Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Note 11 - Subsequent Events

On July 22, 2015, 25,000 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $55,000. As a result, a total of 25,000 shares of common stock were issued.


On July 23, 2015, the Company granted options to purchase 327,000 shares, at an exercise price of $4.00 per share. All of the 327,000 options will vest on January 23, 2016 and will expire on January 23, 2020. The Company has calculated the estimated fair market value of these options using the Black-Scholes Option Pricing model and the following assumptions: term 4.5 years, stock price $3.55, exercise prices $4.00, 63% volatility, 1.65% risk free rate.


On July 24, 2015, Mr. Cameron Reynolds resigned from the position of Managing Director of the subsidiary Belgian Volition S.A. and remained as a Director in that company. Mr. Gaetan Michel was appointed Managing Director of Belgian Volition S.A. on that same date.