Quarterly report pursuant to Section 13 or 15(d)

Equity

v2.4.0.8
Equity
 9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
Equity
Note 10 - Equity
 
The holders of common shares are entitled to one vote per share at meetings of the Company. Holders of Series A convertible preferred shares are entitled to five votes per share at meetings of the Company.
 
At December 31, 2013, the Company had an undeclared dividend due to Series A Convertible Preferred shareholders in the amount of $15,793. The dividend was declared by the Board on May 12, 2014 and paid to shareholders on June 25, 2014.
 
On January 23, 2014, the Company issued 2,727,000 common shares in an initial public offering on the NASDAQ stock exchange. The transaction was recorded at the value of the net proceeds. The expenses related to this public offering are as follows: 
 
 
 
$
 
$
 
Gross Proceeds:
 
 
 
14,998,500
 
Underwriter/Aegis Expenses
 
 
 
 
 
Underwriter Commission
 
1,049,895
 
 
 
Underwriter Expenses
 
149,985
 
 
 
Aegis Legal Fees
 
80,000
 
 
 
Aegis Registration Expenses
 
7,500
 
 
 
Aegis Miscellaneous Expenses
 
36,675
 
 
 
Aegis Road Show Expenses
 
20,000
 
 
 
Total
 
 
 
1,344,055
 
Akers Biosciences Expenses
 
 
 
 
 
Legal & Accounting Expenses
 
393,298
 
 
 
Printing & Document Prep
 
62,101
 
 
 
Registration Expenses
 
55,946
 
 
 
Road Show Expenses
 
41,764
 
 
 
Total
 
 
 
553,109
 
Net Procceds:
 
 
 
13,101,336
 
 
On August 15, 2014, the Company issued 60,000 common shares in exchange for legal services rendered. The fair value of these shares was $196,800 which was reported as Administrative Expenses on the Condensed Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended September 30, 2014.
 
As of September 30, 2014 the Company has 176,989 reserved shares of its common stock for outstanding warrants and options. At December 31, 2013 the Company had 1,989 reserved shares of its common stock for outstanding warrants.