XML 28 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Equity
12 Months Ended
Dec. 31, 2012
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

10.       WARRANTS AND OPTIONS

During the fiscal year ended December 31, 2012, the Company has granted 1,500,000 warrants to purchase shares of Common Stock which all have a 1 year exercise term.  The Company valued these warrants utilizing a Black-Scholes option pricing model and the fair value was recorded in additional paid-in capital.

Warrants outstanding and exercisable at December 31, 2012 are as follows:

           

 

 

Warrants Outstanding

 

Warrants Exercisable

Range of

Exercise Price

Number

Outstanding

Weighted Average

Remaining Contractual

Life (in Years)

Weighted Average

Exercise Price

Number

Exercisable

Weighted Average

Exercise Price

$

1.50

1,500,000

0.79 years

$

1.50

1,500,000

 

$

1.50

 

Effective November 2, 2010 the Board of Directors of the Company granted 50,000 non-statutory stock options to a former consultant at an exercise price of $.001 per share with the vesting date of November 2, 2013 and an expiration date of November 2, 2016.

During the period that the options were issued, the Company had no public trading activity for the Company’s common stock.  However, the majority shareholder sold in private transactions shares at $.90 per share.  In order to value the Company’s options, the Company chose to use the minimum value method, even though the Company is a public company since there was no measurable trading activity.  The fair value of the options was recorded in additional paid-in capital. 

Options outstanding and exercisable at December 31, 2012 are as follows:

 

Options Outstanding

 

Options Exercisable

Range of Exercise Price

 

Number Outstanding

 

Weighted Average Remaining Contractual Life (in Years)

 

Weighted Average Exercise Price

 

Number of Exercisable

 

Weighted Average Exercise Price

$    0.001

 

50,000

 

3.84 years

 

$               0.001

 

-

 

$                 -  

 

Disclosure Text Block Supplement [Abstract]  
Shareholders' Equity and Share-based Payments [Text Block]

5.         SHARE CAPITAL

Effective April 22, 2008, the Company forward-split its issued common stock on a ratio of 5.8 shares for each original share.  As a result of this transaction, 11,078,000 shares were issued.  Effective February 12, 2010, the Company forward-split its  issued common stock on a ratio of 1.65 shares for each one prior share.  As a result of this transaction, 8,442,200 shares were issued. Effective February 19, 2010 3,767,051 shares were issued in a private placement.  Consideration for the issue of additional shares has been charged against additional paid in capital.  The forward stock splits adjustments have been applied retroactively.

Effective April 16, 2010 the Board of Directors of the Company authorized issuance of 20,000 shares to the members of its Scientific Board at a deemed value per share of $.90.

            Effective June 2, 2011 and December 30, 2011 the Board of Directors of the Company authorized             issuance of 3,888 and 13,611 shares to the former consultants at a deemed value per share of $.90.

Effective June 26, 2012 200,000 shares were issued in a private placement for the receipt of $200,000.

    

Effective July 5, 2012 the Company’s subscription agreement was amended to include finder’s fee of 10% of the amount raised in the future in the form of shares of restricted common stock.

Effective September 12, 2012, 500,000 shares were issued in a private placement for the receipt of $500,000.

 

Effective October 3, 2012, October 12, 2012, November 5, 2012 and December 12, 2012, 250,000 shares each were issued in a private placement for the total receipt of $1,000,000.