STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2014 |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE 6 – STOCKHOLDERS' EQUITY |
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During the quarter ended March 31, 2014 the Company has sold 4,190,000 Units at $0.25 and 450,000 Units at $0.22 consisting of one share of common stock and a warrant to purchase 0.75 of a share for cash pursuant to a private placement agreement. As a result of this transaction, the Company issued 4,640,000 shares of common stock and 3,480,000 warrants to purchase our common stock for five years at $0.25 per share. The Company issued 1,000,000 shares and paid $110,000 in cash in a finders fee in connection with this transaction. |
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Also, during the quarter ended March 31, 2014 the Company issued 4,660,000 Units consisting of one share of common stock and a warrant to purchase 0.75 of a share in satisfaction of accrued liabilities at the price of $0.25 per share. As a result of this transaction, the Company issued 4,660,000 shares of common stock and 3,495,000 warrants to purchase our common stock for five years at $0.25 per share. The Units were issued on the same terms as the Units issued in connection with the private placement transaction. |
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Additionally, during the quarter ended March 31, 2014 the Company issued a total of 1,073,000 shares of common stock to employees and consultants for services rendered at the price of $0.25 per share. |
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During the quarter ended March 31, 2014 the Company issued 321,628 shares of common stock to vendors in satisfaction of accounts payable and accrued liabilities at the price of $0.25 per share. |
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During the quarter ended June 30, 2014 the Company has sold 244,000 Units consisting of one share of common stock and a warrant to purchase 0.75 of a share for cash pursuant to a private placement agreement at the price of $0.25 per share. As a result of this transaction, the Company issued 244,000 shares of common stock and 183,000 warrants to purchase our common stock for five years at $0.25 per share. |
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During the quarter ended June 30, 2014 the Company has issued 2,452,400 Units consisting of one share of common stock and a warrant to purchase 0.75 of a share in satisfaction of accrued liabilities at the price of $0.25 per share. As a result of this transaction, the Company issued 2,452,400 shares of common stock and 1,839,300 warrants to purchase our common stock for five years at $0.25 per share. The 2,452,400 Units were issued on the same terms as the Units issued in connection with the private placement transaction. |
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During the quarter ended June 30, 2014 the Company issued a total of 3,572,000 shares of common stock to consultants for services rendered at the price of $0.25 per share. |
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During the quarter ended June 30, 2014 the Company issued 280,000 shares of common stock to two officers as part of their compensation at the price of $0.25 per share. |
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As of June 30, 2014, the Company had 8,997,300 warrants to purchase common stock. All outstanding warrants have a weighted average price of $0.25 per share and have a weighted average remaining life of 4.77 years. |
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The following table summarizes warrants that are issued, outstanding and exercisable |
| | | | Warrants Issued & Outstanding | |
Exercise | | Expiration | | 30-Jun | | | 31-Dec | |
Price | | Date | | 2014 | | | 2013 | |
$ | 0.25 | | 14-Mar-19 | | | 3,495,000 | | | | - | |
$ | 0.25 | | 21-Mar-19 | | | 3,480,000 | | | | | |
$ | 0.25 | | 6-Jun-19 | | | 2,022,300 | | | | - | |
| | | | | | | | | | | |
| | | | | | 8,997,300 | | | | - | |