 2017, the Company issued 65,200 shares of common stock to a consultant for business development services rendered and to be rendered. These shares were valued at $283,620, the fair market value on the grant date using the reported closing share price on the date of grant. For the six months ended June 30, 2017, in connection with the issuance of these shares, the Company recorded stock-based professional fees of $35,452 and prepaid expenses of $248,168 which to amortized over the remaining service period. Additionally, pursuant to this consulting agreement, the Company will issue an additional 20,000 share of common stock to this consultant before November 1, 2017. The initial fair value of these shares was were valued at $87.000, the fair market value on the contract date using the reported closing share price on the date of grant. The Company will recognize stock-based professional fees over the period during which the services are rendered by such consultant. At the end of each financial reporting period prior to issuance of these shares, the fair value of these shares is remeasured using the then-current fair value of the Company’s common stock. For the six months ended June 30, 2017, the Company recorded stock-based professional fees of $11,225 related to these issuable shares. As of June 30, 2017, there was $78,575 of stock-based professional fees to be recognized through May 2018.

 

Common stock sold for cash

 

In June 2017, pursuant to stock purchase agreements, the Company sold an aggregate of 290,000 shares of common stock to three investors at a purchase price of $3.00 per share for net cash proceeds a total of $860,000. The Company did not engage a placement agent with respect to these sales.