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Subsequent Events
9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events


NOTE 8 Subsequent Events


In accordance with the 2007 Equity Incentive Plan, on October 24, 2016, the Company issued options to purchase 5,000 shares of common stock to a director upon his appointment to the compensation committee. The options have an exercise price of $0.27 per share and vest over a three year period, subject to continued service on the committee.  The options were valued using the Black-Scholes model using a volatility of 105.8% (derived using the historical market price for the Company’s common stock), an expected term of 6.5 years (using the simplified method) and a discount rate of 1.42%. The fair value of these options, $1,117, will be recognized as expense over the requisite service period.


Since October 1, the Company has issued two year warrants to purchase 218,596 shares of common stock at an exercise price of $2.00 per share in exchange for advances in the amount of $125,000 from the Company’s president and principal shareholder in connection with the secured convertible line of credit agreement.  The conversion rate of the advances ranged from $0.28 to $0.29.  


Since October 1, 2016, the Company has issued 404,081 shares of common stock to Lincoln Park in exchange for $104,120 in connection with the Purchase Agreement.


Since October 1, 2016, the Company has issued 892,858 shares of common stock and two year warrants to purchase 446,429 shares of common stock at an exercise price of $2.00 per share in exchange for $250,000 in connection with a private placement with an accredited investor.