Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Stockholders' Equity

NOTE 5 - STOCKHOLDERS’ EQUITY

 

Series B Convertible Preferred Stock

 

As of June 30, 2018, 1 share of Series B Convertible Preferred Stock, convertible into 1 share of common stock, was outstanding.

 

Series E Preferred Stock

 

During the six months ended June 30, 2018, 3,570 shares of the Series E Convertible Preferred Stock had been converted to the Company’s Common Stock and 1,943 shares of the Series E Convertible Preferred Stock, convertible into 1,943,000 shares of common stock, were outstanding as of June 30, 2018.

 

Common Stock

 

During the six months ended June 30, 2018, the Company issued 3,819,485 shares of Common Stock to Note Holders in connection with debt conversions, 218,400 shares of Common Stock were issued to Board members for their services, 3,569,543 shares of Common Stock with respect to the conversion of Series E Convertible Preferred Stock, 17,731 shares of Common Stock in connection with the exercise of a warrant, 250,000 shares of Common Stock issued pursuant to a patent purchase, 225,000 shares of Common Stock issued to consultants and 3,000,000 to GBV as a termination fee for canceling the merger agreement. The termination fee was valued based upon the closing stock price as of June 28, 2018 or $0.95 per common share.

 

Common Stock Warrants

 

As of June 30, 2018, the Company had warrants outstanding to purchase 728,764 shares of Common Stock with a weighted average remaining life of 3.6 years. A summary of the status of the Company’s outstanding stock warrants and changes during the period then ended is as follows:

 

    Number of Warrants     Weighted Average
Exercise Price
    Weighted Average Remaining Contractual Life (in years)  
Outstanding as of December 31, 2017     773,966     $ 5.99       4.1  
Expired     (1,202 )     15.60       -  
Exercised     (44,000 )     1.20       -  
Outstanding as of June 30, 2018     728,764     $ 6.26       3.6  
Warrants exercisable as of June 30, 2018     728,764     $ 6.26       3.6  

 

Common Stock Options

 

A summary of the stock options as of June 30, 2018 and changes during the period are presented below:

 

    Number of Shares     Weighted Average
Exercise Price
    Weighted Average Remaining Contractual Life (in years)  
Outstanding as of December 31, 2017     448,771     $ 15.50       6.23  
Expired     (26,923 )     10.07       -  
Outstanding as of June 30, 2018     421,848     $ 15.85       6.10  
Options vested and expected to vest as of June 30, 2018     421,848     $ 15.85       6.10  
Options vested and exercisable as of June 30, 2018     410,390     $ 15.99       6.05