Quarterly report pursuant to Section 13 or 15(d)

CAPITAL STOCK

v3.3.1.900
CAPITAL STOCK
 3 Months Ended
Dec. 31, 2015
Stockholders' Equity Note [Abstract]  
CAPITAL STOCK

NOTE 5 - CAPITAL STOCK

Below is a table summarizing the capital stock activity during the three months ended December 31, 2015 and the shares outstanding as of December 31, 2015:

    Number 
Outstanding		   Weighted-Average 
Exercise/Stock Price
Outstanding at September 30, 2015     30,331,309     $ 3.33  
Exercise of Warrants     6,944       1.95  
Milestone 1 – SKS Acquisition     497,859       4.14  
Restricted Stock Issued     120,000       7.94  
Outstanding at December 31, 2015     30,956,112     $ 3.34  

The Board approved the achievement of Milestone 1 from the SKS acquisition on December 11, 2015 and the Company issued 497,859 shares of its common stock to SKS. The value of the stock issued as of the grant date was $2,061,136 at $4.14 per share.

On December 11, 2015, pursuant to a consulting agreement, the board granted 120,000 shares of the Company’s restricted stock under the Company’s 2014 Stock Incentive Plan, to Dr. Taraporewala, the Company’s former Chief Technology Officer. The restricted stock will vest in four equal, semiannual installments, beginning on July 16, 2016, subject to Dr. Taraporewala continuously providing consulting services to the Company from the grant date until each such vesting date.

On December 29, 2015, the Company issued 6,944 shares of common stock pursuant to an exercise of warrants at $1.95, for gross proceeds of $13,540.

During the three months ended December 31, 2015, the Company recognized compensation expense of $137,424 for shares issued for services during the current quarter and prior periods.