Stockholders' equity (deficit)

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Stockholders' deficit

16. Stockholders’ equity (deficit)

a) Common shares

On February 2, 2017, the Company issued 1,200,000 common shares to a convertible note holder in terms of a returnable commitment fee. The shares are returnable to the Company if the convertible note is repaid prior to maturity, failing which the commitment fee will be earned. These shares were not accounted for as issued as the probability of the commitment fee being assessed was not probable or certain. The convertible loan was repaid and the 1,200,000 common shares were returned to the Company, refer note 12 above.

On February 14, 2017, in terms of the acquisition of 100% of the capital stock of Cranberry Cove Holdings Ltd. (“CCH”) from Leon Developments, the Company funded a portion of the acquisition by the issuance of 60,000,000 shares of the Company’s common stock at a market value of US$0.0364 per share, totaling $2,184,000, refer note 1 and 4 above. 

On May 30, 2017, the Company issued 100,000 common shares to a vendor in lieu of services rendered at a market value of US$0.04 per share. 

b) Warrants

In terms of the short-term Series L Convertible notes entered into with 3 parties, as disclosed in note 12 above, the Company awarded three year warrants exercisable over 2,366,666 shares of common stock, at an exercise price of $0.03 per share.

The fair value of Warrants awarded during the six months ended June 30, 2017 were valued at $94,620 using the Black Scholes pricing model utilizing the following weighted average assumptions:

	Six months ended June 30, 2017
Calculated stock price	$	0.04
Risk free interest rate		1.48	%
Expected life of warrants (years)		3 years
expected volatility of underlying stock		398	%
Expected dividend rate		0	%

The movements in warrants is summarized as follows:

	No. of shares			Exercise price per share		Weighted average exercise price
Outstanding January 1, 2016		6,300,000			$0.0033 to $0.03	$	0.14
Granted		19,337,409			0.03		0.0300
Forfeited/cancelled		(6,000,000	)		0.15		0.1500
Exercised		—			—		—
Outstanding December 31, 2016		19,637,409			$0.0033 to $0.03		0.0300
Granted		2,366,666			0.03		0.0300
Forfeited/cancelled		—			—		—
Exercised		—			—		—
Outstanding June 30, 2017		22,004,075			$0.033 to $0.03	$	0.0300

The following table summarizes information about warrants outstanding at June 30, 2017:

	Warrants outstanding						Warrants exercisable
Exercise price	No. of shares		Weighted average remaining years		Weighted average exercise price		No. of shares		Weighted average exercise price
$0.0033		300,000		*				300,000
$0.03		21,704,075		2.69				21,704,075
		22,004,075		2.69	$	0.03		22,004,075	$	0.03

* In terms of an agreement entered into with an investor relations company, 300,000 warrants were to be issued as part of the Investor Relations Agreement. These warrants have not been issued as yet, therefore the warrant terms are uncertain.

All of the warrants outstanding as of June 30, 2017 are vested. The warrants outstanding as of June 30, 2017 have an intrinsic value of $668,123.

c) Stock options

Our board of directors adopted the GreeneStone Healthcare Corporation 2013 Stock Option Plan (the “Plan”) to promote our long- term growth and profitability by (i) providing our key directors, officers and employees with incentives to improve stockholder value and contribute to our growth and financial success and (ii) enable us to attract, retain and reward the best available persons for positions of substantial responsibility. A total of 10,000,000 shares of our common stock have been reserved for issuance upon exercise of options granted pursuant to the Plan. The Plan allows us to grant options to our employees, officers and directors and those of our subsidiaries; provided that only our employees and those of our subsidiaries may receive incentive stock options under the Plan. We have granted a total of 480,000 options as of June 30, 2017 under the Plan.

No options were issued, exercised or cancelled for the period under review.

The following table summarizes information about options outstanding as of June 30, 2017.

	Options outstanding						Options exercisable
Exercise price		No. of shares	Weighted average remaining years		Weighted average exercise price		No. of shares		Weighted average exercise price
$0.12		480,000		2.34				480,000
		480,000		2.34	$	0.12		480,000	$	0.12

As of June 30, 2017, there was no unrecognized compensation costs related to these options and the intrinsic value of the options is $0.