Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

Note 17 - Subsequent Events

 

Common Stock

 

Subsequent to June 30, 2015 the Company issued 20,000 shares of common stock issued pursuant to the Company’s equity incentive plan under the terms of director services agreements which were fully vested upon the date of grant. The Company recorded an expense of $36,000 for the value of those shares.

 

Subsequent to June 30, 2015 the Company issued 1,361 shares of common stock to an employee who exercised employee stock options as a cashless exercise.

 

Options

 

Subsequent to June 30, 2015 the Company granted options for the purchase of 960,938 shares of common stock to employees and consultants of the Company. These options vest pro-rata over 48 months and have a life of 10 years and an exercise price of $1.75 per share. The Company valued the stock options using the Black-Scholes option valuation model and the fair value of the award was $741,000.