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Replies to post #1596 on Great Tang Bid Technology Inc (fka GTBT)
Common stock issued for services
In March 2011, the Company issued 325,000 shares of its common stock to a vendor. The shares were valued at $51,750 and recorded as a release of the company’s accounts payable.
On June 1, 2011 the company entered into a 3 year consulting agreement. Per the terms of the agreement, the company is to pay $3,250 per month and issued 1,500,000 shares of common stock and 2,000,000 warrants. The shares had a fair value of $187,500 and the warrants had a fair value using the Black Sholes valuation model of $98,289 and have recognized these amount as stock based compensation expense.
On June 24, 2011 the Company entered into a 3 months consulting agreement. The company issued 230,000 shares of common stock with a fair value of $27,600 and has recognized this amount as stock based compensation expense
On June 27, 2011 the company entered into a 1 year consulting agreement. Per the terms of the agreement, the company is to pay a monthly fee of $7,500 and issue 810,000 shares of common stock which are fair valued at 97,200. Of the 810,000 shares 405,000 shares vested immediately and the remaining shares will vest in December 2011. The Company has recognized compensation expense of $48,600 on these shares as of June 30, 2011. The fair value of the unvested shares is $48,600 as of June 30, 2011.
In June 2011, the Company issued 400,000 shares of its common stock to vendors and certain employees for services rendered. The shares were valued at $48,000 and recorded as stock compensation expense.
In May 2010, the Company issued a total of 8,500,000 shares of common stock for services. The shares were valued at $0.09, the trading price of the Company’s stock on the grant date, and have a fair value of $765,000. These shares vest over the service period of 3 years. The Company has recognized compensation expense of $127,500 on these shares as of June 30, 2011. The fair value of the unvested shares is $478,213 as of June 30, 2011.
Stock Option Awards
On June 1, 2011, through the Board of Directors, the Company granted non-statutory options to purchase 5,000,000 shares each to two directors (one of whom is also the CEO of the Company). These options were granted with an exercise price equal to $0.14 per share. The stock price on the grant date was $0.125 per share. The options have a fair value of $1,204,294. The options were valued using the Black-Scholes option pricing model with the following assumptions: stock price on the measurement date of $0.125; warrant term of 6 years; expected volatility of 158% and discount rate of 1.65%. These options vest 20% on the commencement date, 20% on December 1, 2011and 20% on the remaining 2 years anniversary of the vesting commencement date. The Company has recognized compensation expense of $282,675 on these shares as of June 30, 2011. The fair value of the unvested shares is $921,619 as of June 30, 2011.
On June 25, 2011, through the Board of Directors, the Company granted non-statutory options to purchase 1,200,000 shares each to two employees. These options were granted with an exercise price equal to $0.15 per share. The options have a fair value of $138,746. The options were valued using the Black-Scholes option pricing model with the following assumptions: stock price on the measurement date of $0.12; term of 5 years; expected volatility of 167% and discount rate of 0.57%. The stock price on the grant date was $0.12 per share. These options vest 25% each year on the anniversary of the grant date. The Company has recognized compensation expense of $37,665 on these shares as of June 30, 2011. The fair value of the unvested shares is $101,081 as of June 30, 2011.
On September 21, 2010, through the Board of Directors, the Company granted non-statutory options to purchase 6,000,000 shares each to two directors (one of whom is also the CEO of the Company). These options were granted with an exercise price equal to $0.15 per share. The stock price on the grant date was $0.12 per share. The options have a fair value of $1,344,228. The options were valued using the Black-Scholes option pricing model with the following assumptions: stock price on the measurement date of $0.12; warrant term of 5.5 years; expected volatility of 158% and discount rate of 2.61%. These options vest 33.33% on the commencement date, 33.33% on the first anniversary of the vesting commencement date (that was this past month) and 33.33% on the second anniversary of the vesting commencement date. The Company has recognized compensation expense of $336,057 on these shares as of June 30, 2011. The fair value of the unvested shares is $374,198 as of June 30, 2011.
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