Quarterly report pursuant to Section 13 or 15(d)

12. Changes in Stockholders' Equity

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12. Changes in Stockholders' Equity
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Changes in Stockholders' Equity

Note 12 – Changes in Stockholders’ Equity

 

Preferred Stock

The Company has 20,000,000 authorized shares of $0.001 par value preferred stock. No shares have been issued to date.

 

Common Stock

The Company has 500,000,000 authorized shares of $0.001 par value common stock.

 

On September 26, 2017, the Company issued 199,811,421 shares of common stock in a Rights Offering, raising gross proceeds of $2,397,737, and issued an additional 232,008,789 shares in a private placement (the Backstop Agreement), raising gross proceeds of $2,784,102. The Company incurred $130,164 in costs associated with the Rights Offering and Backstop Agreement.

 

The Company issued 45,000 shares during the nine months ended September 30, 2018 as a result of warrant exercises, receiving net proceeds of $450.