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Tuesday, May 24, 2016 8:12:33 AM
Issuances
During the three months ended, March 31, 2016, the Company issued 7,456,707 common shares in connection with conversion of debt valued at $265,258 for the conversion of debt of $77,874.
Preferred Stock Warrants
The following table presents the Series A preferred stock warrant activity during 2015 and first quarter 2016:
Warrants
Weighted Average Exercise Price
Outstanding - December 31, 2015
2,958,083 $ 1.17
Granted
- -
Forfeited/canceled
- -
Exercised
- -
Outstanding – March 31, 2016
2,958,083 $ 1.17
Exercisable – March 31, 2016
2,958,083 $ 1.17
The weighted average remaining life of the outstanding Series A preferred stock warrants as of March 31, 2016 and December 31, 2015 was 3.97 and 4.22 years, respectively.
In April 2016, pursuant to a Settlement Agreement with ICPI, all remaining Series A Warrants have been retired in exchange for the issuance of Series C Preferred Stock. A total of 1,700,000 Series C Preferred Shares were issued to ICPI in exchange for the retirement of all remaining Series A Warrants and the waiver of unpaid dividends on Series A Preferred stock held by ICPI for the years 2014, 2015 and 2016.
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