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Subsequent Events
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3 Months Ended |
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Mar. 31, 2015
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| Subsequent Events [Abstract] | |
| Subsequent Events |
6. Subsequent Events
Preferred Stock and Warrant Issuance
In April 2015, the Company sold 250,000 shares of preferred stock with par value of $.001 and 50,000 warrants for a purchase price of $625,000 to a group of private investors under the Series A Preferred Stock Agreement. The warrants are exercisable at a price of $5.00 per share and expire five years from the issuance date.
Warrant Issuance
In April 2015, the Company entered into an agreement with one of its investors to provide certain advisory services including financing advisory services. In conjunction with this agreement, the Company issued warrants that vest immediately to purchase 100,000 shares of common stock with an exercise price of $5.00 per share with a term of five years. In addition, the Company is obligated to issue 10,000 warrants per month for the next twelve months for services rendered.
Other Routes Option Agreement with University of Mississippi
On April 1, 2015, we renewed our option agreement for the rights to explore other routes of delivery of UM5050 not yet agreed upon and/or in combination with other cannabinoids or other compatible compounds. There is a one-time up-front option payment and the option period is for six months expiring on September 30, 2015. At the end of the option period, the Company has the right to renew for an additional six months under the same financial terms and conditions.
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