Shareholders' Equity

3 Months Ended

Mar. 31, 2015

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

5. SHAREHOLDERS’ EQUITY

The Company issued a total of 8,630,000 common shares during the first quarter of 2015, described further as follows:

The Company issued 8,630,000 shares of common stock between January 1 and March 31, 2015 pursuant to conversions of an aggregate of 86,300 shares of Series A preferred stock.

On August 27, 2014, the Company issued 2,000,000 shares of restricted common stock with monthly vesting provisions to two members of its Strategic Advisory Board for twelve months services. The advisors can earn a pro rata portion of the shares, calculated based on the twelve-month vesting period, in the event the service agreements are terminated prior to the expiration date as described in the agreements. The Company recognized a total of $308,500 expense for the pro rata portion of shares earned by the two advisors during the three months ended March 31, 2015 and has recognized a total of $435,167 since August 27, 2014.