Quarterly report pursuant to Section 13 or 15(d)

Equity

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Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Equity

Note 12 - 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.

 

On January 9, 2015, the Company issued an aggregate of 190,000 shares of the Company’s restricted common stock, no par value per share, with a fair value of $697,300, calculated using the closing price of $3.67 per common share as of January 9, 2015, to the following directors and officers for their services in the year ended December 31, 2014:

 

Name   Shares  
Aker, Jr., Raymond     70,000  
Knox, Brandon     35,000  
knox, Thomas     50,000  
Moran, Gavin     35,000  
      190,000  

 

The $697,300 was expensed in 2014 and the liability is included in Trade and Other Payables on the condensed consolidated balance sheet for the year ended December 31, 2014.

 

As of September 30, 2015 the Company has 175,000 reserved shares of its common stock for outstanding warrants and options. At December 31, 2014 the Company had 176,989 reserved shares of its common stock for outstanding warrants and options.