The book value of the Company's outstanding common shares as of December 31, 2014 and 2013 is calculated as follows:
As of December 31, 20142013 Total shareholder's equity $ 22,969,008 $ 7,715,014 Less: Preferred equity $ 9,200,000 - Shareholder's equity available $ 13,769,008 $ 7,715,014 to common shares
Common shares outstanding 3,604,316 3,604,316 Book value per common share $ 3.82 $ 2.14
The following table presents the estimated book value per common share as of December 31, 2014 and 2013 assuming the conversion of preferred shares to common stock and exercise of all outstanding warrants:
As of December 31, 2014 2013
Total shareholder's equity $ 22,969,008 $ 7,715,014 Effect of excercised warrants & conversion of preferred shares $ 8,000,000 - Projected shareholders equity with exercise of warrants $ 30,969,008 $ 7,715,014
Common shares outstanding 3,604,316 3,604,316 Effect of converted preferred shares 18,400,000 - Effect ofexercised warrants 16,000,000 - Common shares outstanding after exercised warrants and conversion of preferred shares 38,004,316 3,604,316 Book value per share $ 0.81 $ 2.14
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