Guys, remember that not all shareholders are "investors". I know that's a contradicting statement but put yourself in the place of vendors that have sold fixed assets or rendered services for the company and instead of being paid, were issued shares. They may care less about being a long term investor. They want to cash these shares out on the open market so they can receive cash and in turn, pay their suppliers. Take a look at all the issuance for services in the 10-k. Also, all the stock issued to officers that were vested immediately.
Common stock issued for services
On January 13, 2012, the Company issued 166,434 shares of its common stock to a vendor for settlement of accrued expenses related to services rendered. The shares were valued at $26,296 and $12,296 was recorded as stock based compensation and $14,000 as a reduction in Accrued expenses.
On April 3, 2012, the Company issued 218,182 shares of its common stock to a vendor for settlement of accrued expenses related to services rendered. The shares were valued at $19,636 and recorded as stock based compensation.
On July 6, 2012 the Company granted 5,000,000 shares of restricted stock to a service provider. The shares were value at $435,000 on the date of the grant, 20% of the restricted stock vest per year on the anniversary date of the grant and $43,500 was recorded as stock based compensation for the period from grant date to December 31, 2012.
On July 10, 2012 the Company granted 6,500,000 shares of restricted stock to the Company’s Chief Executive Officer. The shares were valued at $650,000 on the date of the grant. The restricted stock vests at a rate of 20% per year on the anniversary date of the grant and $65,000 was recorded as stock based compensation for the period from the grant date to December 31, 2012.
F-22
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On July 10, 2012 the Company granted 550,000 shares of restricted stock to two employees. The shares were value at $55,000. 300,000 shares vested immediately and 250,000 vested on January 1, 2013. $55,000 was recorded as stock based compensation for the period from the grant date to December 31, 2012.
On September 30, 2012, the Company issued 600,000 shares of its common stock to a vendor for settlement of accrued expenses related to services rendered. The shares were valued at $62,400 and recorded as stock based compensation.
On October 19, 2012, the Company issued 600,000 shares of its common stock to a vendor for settlement of accrued expenses related to services rendered. The shares were valued at $60,000 and recorded as stock based compensation.
On October 24, 2012 the Company granted 3,050,000 shares of restricted stock to an employee. The shares vested immediately were valued at $274,500 and was recorded as stock based compensation for the period.
On November 14, 2012, the Company issued 4,000,000 shares of its common stock as part of the inducement for the 16% Convertible debenture. The shares were valued at $299,600 and recorded as Debt Discount and will be amortized over the 18 month term of the debenture.
On November 20, 2012, the Company issued 150,000 shares of its common stock to a vendor for settlement of accrued expenses related to services rendered. The shares vest immediately and were valued at $12,000 and recorded as stock based compensation.
On November 23, 2012 the Company granted 5,000,000 shares of restricted stock to an officer. The shares vest immediately and were value at $400,000 and was recorded as stock based compensation for the period.
On December 6, 2012, the Company issued 200,000 shares of its common stock to a vendor for settlement of accrued expenses related to services rendered. The shares vest immediately and were valued at $20,000 and recorded as stock based compensation.
On November 23, 2012 the Company granted 250,000 shares of restricted stock to an employee. The shares vest immediately and were value at $20,000 and was recorded as stock based compensation for the period.
For the year ended December 31, 2012 the Company amortized $1,475,982 of stock based compensation resulting from stock and warrants.
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