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6. Stockholders' Equity (Deficit)
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Mar. 31, 2012
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| Stockholders' Equity Note Disclosure [Text Block] |
6. Stockholders'
Equity (Deficit)
On
February 15, 2010, the Company issued 550,000 restricted
common shares to two related parties for services as
directors and officers of the Company, at fair value of $0.06
per share and a recorded value of $33,000.
On
February 15, 2010, the Company issued 1,650,000 restricted
common shares to three independent parties pursuant to
agreements for consulting services, at fair value of $0.06
per share and a recorded value of $99,000.
February
15, 2010, the Company issued 3,250,000 common shares to six
non-affiliated parties for conversion of $195,000 debt which
was incurred by the Company in March 2009, recorded at fair
value of $0.06 per share.
On
March 30, 2010, the Company issued 3,000,000 restricted
common shares to Bio Business Development Corp. International
Inc. pertaining to the memorandum of understanding regarding
the acquisition of rights to intellectual property. The
shares are recorded at $3,000 par value with an offsetting
amount in additional paid-in capital. Pursuant to the MOU,
the shares will be held in trust by the Company,
and
will be released or cancelled, subject to the negotiation of
terms and conditions in a mutually beneficial license
agreement.
On
April 13, 2010, the Company issued 2,000,000 restricted
common shares to Machlink Inc. pertaining to memorandum of
understanding and to be held in trust subject to the signing
of a License Agreement with Machlink for the technology
license rights. On May 7, 2010, the Company signed
an exclusive distribution License Agreement with Machlink
Inc. for rights to its existing patent pending and
proprietary technology in wireless broadband Internet
technology, pursuant to the initial memorandum of
understanding the parties entered into on April 13,
2010. In consideration, the Company acknowledged the two
million restricted shares issued on April 13, 2010 pertaining
to the memorandum of understanding, which will be held in
trust and released in six months from the signing of the May
7, 2010 License Agreement. During the six month
hold period, IGEN has the option to pay $1 per share in lieu
of release of the shares. The shares were recorded at fair
value of $0.65 per share for a recorded value of
$1,300,000.
On
May 10, 2010, the Company issued 350,000 shares on receipt of
$210,000 for subscription to 350,000 common shares at a price
of $0.60 per share.
On
May 25, 2010, the Company cancelled and returned to treasury,
the 3,000,000 restricted common shares originally issued to
Bio Business Development Corp. International Inc.
and held in-trust, pertaining to the memorandum of
understanding regarding the acquisition of rights to
intellectual property. The parties did not negotiate a
mutually beneficial license agreement and the MOU was
terminated. The $3,000 par value recording and offsetting
amount in additional paid-in capital was reversed.
On
May 27, 2010, the Company issued 750,000 restricted common
shares to two related parties for services as directors and
officers of the Company, at fair value of $0.77 per share and
a recorded value of $577,500 held in-trust, pertaining to the
memorandum of understanding regarding the acquisition of
rights to intellectual property. The parties did not
negotiate a mutually beneficial license agreement and the MOU
was terminated. The $3,000 par value recording and offsetting
amount in additional paid-in capital was reversed.
On
May 27, 2010, the Company issued 750,000 restricted common
shares to two related parties for services as directors and
officers of the Company, at fair value of $0.77 per share and
a recorded value of $577,500.
On
May 27, 2010, the Company issued 350,000 restricted common
shares to three independent parties in consideration for
their appointments to the advisory board of the Company, at
fair value of $0.77 per share and a recorded value of
$269,500.
On
May 27, 2010, the Company issued 650,000 restricted common
shares to two independent consultantspursuant to consulting
agreements entered into, at fair value of $0.77 per share and
a recorded value of $500,500.
On
July 5, 2010, the Company issued 200,000 restricted common
shares to an independent consultantpursuant to a consulting
agreement entered into, at fair value of $0.50 per share and
a recorded value of$100,000.
On
July 8, 2010, the Company issued 500,000 restricted common
shares to related parties for services as adirector and officer of the
Company, at fair value of $0.50 per share and a recorded
value of $250,000.
On
September 17, 2010 the Company received of $150,000 for
subscription to 300,000 common shares ata price of $0.50 per
share.
On
November 22, 2010 the Company issued 30,927 restricted common
shares to an independentconsultant for services, at
fair value of $0.97 per share and a recorded value of
$30,000.
On
May 16, 2011 the company issued a total of 650,000 restricted
common shares at a fair value of $0.60 per share for services
specific to acting in the capacity of IGEN advisory board
members.
On
September 8, 2011 the Company issued 91,667 restricted shares
of common stock on receipt of $55,000 at a price of $0.60 per
share.
On
September 12, the company issued a total of 1,499,999
restricted common shares for which the company received a
total of $450,000 in subscriptions for shares at a price of
$0.30 per share
On
December 5, 2011, the company issued a total of 1,271,052
restricted common shares at a fair value of $0.30 per share
and a total recorded value of $381,315.60, to six related
parties to retire shareholder loans.
On
December 7, 2011, the company issued 100,000 restricted
common shares at a fair value of $0.30 per share and a total
recorded value of $30,000 to a related party for services
rendered to the company.
On
December 31, 2011 the Machlink agreement was modified to the
issuance to Machlink of 1,000,000 shares of common stock of
the Company and fairly valued at $260,000 in return for the
2,000,000 shares originally issued to Machlink being
delivered to the Company for cancellation.
The
issuance of 1,000,000 shares certificates and cancellation of
2,000,000 shares certificates were in process as of December
31, 2011.
During
the three months ended March 31, 2012, the company did not
issue any common shares. As at March 31, 2012, the Company
had 14,049,145 shares issued and outstanding
During
the year ended December 31, 2011, the Company issued 91,667
units pursuant to a private placement at a price of $0.60 per
unit for gross proceeds of $55,000. Each unit
consists of one common share and one share purchase
warrant. Each warrant entitles the holder to
purchase one additional share of common stock at a price of
$0.75 for one year. The Company allocated $41,078
to the common shares and $13,922 to the share purchase
warrants based on the relative fair values.
During
the year ended December 31, 2011, the Company issued
1,499,999 units pursuant to a private placement at a price of
$0.30 per unit for gross proceeds of
$450,000. Each unit consists of one common share
and one share purchase warrant, with each warrant entitling
the holder to purchase one share at an exercise price of
$0.45 per share for one year. The Company allocated $304,415
to the common shares and $145,585 to the share purchase
warrants based on the relative fair values.
The
Company calculated the value of the warrants using the Black
& Scholes warrant pricing model, and recorded $159,507 as
warrants issued. Assumptions used in the option pricing model
were as follows:
The
following table summarizes information about warrants
outstanding and exercisable at March 31, 2012:
On
July 15 2010, the Company granted 2 million incentive stock
options to various directors, officers, advisors and
consultants. The stock options are exercisable at
a rate of $0.70 per share over a period of three
years.
As
at December 31, 2012, the Company has no options
outstanding |
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