|3 Months Ended|
Mar. 31, 2016
On October 29, 2015 a 1:40 reverse split of the Company stock occurred and the effect has been applied retroactively for disclosure purposes.
For the year 2015, 52,500 common stock purchase warrants were granted to two consultants and a vendor for service provided. One consultant was granted 25,000 warrants with exercise price of $10.00, vesting over two years and the expiration date is June 16, 2018. The other consultant was granted 12,500 warrants with exercise price of $10.00, vesting over one year and the expiration date is June 25, 2018. These same two consultants and the vendor each received 5,000 warrants with exercise price of $5.00, immediately vested and an expiration date of December 10, 2018.
The Company used the Black-Scholes warrant pricing model to estimate the fair value on the re-measurement date as of March 31, 2016 of the 30,000 warrants that continue to vest during the three months ended March 31, 2016.
The following table summarizes the assumptions used to estimate the fair value of the 30,000 warrants granted during 2015 as of March 31, 2016:
Under the Black-Scholes warrant price model, fair value of the warrants granted during 2015 is estimated at $32,995 as of March 31, 2016. During the three months ended March 31, 2016, $1,325 compensation expense was recognized.
The following table represents warrant activity as of and for the period ended March 31, 2016:
The entire disclosure of warrants issued or to be issued under warrant agreements. Warrants outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. May disclose information about the aggregate amount of securities called for by warrants outstanding, the date from which the warrants are exercisable, and the price at which the warrant is exercisable.
No definition available.