10-Q 1 lwlg_10q.htm QUARTERLY REPORT Quarterly Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

 

FORM 10-Q

____________________


(Mark One)


þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2014

 

OR

 

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________to _____________


Commission File Number 0-52567


Lightwave Logic, Inc.

(Exact name of registrant as specified in its charter)


Nevada

(State or other jurisdiction of

Incorporation or Organization)

82-049-7368

 (I.R.S. Employer Identification No.)

 

1831 Lefthand Circle, Suite C

Longmont, CO

(Address of principal executive offices)

80501

(Zip Code)

 

(720) 340-4949

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No ¨


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes þ  No ¨


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):


Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

þ


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ¨   No þ


The number of shares of the registrant’s Common Stock outstanding as of May 14, 2014 was 53,080,469.




 

TABLE OF CONTENTS

 


  

  

Page

  

  

  

Part I

Financial Information

 

  

  

  

 

  

Item 1

Financial Statements

1

  

  

  

  

  

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

  

  

  

 

  

Item 4

Controls and Procedures

29

  

  

  

 

Part II

Other Information

 

  

  

  

 

  

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

30

  

  

  

 

 

Item 5

Other Information

30

 

 

 

 

  

Item 6

Exhibits

30

  

  

  

 

  

  

Signatures

31



  



i



 

Forward-Looking Statements


This report on Form 10-Q contains forward-looking statements. Forward-looking statements involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “will,” “could” and similar expressions denoting uncertainty or an action that may, will or is expected to occur in the future. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements. You should not place undue reliance on these forward-looking statements.


Factors that that are known to us that could cause a different result than projected by the forward-looking statement, include, but are not limited to: lack of available funding; general economic and business conditions; competition from third parties; intellectual property rights of third parties; regulatory constraints; changes in technology and methods of marketing; delays in completing various engineering and manufacturing programs; changes in customer order patterns; changes in product mix; success in technological advances and delivering technological innovations; shortages in components; production delays due to performance quality issues with outsourced components; those events and factors described by us in Item 1.A “Risk Factors” in our most recent Annual Report on Form 10-K; other risks to which our Company is subject; other factors beyond the Company's control.


Any forward-looking statement made by us in this report on Form 10-Q is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.




ii



PART I – FINANCIAL INFORMATION


Item 1

Financial Statements


LIGHTWAVE LOGIC, INC.

(A Development Stage Company)


FINANCIAL STATEMENTS


MARCH 31, 2014


(UNAUDITED)


 

 

Page

 

 

 

Balance Sheets

 

2

 

 

 

Statements of Operations

 

3

 

 

 

Statement of Stockholders’ Equity

 

4

 

 

 

Statements of Cash Flow

 

12

 

 

 

Notes to Financial Statements

 

14









1




LIGHTWAVE LOGIC, INC.

(A Development Stage Company)

BALANCE SHEETS


 

 

March 31,

2014

 

 

December 31,

2013

 

 

 

(Unaudited)

 

 

(Audited)

 

ASSETS

  

                       

  

  

                       

  

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,930,097

 

 

$

2,270,704

 

Prepaid expenses and other current assets

 

 

112,850

 

 

 

132,204

 

  

 

 

2,042,947

 

 

 

2,402,908

 

  

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT - NET

 

 

326,210

 

 

 

298,360

 

  

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

 

 

 

Intangible assets - net

 

 

568,573

 

 

 

543,540

 

  

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

2,937,730

 

 

$

3,244,808

 

  

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$

195,416

 

 

$

65,410

 

Accounts payable and accrued expenses- related parties

 

 

67,052

 

 

 

48,817

 

Accrued expenses

 

 

50,169

 

 

 

7,949

 

  

 

 

 

 

 

 

 

 

 TOTAL LIABILITIES

 

 

312,637

 

 

 

122,176

 

  

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 1,000,000 authorized, no shares issued or outstanding

 

 

-

 

 

 

-

 

Common stock $0.001 par value, 100,000,000 authorized 53,080,469 and 52,617,789 issued and outstanding at March 31, 2014 and December 31, 2013

 

 

53,081

 

 

 

52,618

 

Additional paid-in-capital

 

 

35,904,055

 

 

 

35,414,206

 

Accumulated deficit

 

 

(15,827

)

 

 

(15,827

)

Deficit accumulated during development stage

 

 

(33,316,216

)

 

 

(32,328,365

)

  

 

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS' EQUITY

 

 

2,625,093

 

 

 

3,122,632

 

  

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

2,937,730

 

 

$

3,244,808

 


See accompanying notes to these financial statements.




2





LIGHTWAVE LOGIC, INC.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDING MARCH 31, 2014 AND 2013 AND FOR THE PERIOD

JANUARY 1, 2004 (INCEPTION OF DEVELOPMENT STAGE) TO MARCH 31, 2014

(UNAUDITED)


 

 

Cumulative

 

 

For the Three Months Ending

 

  

 

Since

 

 

March 31,

 

  

 

Inception

 

 

2014

 

 

2013

 

  

  

                       

  

  

                       

  

  

                       

  

  

 

 

 

 

 

 

 

 

 

NET SALES

 

$

5,700

 

 

$

2,500

 

 

$

-

 

  

 

 

 

 

 

 

 

 

 

 

 

 

COST AND EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

15,807,744

 

 

 

585,506

 

 

 

455,382

 

General and administrative

 

 

16,956,119

 

 

 

402,165

 

 

 

447,618

 

 

 

 

32,763,863

 

 

 

987,671

 

 

 

903,000

 

  

 

 

 

 

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

 

(32,758,163

)

 

 

(985,171

)

 

 

(903,000

)

  

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

31,374

 

 

 

61

 

 

 

79

 

Dividend income

 

 

1,551

 

 

 

-

 

 

 

-

 

Realized gain on investment

 

 

3,911

 

 

 

-

 

 

 

-

 

Realized gain on disposal of assets

 

 

637

 

 

 

-

 

 

 

-

 

Litigation settlement

 

 

(47,500

)

 

 

-

 

 

 

-

 

Commitment fee and interest expense

 

 

(548,026

)

 

 

(2,741

)

 

 

(19,550

)

  

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(33,316,216

)

 

$

(987,851

)

 

$

(922,471

)

  

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss per Share

 

 

 

 

 

$

(0.02

)

 

$

(0.02

)

  

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Weighted Average Number of Shares

 

 

 

52,764,679

 

 

 

50,461,598

 


See accompanying notes to these financial statements.




3




LIGHTWAVE LOGIC, INC.

(A Development Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD JANUARY 1, 2004 (INCEPTION OF DEVELOPMENT STAGE) TO

MARCH 31, 2014

(UNAUDITED)


 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

 

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable/

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable

 

 

 

 

 

Unrealized

 

 

 

 

 

During

 

 

 

 

 

 

Number of

 

 

Common

 

 

Paid-in

 

 

for Issuance

 

 

Deferred

 

 

Loss

 

 

Accumulated

 

 

Development

 

 

 

 

 

 

Shares

 

 

Stock

 

 

Capital

 

 

of Common Stock

 

 

Charges

 

 

on Securities

 

 

Deficit

 

 

Stage

 

 

Total

 

 

  

                    

 

 

                 

 

 

                   

 

 

                             

 

 

                    

 

 

                      

 

 

                      

 

 

                       

 

 

                    

 

ENDING BALANCE AT DECEMBER 31, 2003

 

 

100

 

 

$

1

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(15,827

)

 

$

-

 

 

$

(15,826

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retroactive recapitalization upon reverse acquisition

 

 

706,973

 

 

 

706

 

 

 

(706

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT JANUARY 1, 2004

 

 

707,073

 

 

 

707

 

 

 

(706

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,827

)

 

 

-

 

 

 

(15,826

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued to founders

 

 

13,292,927

 

 

 

13,293

 

 

 

(13,293

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Common stock issued for future services in July 2004 at $0.16/share

 

 

1,600,000

 

 

 

1,600

 

 

 

254,400

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

256,000

 

Common stock issued at merger

 

 

2,000,000

 

 

 

2,000

 

 

 

(2,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Common stock issued for future services in August 2004 at $0.12/share

 

 

637,500

 

 

 

638

 

 

 

74,362

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

75,000

 

Conversion of note payable in December 2004 at $0.16/share

 

 

187,500

 

 

 

187

 

 

 

29,813

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

30,000

 

Net loss for the year ended December 31, 2004

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(722,146

)

 

 

(722,146

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2004

 

 

18,425,000

 

 

 

18,425

 

 

 

342,576

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,827

)

 

 

(722,146

)

 

 

(376,972

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued in private placement in April 2005 at $0.25/share

 

 

4,000,000

 

 

 

4,000

 

 

 

996,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,000,000

 

Conversion of notes payable in May 2005 at $0.16/share

 

 

3,118,750

 

 

 

3,119

 

 

 

495,881

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

499,000

 

Subscription receivable

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,500

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,500

)

Common stock issued for future services in August 2005, valued at $2.79/share

 

 

210,000

 

 

 

210

 

 

 

585,290

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

585,500

 

Common stock issued for future services in August 2005, valued at $2.92/share

 

 

200,000

 

 

 

200

 

 

 

583,800

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

584,000

 

Warrants issued for services in May 2005, vested during 2005, valued at $1.13/share

 

 

-

 

 

 

-

 

 

 

37,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37,000

 

Warrants issued for services in September 2005, vested during 2005, valued at $1.45/share

 

 

-

 

 

 

-

 

 

 

24,200

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

24,200

 

Warrants issued for services in October 2005, vested during 2005, valued at $0.53/share

 

 

-

 

 

 

-

 

 

 

15,900

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,900

 

Warrants issued for future services in December 2005, vested during 2005, valued at $1.45/share

 

 

-

 

 

 

-

 

 

 

435,060

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

435,060

 

Deferred charges for common stock issued for future services in August 2005, valued at $2.92/share

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(584,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(584,000

)

Amortization of deferred charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

265,455

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

265,455

 

Exercise of warrants in December 2005 at $0.25/share

 

 

300,000

 

 

 

300

 

 

 

74,700

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

75,000

 

Net loss for the year ended December 31, 2005

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,721,765

)

 

 

(1,721,765

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2005

 

 

26,253,750

 

 

 

26,254

 

 

 

3,590,407

 

 

 

(6,500

)

 

 

(318,545

)

 

 

-

 

 

 

(15,827

)

 

 

(2,443,911

)

 

 

831,878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued in private placement during 2006 at $0.50/share

 

 

850,000

 

 

 

850

 

 

 

424,150

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

425,000

 

Common stock issued for future services in February 2006, valued at $0.90/share

 

 

300,000

 

 

 

300

 

 

 

269,700

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

270,000

 

Common stock issued for future services in May 2006, valued at $1.55/share

 

 

400,000

 

 

 

400

 

 

 

619,600

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

620,000

 

Common stock issued for future services in June 2006, valued at $1.45/share

 

 

25,000

 

 

 

25

 

 

 

36,225

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,250

 

Common stock issued for future services in November 2006, valued at $0.49/share

 

 

60,000

 

 

 

60

 

 

 

29,340

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

29,400

 

Warrants issued for services in September 2005, vested during 2006, valued at $1.45/share

 

 

-

 

 

 

-

 

 

 

66,500

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

66,500

 

Warrants issued for future services in June 2006, vested during 2006, valued at $1.55/share

 

 

-

 

 

 

-

 

 

 

465,996

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

465,996

 

Options issued for services in February 2006, vested during 2006, valued at $1.01/share

 

 

-

 

 

 

-

 

 

 

428,888

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

428,888

 

Contributed capital related to accrued interest

 

 

-

 

 

 

-

 

 

 

35,624

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

35,624

 

Subscription receivable

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,500

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,500

 

Amortization of deferred charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

318,545

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

318,545

 

Unrealized gain (loss) on securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26,000

)

 

 

-

 

 

 

-

 

 

 

(26,000

)

Net loss for the year ending December 31, 2006

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

(2,933,809

)

 

 

(2,933,809

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2006

 

 

27,888,750

 

 

$

27,889

 

 

$

5,966,430

 

 

$

-

 

 

$

-

 

 

$

(26,000

)

 

$

(15,827

)

 

$

(5,377,720

)

 

$

574,772

 


See accompanying notes to these financial statements.




4




LIGHTWAVE LOGIC, INC.

(A Development Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD JANUARY 1, 2004 (INCEPTION OF DEVELOPMENT STAGE) TO

MARCH 31, 2014 (CONTINUED)

(UNAUDITED)


 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

 

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable/

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable

 

 

 

 

 

Unrealized

 

 

 

 

 

During

 

 

 

 

 

 

Number of

 

 

Common

 

 

Paid-in

 

 

for Issuance

 

 

Deferred

 

 

Loss

 

 

Accumulated

 

 

Development

 

 

 

 

 

 

Shares

 

 

Stock

 

 

Capital

 

 

of Common Stock

 

 

Charges

 

 

on Securities

 

 

Deficit

 

 

Stage

 

 

Total

 

 

  

                    

 

 

                 

 

 

                   

 

 

                             

 

 

                    

 

 

                      

 

 

                      

 

 

                       

 

 

                    

 

BALANCE AT DECEMBER 31, 2006

 

 

27,888,750

 

 

$

27,889

 

 

$

5,966,430

 

 

$

-

 

 

$

-

 

 

$

(26,000

)

 

$

(15,827

)

 

$

(5,377,720

)

 

$

574,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued in private placement during 2007 at $0.50/share

 

 

2,482,000

 

 

 

2,482

 

 

 

1,238,518

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,241,000

 

Common stock issued in private placement during 2007 at $0.60/share

 

 

1,767,540

 

 

 

1,768

 

 

 

1,058,756

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,060,524

 

Common stock subscription rescinded during 2007 at $0.50/share

 

 

(400,000

)

 

 

(400

)

 

 

(199,600

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(200,000

)

Common stock issued for future services in February 2007, valued at $0.70/share

 

 

151,785

 

 

 

152

 

 

 

106,098

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

106,250

 

Common stock issued for future services in March 2007, valued at $0.58/share

 

 

1,000,000

 

 

 

1,000

 

 

 

579,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

580,000

 

Common stock issued for services and settlement for accounts payable in April 2007, valued at $0.35/share

 

 

100,000

 

 

 

100

 

 

 

34,900

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

35,000

 

Common stock issued for services in October 2007, valued at $0.68/share

 

 

150,000

 

 

 

150

 

 

 

101,850

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

102,000

 

Common stock issued for services in October 2007, valued at $0.90/share

 

 

150,000

 

 

 

150

 

 

 

134,850

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

135,000

 

Common stock issued for services in November 2007, valued at $0.72/share

 

 

400,000

 

 

 

400

 

 

 

287,600

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

288,000

 

Warrants issued for services in September 2005, vested during 2007, valued at $1.45/share

 

 

-

 

 

 

-

 

 

 

36,370

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,370

 

Warrants issued for services in March 2007, vested during 2007, valued at $0.63/share

 

 

-

 

 

 

-

 

 

 

52,180

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

52,180

 

Warrants issued for services in April 2007, vested during 2007, valued at $0.69/share

 

 

-

 

 

 

-

 

 

 

293,476

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

293,476

 

Warrants issued for services in April 2007, vested during 2007, valued at $0.63/share

 

 

-

 

 

 

-

 

 

 

140,490

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

140,490

 

Warrants issued for services in May 2007, vested during 2007, valued at $0.56/share

 

 

-

 

 

 

-

 

 

 

52,946

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

52,946

 

Warrants issued for services in October 2007, vested during 2007, valued at $0.61/share

 

 

-

 

 

 

-

 

 

 

61,449

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

61,449

 

Warrants issued for services in October 2007, vested during 2007, valued at $0.78/share

 

 

-

 

 

 

-

 

 

 

52,292

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

52,292

 

Warrants issued for services in December 2007, vested during 2007, valued at $0.55/share

 

 

-

 

 

 

-

 

 

 

1,159

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,159

 

Options issued for services in February 2006, vested during 2007, valued at $1.01/share

 

 

-

 

 

 

-

 

 

 

17,589

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

17,589

 

Options issued for services in February 2006, vested during 2007, valued at $1.09/share

 

 

-

 

 

 

-

 

 

 

43,757

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

43,757

 

Options issued for services in November 2007, vested during 2007, valued at $0.60/share

 

 

-

 

 

 

-

 

 

 

41,653

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

41,653

 

Warrants issued for future services in April 2007, vested during 2007, valued at $0.70/share

 

 

-

 

 

 

-

 

 

 

348,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

348,000

 

Deferred charges for common stock issued for future services in March 2007, valued at $0.58/share

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(928,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(928,000

)

Amortization of deferred charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

773,333

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

773,333

 

Unrealzed gain (loss) on securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(32,610

)

 

 

-

 

 

 

-

 

 

 

(32,610

)

Net loss for the year ending December 31, 2007

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,223,449

)

 

 

(4,223,449

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2007

 

 

33,690,075

 

 

 

33,690

 

 

 

10,449,763

 

 

 

-

 

 

 

(154,667

)

 

 

(58,610

)

 

 

(15,827

)

 

 

(9,601,169

)

 

 

653,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued in private placement during 2008 at $0.60/share

 

 

690,001

 

 

 

690

 

 

 

413,310

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

414,000

 

Common stock issued for services in March 2008, valued at $0.75/share

 

 

100,000

 

 

 

100

 

 

 

74,900

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

75,000

 

Common stock issued for services in August 2008, valued at $1.80/share

 

 

200,000

 

 

 

200

 

 

 

359,800

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

360,000

 

Exercise of warrants at $0.25/share

 

 

320,000

 

 

 

320

 

 

 

79,680

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

80,000

 

Exercise of warrants at $0.25/share, pursuant to November 2008 adjusted stock offering

 

 

641,080

 

 

 

641

 

 

 

159,629

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

160,270

 

Exercise of warrants at $0.50/share

 

 

270,000

 

 

 

270

 

 

 

134,730

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

135,000

 

Warrants issued for services in September 2005, vested during 2008, valued at $1.45/share

 

 

-

 

 

 

-

 

 

 

27,014

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

27,014

 

Warrants issued for services in March 2007, vested during 2008, valued at $0.63/share

 

 

-

 

 

 

-

 

 

 

10,885

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,885

 

Warrants issued for services in April 2007, vested during 2008, valued at $0.69/share

 

 

-

 

 

 

-

 

 

 

121,713

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

121,713

 

Warrants issued for services in April 2007, vested during 2008, valued at $0.63/share

 

 

-

 

 

 

-

 

 

 

48,738

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

48,738

 

Warrants issued for services in May 2007, vested during 2008, valued at $0.56/share

 

 

-

 

 

 

-

 

 

 

31,444

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31,444

 

Warrants issued for services in December 2007, vested during 2008, valued at $0.55/share

 

 

-

 

 

 

-

 

 

 

12,487

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,487

 

Options issued for services in November 2007, vested during 2008, valued at $0.60/share

 

 

-

 

 

 

-

 

 

 

286,803

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

286,803

 

Options issued for services in January 2008, vested during 2008, valued at $0.60/share

 

 

-

 

 

 

-

 

 

 

30,750

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

30,750

 

Options issued for services in July 2008, vested during 2008, valued at $1.48/share

 

 

-

 

 

 

-

 

 

 

114,519

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

114,519

 

Options issued for services in August 2008, vested during 2008, valued at $1.36/share

 

 

-

 

 

 

-

 

 

 

525,263

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

525,263

 

Options issued for services in November 2008, vested during 2008, valued at $0.50/share

 

 

-

 

 

 

-

 

 

 

6,439

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,439

 

Warrants issued for future services in March 2008, vested through September 2008, valued at $0.83/share

 

 

-

 

 

 

-

 

 

 

332,000

 

 

 

-

 

 

 

(332,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Warrants issued for services in May 2008, vested through September 2008, valued at $1.63/share

 

 

-

 

 

 

-

 

 

 

976,193

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

976,193

 

Amortization of deferred charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

431,337

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

431,337

 

Receivable for the issuance of common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12,500

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12,500

)

Realized loss reclassification

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

58,610

 

 

 

-

 

 

 

-

 

 

 

58,610

 

Net loss for the year ending December 31, 2008

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,340,607

)

 

 

(4,340,607

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2008

 

 

35,911,156

 

 

$

35,911

 

 

$

14,196,060

 

 

$

(12,500

)

 

$

(55,330

)

 

$

-

 

 

$

(15,827

)

 

$

(13,941,776

)

 

$

206,538

 



See accompanying notes to these financial statements.




5




LIGHTWAVE LOGIC, INC.

(A Development Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD JANUARY 1, 2004 (INCEPTION OF DEVELOPMENT STAGE) TO

MARCH 31, 2014 (CONTINUED)

(UNAUDITED)


 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

 

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable/

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable

 

 

 

 

 

Unrealized

 

 

 

 

 

During

 

 

 

 

 

 

Number of

 

 

Common

 

 

Paid-in

 

 

for Issuance

 

 

Deferred

 

 

Loss

 

 

Accumulated

 

 

Development

 

 

 

 

 

 

Shares

 

 

Stock

 

 

Capital

 

 

of Common Stock

 

 

Charges

 

 

on Securities

 

 

Deficit

 

 

Stage

 

 

Total

 

 

  

                    

 

 

                 

 

 

                   

 

 

                             

 

 

                    

 

 

                      

 

 

                      

 

 

                       

 

 

                    

 

BALANCE AT DECEMBER 31, 2008

 

 

35,911,156

 

 

$

35,911

 

 

$

14,196,060

 

 

$

(12,500

)

 

$

(55,330

)

 

$

-

 

 

$

(15,827

)

 

$

(13,941,776

)

 

$

206,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rights to purchase shares issued in January 2009, vested during 2009, valued at $0.33/share

 

 

-

 

 

 

-

 

 

 

132,058

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

132,058

 

Common stock issued for services in January 2009, valued at $0.58/share

 

 

100,000

 

 

 

100

 

 

 

57,900

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

58,000

 

Common stock issued for services & settlement for accounts payable January 2009 valued at $0.25/share

 

 

100,000

 

 

 

100

 

 

 

24,900

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25,000

 

Exercise of purchase right agreement in January 2009 at $0.25/share

 

 

180,550

 

 

 

181

 

 

 

44,957

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

45,138

 

Exercise of warrants at $0.25/share, pursuant to November 2008 adjusted stock offering

 

 

1,279,336

 

 

 

1,279

 

 

 

318,555

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

319,834

 

Exercise of warrants at $0.001/share

 

 

400,000

 

 

 

400

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

400

 

Exercise of warrants at $1.00/share

 

 

355,000

 

 

 

355

 

 

 

354,645

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

355,000

 

Options issued for services in November 2007, vested during 2009, valued at $0.60/share

 

 

-

 

 

 

-

 

 

 

199,234

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

199,234

 

Options issued for services in January 2008, vested during 2009, valued at $0.60/share

 

 

-

 

 

 

-

 

 

 

13,583

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,583

 

Options issued for services in July 2008, vested during 2009, valued at $1.48/share

 

 

-

 

 

 

-

 

 

 

67,838

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

67,838

 

Options issued for services in August 2008, vested during 2009, valued at $1.36/share

 

 

-

 

 

 

-

 

 

 

623,246

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

623,246

 

Options issued for services in November 2008, vested during 2009, valued at $0.50/share

 

 

-

 

 

 

-

 

 

 

61,346

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

61,346

 

Options issued for services in January 2009, vested during 2009, valued at $0.53/share

 

 

-

 

 

 

-

 

 

 

13,136

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,136

 

Options issued for services in February 2009, vested during 2009, valued at $0.38/share

 

 

-

 

 

 

-

 

 

 

9,583

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,583

 

Options issued for services in June 2009, vested during 2009, valued at $0.85/share

 

 

-

 

 

 

-

 

 

 

21,085

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21,085

 

Warrants issued for services in June 2009, vested during 2009, valued at $0.85/share

 

 

-

 

 

 

-

 

 

 

177,881

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

177,881

 

Contribution of accrued payroll in February 2009

 

 

-

 

 

 

-

 

 

 

52,129

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

52,129

 

Amortization of deferred charges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

55,330

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

55,330

 

Payment for the issuance of common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,500

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,500

 

Common stock issued for services in June 2009, valued at $0.34/share

 

 

116,000

 

 

 

116

 

 

 

39,884

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

40,000

 

Common stock issued for services & settlement for accounts payable June 2009 valued at $0.34/share

 

 

145,000

 

 

 

145

 

 

 

49,855

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

50,000

 

Common stock issued in private placement during June 2009 at $0.34/share

 

 

2,479,500

 

 

 

2,480

 

 

 

852,520

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

855,000

 

Common stock issued for services in July 2009, valued at $0.75/share

 

 

100,000

 

 

 

100

 

 

 

74,900

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

75,000

 

Net loss for the year ending December 31, 2009

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,721,871

)

 

 

(2,721,871

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT December 31, 2009

 

 

41,166,542

 

 

 

41,167

 

 

 

17,385,295

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,827

)

 

 

(16,663,647

)

 

 

746,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options issued for services in November 2007, vested during 2010, valued at $0.60/share

 

 

-

 

 

 

-

 

 

 

174,866

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

174,866

 

Options issued for services in January 2008, vested during 2010, valued at $0.60/share

 

 

-

 

 

 

-

 

 

 

14,873

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14,873

 

Options issued for services in July 2008, vested during 2010, valued at $1.48/share

 

 

-

 

 

 

-

 

 

 

74,061

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

74,061

 

Options issued for services in August 2008, vested during 2010, valued at $1.36/share

 

 

-

 

 

 

-

 

 

 

643,812

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

643,812

 

Options issued for services in November 2008, vested during 2010, valued at $0.50/share

 

 

-

 

 

 

-

 

 

 

31,478

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31,478

 

Warrants issued for services in June 2009, vested during 2010, valued at $0.85/share

 

 

-

 

 

 

-

 

 

 

213,459

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

213,459

 

Warrants issued for services in January 2010, vested during 2010, valued at $1.83/share

 

 

 

 

 

 

 

 

 

 

580,167

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

580,167

 

Warrants issued for services in March 2010, vested during 2010, valued at $1.86/share

 

 

-

 

 

 

-

 

 

 

214,063

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

214,063

 

Options issued for services in August 2010, vested during 2010, valued at $1.31/share

 

 

 

 

 

 

 

 

 

 

27,434

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

27,434

 

Options issued for services in December 2010, vested during 2010, valued at $1.14/share

 

 

 

 

 

 

 

 

 

 

286,002

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

286,002

 

Exercise of warrants at $0.25/share

 

 

947,200

 

 

 

947

 

 

 

235,853

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

236,800

 

Exercise of options at $0.25/share

 

 

15,000

 

 

 

15

 

 

 

3,735

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,750

 

Exercise of warrants at $0.345/share

 

 

10,000

 

 

 

10

 

 

 

3,440

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,450

 

Exercise of warrants at $0.50/share

 

 

25,000

 

 

 

25

 

 

 

12,475

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,500

 

Exercise of warrants at $1.00/share

 

 

282,500

 

 

 

283

 

 

 

282,218

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

282,500

 

Common stock issued in private placement during 2010 at $1.00/share

 

 

1,500,000

 

 

 

1,500

 

 

 

1,498,500

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,500,000

 

Common stock issued for services in August 2010, valued at $1.25/share

 

 

4,800

 

 

 

4

 

 

 

5,996

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,000

 

Common stock issued for services in November 2010, valued at $0.93/share

 

 

5,000

 

 

 

5

 

 

 

4,645

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,650

 

Common stock issued for services in December 2010, valued at $01.20/share

 

 

10,000

 

 

 

10

 

 

 

11,990

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,000

 

Net loss for the year ending December 31, 2010

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,713,232

)

 

 

(3,713,232

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2010

 

 

43,966,042

 

 

$

43,966

 

 

$

21,704,361

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(15,827

)

 

$

(20,376,879

)

 

$

1,355,621

 



See accompanying notes to these financial statements.




6




LIGHTWAVE LOGIC, INC.

(A Development Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD JANUARY 1, 2004 (INCEPTION OF DEVELOPMENT STAGE) TO

MARCH 31, 2014 (CONTINUED)

(UNAUDITED)


 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

 

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable/

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable

 

 

 

 

 

Unrealized

 

 

 

 

 

During

 

 

 

 

 

 

Number of

 

 

Common

 

 

Paid-in

 

 

for Issuance

 

 

Deferred

 

 

Loss

 

 

Accumulated

 

 

Development

 

 

 

 

 

 

Shares

 

 

Stock

 

 

Capital

 

 

of Common Stock

 

 

Charges

 

 

on Securities

 

 

Deficit

 

 

Stage

 

 

Total

 

 

  

                    

 

 

                 

 

 

                   

 

 

                             

 

 

                    

 

 

                      

 

 

                      

 

 

                       

 

 

                    

 

BALANCE AT DECEMBER 31, 2010

 

 

43,966,042

 

 

$

43,966

 

 

$

21,704,361

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(15,827

)

 

$

(20,376,879

)

 

$

1,355,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for services in March 2011, valued at $1.45/share

 

 

10,000

 

 

 

10

 

 

 

14,490

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14,500

 

Options issued for services in January 2008, vested during 2011, valued at $0.60/share

 

 

-

 

 

 

-

 

 

 

285

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

285

 

Options issued for services in July 2008, vested during 2011, valued at $1.48/share

 

 

-

 

 

 

-

 

 

 

39,829

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

39,829

 

Options issued for services in August 2008, vested during 2011, valued at $1.36/share

 

 

-

 

 

 

-

 

 

 

383,881

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

383,881

 

Option