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Note 8. Warrants
 9 Months Ended
Jun. 30, 2014
Notes  
Note 8. Warrants

NOTE 8.     WARRANTS

 

On June 25, 2010 (inception), the Company issued 5,000,000 warrants (Series A-E). Each warrant allows the holder to purchase one share of the Company’s common stock. These warrants were to expire on January 4, 2014. On February 14 the Company issued 1,800,000 warrants (Series F-G) to Strategic Capital Partners, LLC, the largest shareholder. These warrants expire January 22, 2018. The terms of these warrants are shown below.

 

 

 

 

Shares Issuable Upon

 

 

 

 

Series

 

 

Exercise of Warrants

 

 

Exercise Price

 

 

 

 

 

 

 

 

 

A

 

 

 

1,000,000

 

 

$

1.00

 

B

 

 

 

1,000,000

 

 

$

2.00

 

C

 

 

 

1,000,000

 

 

$

3.00

 

D

 

 

 

1,000,000

 

 

$

4.00

 

E

 

 

 

1,000,000

 

 

$

5.00

 

F

 

 

 

1,200,000

 

 

$

8.00

 

G

 

 

 

600,000

 

 

$

12.00

 

 

On December 27, 2013, the Company extended the maturity date to January 4, 2015 for the Series A to E warrants. The estimated fair market value before and after this modification which resulted in a deminimus estimated fair market value. As a result the modification did not have an impact on the Company’s operations and the Company did not record any additional expense..