Annual report pursuant to Section 13 and 15(d)

Subsequent Events

Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events


17.  Subsequent Events


Since December 31, 2015, the Company granted 3,337,090 stock options to officers, employees and consultants.


On March 2, 2016, the Company issued 15,625,000 shares of its common stock and warrants exercisable for up to 11,718,750 shares of its common stock in a registered direct offering for gross proceeds of $5 million. The shares and warrants were sold in units, consisting of one share of common stock and a warrant to purchase 0.75 of a share of common stock, at an offering price of $0.32 per unit.  Subject to certain ownership limitations, the warrants are exercisable beginning six months after the closing date until the five-year anniversary of the initial exercise date.  The warrants have an exercise price of $0.42 per share.  The Company also issued warrants to purchase 781,250 shares of the Company’s common stock, at an exercise price of $0.40 per share, to the placement agent in the offering and its designees in reliance on the exemption from registration provided by Section 4(a)(2) under the Securities Act as transactions not involving any public offering.