• Filing Date: 2013-11-12
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.8
Stockholders' Equity
9 Months Ended
Sep. 30, 2013
Stockholders' Equity Attributable To Parent [Abstract]  
Stockholders' Equity
Note 3 - Stockholders’ Equity
 
The Company has 75,000,000 shares of common stock, par value of $0.001 per share authorized.
 
Shares
Prior to the Reverse Merger as discussed in Note 1, the Company issued 4,473,686 shares of common stock between January and March 2008 at prices ranging from $0.01 to $0.02 per share for a total of $53,000 cash.
 
In accordance with the Reverse Merger, the Company cancelled 1,973,684 shares of common stock and issued 21,330,000 shares to the former shareholders of Magnolia Solar, Inc.  As a result of these transactions, as of December 31, 2009, there were 23,830,000 shares of common stock issued and outstanding.
 
The Company effectuated a 1.3157895:1 forward stock split in February 2010, in accordance with the Merger Agreement which resulted in 23,830,000 shares of common stock issued and outstanding.
 
On March 10, 2010, the Company issued 75,000 shares of common stock at its fair value price ($0.90 per share) for legal services resulting in a value of $67,500.
 
On November 22, 2010, the Company issued 25,000 shares of common stock in at its fair value price ($0.60 per share) for consulting services in the value of $15,000.
 
On February 10, 2011, the Company issued 50,000 shares of common stock at its fair value price ($0.37 per share) for consulting services for a value of $18,500.
 
In April 2011, the Company issued 250,000 shares of common stock at its fair value price ($0.181 per share) for consulting services for a value of $45,250.
 
On October 11, 2011, the Company issued 100,000 shares of common stock at its fair value price ($0.15 per share) for consulting services for a value of $15,000.
 
On December 29, 2011, the Company issued 1,040,000 shares upon conversion of the aggregate principal amount of $260,000 of 2009 Notes.  The Company further issued 1,300,000 shares of common stock at its fair value price ($0.21) in connection with the amendment of the 2009 Notes for a value of $273,000.
 
In April 2012, the Company issued 230,000 shares of common stock at its contract price for consulting services for a value of $230,000.
 
In May 2012, the Company issued 109,162 shares of common stock at its fair value price ($0.09 per share) in lieu of interest payment for a value of $10,000.
 
In June 2012, the Company issued 100,000 shares of common stock at its contract price for consulting services for a value of $100,000.
 
In July 2012, the Company issued 100,000 shares of common stock at its contract price for consulting services for a value of $100,000.
 
In July 2012, the Company issued 108,663 shares of common stock at its fair value price ($0.09 per share) in lieu of interest payment for a value of $10,000.
 
In August 2012, the Company issued 150,000 shares of common stock at its contract price for consulting services for a value of $150,000.
 
In November 2012, the Company issued 124,238 shares of common stock at its fair value price ($0.09 per share) in lieu of interest payment for a value of $10,000.
 
In November 2012, the Company issued 75,000 shares of common stock at its contract price for consulting services for a value of $75,000.
 
In December 2012, the Company issued 500,000 shares of common stock for consulting services for a value of $35,000 at a fair market value price of $0.07 per share.
 
In January 2013, the Company issued 211,078 shares of common stock at its fair value price ($0.05 per share) in lieu of interest payment for a value of $10,000.
 
In April 2013, the Company issued 286,250 shares of common stock for consulting services for a value of $16,660 at a fair market value price of $0.06 per share.
 
In May 2013, the Company issued 1,675,978 shares of common stock at its fair value price ($0.04 per share) in lieu of interest payment for a value of $60,000.
 
In August 2013, the Company issued 1,823,708 shares of common stock at its fair value price ($0.04 per share) in lieu of interest payment for a value of $60,000.
 
In August 2013, the Company issued 140,625 shares of common stock for consulting services for a value of $4,500 at a fair market value price of $0.06 per share.
 
As of September 30, 2013, the Company had 32,304,702 shares issued and outstanding.
 
Warrants
Following the closing of the Reverse Merger in December 2009, the Company issued five-year callable warrants (the “2009 Warrants”) to purchase an aggregate of 2,660,000 shares of common stock exercisable at $1.25 per share to investors in a private placement (the “2009 Private Placement”) and further issued placement agent warrants to purchase an aggregate of 725,300  shares of common stock exercisable at $1.05 per share. On December 29, 2011, the exercise price of both the 2009 Warrants and placement agent warrants was reduced to $0.50 per share. On December 21, 2012, the exercise price of the 2009 Warrants was reduced to $0.25 per share.
 
On August 15, 2011, the Company issued 400,000 warrants for public relations services. The warrants vest immediately, and are for a term of 5 years with a strike price of $0.50 per share. The warrants have been valued at $59,534 and are reflected in the consolidated financial statements for the year ended September 30, 2013.
 
As of September 30, 2013, the following warrants are outstanding:
 
Balance – December 31, 2008     -        
Issued – in the 26.6 units     2,660,000     $ 0.25  
Issued – to Placement Agent     725,300     $ 0.25  
Balance – December 31, 2009     3,385,300     $ 0.25  
                 
Balance – December 31, 2010     3,385,300     $ 0.25  
                 
Issued – for public relations     400,000     $ 0.50  
                 
Balance – December 31, 2011     3,785,300     $ 0.28  
                 
Balance – December 31, 2012     3,785,300     $ 0.28  
                 
Balance – September 30, 2013     3,785,300     $ 0.28