|12 Months Ended|
Dec. 31, 2016
|Subsequent Events [Abstract]|
Note 10 – Subsequent Events
On January 22, 2017, the Company issued 500 shares of common stock to an employee for vested restricted stock grant.
On February 22, 2017, the Company issued 500 shares of common stock to an employee for vested restricted stock grant.
On February 27, 2017, the Company issued 5,000 shares of common stock to a consultant for vested stock grant.
On January 17, 2017, the Company granted an employee options to purchase 325,000 common shares at $1.04 per share.
On March 14 2017, the Company granted its employees options to purchase 1,425,500 common shares at $1.39 per share and granted its Board members options to purchase 225,000 common shares at $1.39 per share.
Certain warrants were issued to Mr. Seth as part of investment banking and advisory services either prior to and outside of Mr. Seth’s role as a Board Member and subsequently Executive Chairman and are not compensation for Board or Executive Chairman services to the Company. The Executive Chairman has refrained from exercising such warrants that are or have been in the money for most of their existing life in order to align with the long term interests of the Company, on March 14, 2017, the Company canceled warrant to purchase Common Stock of the Company, dated December 19, 2012, issued to its Executive Chairman in the amount of 57,212 warrant shares (the “Old Warrant”) and issued a new warrant to its Executive Chairman in the amount of 57,212 warrant shares with the term of the warrant expiring on February 11, 2022 (the “New Warrant”). The New Warrant has the same exercise price in effect as the exercise price as the Old Warrant but the expiration date was modified from December 19, 2017 to February 11, 2022. The Company also amended the warrant to purchase Common Stock of the Company, dated January 31, 2012, issued to its Executive Chairman and an entity affiliated with its Executive Chairman in the amount of 64,746 and 99,617 warrant shares, respectively. Pursuant to the terms of the warrant amendments the term of the warrants were extended to February 11, 2022 from January 31, 2019.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.