Note 13 - Subsequent Events

Management has evaluated subsequent events to determine if events or transactions occurring through the date on which the financial statements were issued require adjustment or disclosure in the Company’s financial statements.

Subsequent to December 31, 2017, the Company issued Promissory Notes (the “Notes”) totaling $2,142,500. The Notes bear interest at the rate of 8% interest per annum and mature on March 29, 2021. The purchasers of the Notes also received warrants to purchase an aggregate of 428,500 shares of the Company’s common stock. The warrants are exercisable any time prior to March 29, 2021, subject to acceleration of the expiry date in certain circumstances, at an exercise price of $5.30 per share.

Subsequent to December 31, 2017, the Company granted stock options to its employees to purchase a total of 280,000 shares of the Company’s common stock.  The stock options have an exercise price of $5.30 per share and are exercisable during a ten year term subject to vesting periods that range from zero to four years.

Subsequent to December 31, 2017, a total of 267,333 warrants were exercised for cash proceeds of $588,499 and 249,309 stock options were exercised for cash proceeds of $146,438.