Stockholders' deficit

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' deficit

14. Stockholders’ deficit

a) Common shares

On March 29, 2018, the Company issued 165,000 shares of common stock to Leonite Capital, LLC in connection with the closing of a financing of a Senior Secured Convertible Note. The shares were valued at $11,550, or $0.07 per share on the issue date.

On April 17, 2018, the Company issued 605,000 shares of common stock to Leonite Capital, LLC in connection with the closing of a financing of a Senior Secured Convertible Note. The shares were valued at $39,450 on the issue date.

b) Warrants

In terms of the convertible note agreements entered into with Leonite Capital, LLC, disclosed in note 10 above, the Company agreed to issue warrants exercisable over a total of 15,583,333 shares of common stock at an exercise price of $0.10 per share.

In terms of the Series N Convertible debt issued to various accredited investors, disclosed in note 10 above, the Company agreed to issue warrants exercisable over a total of 21,250,000 shares of common stock at an exercise price of $0.12 per share.

The fair value of Warrants awarded and revalued during the nine months ended September 30, 2018 were valued at $1,487,729 using the Black Scholes pricing model utilizing the following weighted average assumptions: 

	Nine months ended September 30, 2018
Calculated stock price	0.06 to 0.08
Risk free interest rate	2.64 to 2.89%
Expected life of warrants (years)	3 to 5 years
expected volatility of underlying stock	198.8 to 203.2%
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, 2017		19,637,409		$0.0033 to $.0.03	$	0.0033
Granted		29,866,666		$0.03 to $0.10		0.0945
Exercised		—		—		—
Outstanding December 31, 2017		49,504,075		$0.0033 to $.0.03		0.0033
Granted		36,833,333		$0.10 to $0.12		0.11
Forfeited/cancelled		—		—		—
Exercised		—		—		—
Outstanding September 30, 2018		86,337,408		$0.033 to $0.12	$	0.0870

The following table summarizes information about warrants outstanding at September 30, 2018: 

	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	1.50			21,704,075
$0.10	43,083,333	4.30			43,083,333
$0.12	21,250,000	2.70			21,250,000
	86,337,408	3.19	$	0.87	86,337,408	$	0.87

*       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 September 30, 2018 are vested. The warrants outstanding as of September 30, 2018 have an intrinsic value of $1,108,205.

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 September 30, 2018 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 September 30, 2018. 

	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	1.08			480,000
	480,000	1.08	$	0.12	480,000	$	0.12

As of September 30, 2018, there was no unrecognized compensation costs related to these options and the intrinsic value of the options is $0.