Derivative Liabilities | 6 Months Ended |
Jun. 30, 2014 |
Derivative Liabilities [Abstract] | |
Derivative Liabilities | Note 9- Derivative Liabilities |
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As of June 30, 2014, we have determined that we currently have (i) the following shares of common stock issued, and (ii) outstanding instruments which are convertible into the shares of common stock indicated below in connection with warrants, convertible notes and preferred shares previously issued by the Company or agreements with the Company: |
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| 169,758,040 | | Common Stock Issued and Outstanding | | | | | |
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| 950,000 | | Common Shares exercised from warrants (950,000 warrants outstanding) | | | | | |
| 250,000,000 | | Common Shares convertible from convertible notes ($125,000 converted at $0.0005 per share ) | | | | | |
| 62,702,463 | | Common Shares convertible from Preferred Series A (25,080,985 shares outstanding) | | | | | |
| 1,333,333 | | Common Shares convertible from Preferred Series A warrants (533,333 warrants outstanding) | | | | | |
| 484,743,836 | | Total Common Shares Outstanding and Accounted For/Reserved | | | | | |
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Accordingly, given the fact that the Company currently has 480,000,000 shares of common stock authorized, the Company could exceed its authorized shares of common stock by approximately 4,743,836 shares (December 31, 2013 – 3,717,168 shares) if all of the financial instruments described in the table above were exercised or converted into shares of common stock. At June 30, 2014, 4,743,836 of these shares were in excess of the authorized shares and were accounted for as a derivative liability. The fair value of these 4,743,836 common shares was determined to be $51,708 ($23,790 as to 3,717,168 shares as of December 31, 2013) using the closing price of Epoxy’s common stock. |
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| | Exceed number of authorized shares | | | Derivate Liabilities | |
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Balance, December 31, 2013 | | | 3,717,169 | | | $ | 23,790 | |
Add: Common shares issued | | | 933,334 | | | | 10,174 | |
Common shares for exercise underlying warrants | | | 93,333 | | | | 1,017 | |
Change in fair value of derivative liabilities | | | - | | | | 16,727 | |
Balance: June 30, 2014 | | | 4,743,836 | | | $ | 51,708 | |
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We have evaluated our convertible cumulative preferred stock under the guidance set out in FASB ASC 470-20 and have accordingly classified these shares as equity in the consolidated balance sheets. |