Restricted Common Shares and Warrants
|3 Months Ended|
Mar. 31, 2017
|Restricted Common Shares and Warrants [Abstract]|
|RESTRICTED COMMON SHARES AND WARRANTS||
NOTE 11 – RESTRICTED COMMON SHARES AND WARRANTS
In May 20, 2014, the Company approved future issuances of performance based restricted common shares to the following employees and outside consultants. The Company accounts the issuances of restricted common shares, as defined by ASC 718, Compensation—Stock Compensation, in accordance with ASC 718. The restricted common shares will be issued upon completion of certain tasks or deliverables and contain certain exercise price with no expiration period.
On May 28, 2015, the Company has elected to grant warrants to certain entities and individuals in lieu of restricted common stock that has been issued.
a) A summary of the status of the Company’s restricted common shares is presented below:
b) The stock warrants issued in lieu of restricted common stock granted but not yet issued is presented below:
The initial fair value of the new warrants issued for services in 1st quarter, 2016 was estimated at an aggregate value of $5,449. The initial fair value of the new warrants issued for services in 3rd quarter, 2016 was estimated at an aggregate value of $40,002. The initial fair value of the new warrants issued for services in 1st quarter, 2017 was estimated at an aggregate value of $48,558. All warrants are vested and exercisable immediately.
The total 1,750,000 and 4.750,000 share of warrants for three months ended on March 31,2017 and 2016 were issued to a related party, 360 Partners.