General form of registration statement for all companies including face-amount certificate companies

14. Warrants

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14. Warrants
 9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Warrants and Rights Note Disclosure [Abstract]    
Warrants

The Company has warrants outstanding to purchase up to 300,000 shares of our common stock at September 30, 2015 and December 31, 2014.

 

In connection with the sale of the Company’s newly designated Series A Convertible Preferred Stock in May 2014, Chardan Capital Markets LLC (“Chardan”) acted as sole placement agent in consideration for which Chardan received a cash fee of $535,000 and a warrant to purchase up to 300,000 shares of the Company’s common stock. These warrants vested immediately, have an exercise price of $2.00 per share, and have a five year term.

 

The following schedule summarizes the changes in the Company’s outstanding warrants during the nine months ended September 30, 2015:

 

    Warrants
Outstanding 		    Exercise     Weighted
Average
Remaining 		  Aggregate     Weighted
Average
Exercise 		 
    Number of     Price     Contractual   Intrinsic     Price  
    Shares     per Share     Life   Value     per Share  
Balance at December 31, 2014     300,000     $ 2.00     4.37 years     –     $ 2.00  
Warrants Granted     –                              
Warrants Exercised     –                              
Warrants Expired     –                              
Balance at September 30, 2015     300,000     $ 2.00     3.88 years   $ 0     $ 2.00  
                                     
Exercisable December 31, 2014     300,000     $ 2.00     4.37 years     –     $ 2.00  
Exercisable September 30, 2015     300,000     $ 2.00     3.88 years   $ 0     $ 2.00  

  

The Company has warrants outstanding to purchase up to 300,000 and 0 shares of our common stock at December 31, 2014 and 2013, respectively.

 

In connection with the sale of the Company’s newly designated Series A Convertible Preferred Stock in May 2014, Chardan Capital Markets LLC (“Chardan”) acted as sole placement agent in consideration for which Chardan received a cash fee of $535,000 and a warrant to purchase up to 300,000 shares of the Company’s common stock. These warrants vested immediately, have an exercise price of $2.00 per share, and have a five year term.

 

The following schedule summarizes the changes in the Company’s outstanding warrants during the twelve months ended December 31, 2014:

 

    Warrants Outstanding     Exercise     Weighted Average Remaining     Weighted Average Exercise  
    Number of     Price     Contractual     Price  
    Shares     per Share     Life     per Share  
                         
Balance at December 31, 2013     –     $ –       –     $ –  
Warrants Granted     300,000     $ 2.00       4.37 years     $ 2.00  
Warrants Exercised     –     $ –       –     $ –  
Warrants Expired     –     $ –       –     $ –  
Balance at December 31, 2014     300,000     $ 2.00       4.37 years     $ 2.00  
                                 
Exercisable December 31, 2013     –     $ –       –     $ –  
Exercisable December 31, 2014     300,000     $ 2.00       4.37 years     $ 2.00