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Subsequent Events
12 Months Ended
Dec. 31, 2014
Reserved for issuance, share value  
Subsequent Events

 

Issuance of Additional Bridge Notes and Payment of Interest in Shares of Common Stock

 

    On January 2, 2015, the Company issued an additional Bridge Note in the aggregate principal amount of $36,500 and issued 73,000 shares of Common Stock to the purchaser of the additional Bridge Note. Additionally, we issued 500,000 shares of Common Stock in January 2015 to certain investors who purchased Bridge Notes during the year ended December 31, 2014.

 

    In February 2015, the Company issued 815,061 shares of Common Stock as payment for accrued interest for the period from July 1, 2014 through December 31, 2014 under certain convertible notes payable.

 

Issuance of Stock Options; Cancellation of Management Shares

 

    On February 3, 2015, the Board of Directors granted an aggregate of 2.3 million stock options to its executive management at an exercise price of $0.04 per share.  The options have a five year term and are fully vested on the date of grant.

 

    In May 2013, the executive management received an aggregate of 1 million shares of Common Stock as compensation for the completion of certain objectives. On February 20, 2015, the Board of Directors agreed to cancelled these shares, as the Company had failed to meet the specified objectives.

 

Financial Consulting Agreements

 

    Although the Company has yet to receive proceeds sufficient to constitute an Initial Capital Raise (as defined above), in February 2015, the Company agreed to issue 300,000 shares of Common Stock to Mayer and 625,003 shares to JFS Investments as consideration for services rendered under the agreements thus far.

 

Passing of Dr. William H. Fleming

 

              On March 21, 2015, Dr. William Fleming, the Company's Chief Scientific Officer and member of the Company's Board of Directors, unexpectedly passed away. The Board of Directors is currently searching for a successor to manage the Company as it executed its current business plan.