Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2018
Equity [Abstract]  

Note 11—Equity


During the nine months ended September 30, 2018, the Company issued 25,000 shares of common stock in exchange for services valued at $20,000.


During the nine months ended September 30, 2018 the Company issued 100,000 shares of common stock upon the partial conversion of $25,000 of principal outstanding under a 2016 Senior Note, as described in Note 8.


Restricted Stock


Restricted stock grants consist of shares of common stock of the Company owned by employees, consultants, and directors that are subject to vesting conditions, typically for services provided to the Company. All unvested shares of restricted stock are subject to repurchase rights and, therefore, are recorded as restricted stock. All restricted stock issued is valued at the market price on the date of grant.


Restricted stock activities during the three months ended September 30, 2018 were as follows:


    Shares     Price  
Balance, December 31, 2017     210,000     $ 1.55  
Granted         $  
Vested     (148,750 )   $  
Unvested balance, September 30, 2018     61,250     $ 1.55  


Expenses related to vesting of restricted stock are included in stock-based compensation expense. The remaining unvested shares of restricted stock vest 50% per year on March 31, 2019 and 2020.