Subsequent Events |
12 Months Ended |
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Dec. 31, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
17. Subsequent Events
Since December 31, 2015, the Company granted 3,337,090 stock options to officers, employees and consultants.
On March 2, 2016, the Company issued 15,625,000 shares of its common stock and warrants exercisable for up to 11,718,750 shares of its common stock in a registered direct offering for gross proceeds of $5 million. The shares and warrants were sold in units, consisting of one share of common stock and a warrant to purchase 0.75 of a share of common stock, at an offering price of $0.32 per unit. Subject to certain ownership limitations, the warrants are exercisable beginning six months after the closing date until the five-year anniversary of the initial exercise date. The warrants have an exercise price of $0.42 per share. The Company also issued warrants to purchase 781,250 shares of the Company’s common stock, at an exercise price of $0.40 per share, to the placement agent in the offering and its designees in reliance on the exemption from registration provided by Section 4(a)(2) under the Securities Act as transactions not involving any public offering.
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- References No definition available.
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- Definition 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.
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