Annual report pursuant to Section 13 and 15(d)

Equity

v3.3.1.900
Equity
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Equity

Note 13 - 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 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 consolidated statement of operations and comprehensive loss for the year ended December 31, 2014.

 

On January 9, 2015, the Company issued 190,000 common shares to directors for services provided to the Company through December 31, 2014. The fair value of these shares was $697,300, which was reported as Administrative Expenses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2014, and the corresponding liability is included in trade and other payables on the December 31, 2014 consolidated balance sheet.

 

On December 29, 2015, the Company issued 227,708 common shares to directors and officers for services rendered to the Company through December 31, 2015. The fair value of these shares was $280,081, which was reported as Administrative Expenses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015.

 

On December 29, 2015, the Company issued 22,500 common shares to key employees for services rendered to the Company through December 31, 2015. The fair value of these shares was $27,675, which was reported as Research and Development Expenses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015.

 

On December 29, 2015, the Company issued 30,000 common shares in exchange for legal services rendered. The fair value of these shares was $36,900, which was reported as Administrative Expenses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015.

 

As of December 31, 2015 and 2014 the Company has reserved shares of its common stock as follows:

 

    2015     2014  
Reserves for:                
 Outstanding Warrants     -       1,989  
 2013 Stock Incentive Plan     220,500       175,000  
Total Reserves     220,500       176,989  

 

The following is a reconcilement of the movement of shares of Series A Convertible Preferred stock (preferred stock) and common stock:

 

    Authorized     Issued  
    Preferred     Common     Preferred     Common  
    Stock     Stock     Stock     Stock  
Balance at December 31, 2013   50,000,000     500,000,000     -     2,167,837  
                                 
Shares Issued:                                
January 23, 2014     -       -       -       2,727,000  
August 15, 2014     -       -       -       60,000  
Balance at December 31, 2014     50,000,000       500,000,000       -       4,954,837  
                                 
Shares Issued:                                
January 9, 2015     -       -       -       190,000  
December 29, 2015     -       -       -       280,208  
Balance at December 31, 2015     50,000,000       500,000,000       -       5,425,045