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Note 9 - Common Stock, Warrants and Preferred Stock
9 Months Ended
Jun. 30, 2018
Notes  
Note 9 - Common Stock, Warrants and Preferred Stock:

NOTE 9 – COMMON STOCK, WARRANTS AND PREFERRED STOCK:

 

Private Placement

 

On May 8, 2018, we closed a private placement offering of 7,500,000 Units of the Company at a price of $0.08 per Unit for gross proceeds of $600,000 (the "May 2018 Offering").  Each Unit in the May 2018 Offering consisted of one share of common stock of the Company and one common share purchase warrant (each a “Warrant”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.14 per share until the warrant expiration date of April 30, 2021.

 

On December 21, 2017, we closed a private placement offering of 2,880,867 Units of the Company at a price of $0.30 per Unit for gross proceeds of $864,260 (the "December 2017 Offering").  Each Unit in the December 2017 Offering consisted of one share of common stock of the Company and one common share purchase warrant (each a “Warrant”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.45 per share until the warrant expiration date of October 31, 2022.

 

During the three months ended June 30, 2018, we sold of 7,500,000 Units at a price of $0.08 per unit for gross and net proceeds of $600,000 as no finder’s fees were paid.

 

During the nine months ended June 30, 2018, we closed the sale of two private placement offerings.  In the aggregate, we sold a total of 10,380,867 Units at prices of $0.30 per unit (as to 2,880,867 units) and $0.08 per unit (as to 7,500,000 units) for gross proceeds of $1,464,260 and net proceeds, net of offering costs, of $1,421,767.     

 

Warrants

 

During the nine months ended June 30, 2018, 10,380,867 warrants were issued pursuant to two separate private placement offerings.  No warrants expired during the three or nine months ended June 30, 2018.  At June 30, 2018, there were 9,960,006 warrants outstanding with an exercise price of $0.25 per share that expire on May 31, 2019; 8,000,000 warrants outstanding with an exercise price of $0.40 per share that expire on January 31, 2020; 2,880,867 warrants outstanding with an exercise price of $0.45 that expire on October 31, 2022; and 7,500,000 warrants outstanding with an exercise price of $0.14 that expire on April 30, 2021.  In aggregate, as of June 30, 2018, there were 28,340,873 warrants outstanding at a weighted average exercise price of $0.284.

 

Preferred Stock

 

We are authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value. Our board of directors is authorized to issue the preferred stock from time to time in series, and is further authorized to establish such series, to fix and determine the variations in the relative rights and preferences as between series, to fix voting rights, if any, for each series, and to allow for the conversion of preferred stock into common stock.  There is no preferred stock issued as of June 30, 2018.