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EXCEL - IDEA: XBRL DOCUMENT - Entia Biosciences, Inc.Financial_Report.xls
10-Q - ERGO 10-Q 09/30/12 - Entia Biosciences, Inc.ergo10q_093012apg.htm
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v2.4.0.6
NOTE 12 - SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
NOTE 12 - SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

 

On June 29, 2012 the board of directors of Entia approved a “Warrant & Option Holders Special Exercise Incentive” program in order to raise capital. The program allowed existing warrant and option holders on record as of June 1, 2012 to exercise their warrants (vested and unvested) through the month of July 2012 for $0.40 per share. For all holders who exercise a portion of their warrants/options, an equivalent number of remaining warrants/options would be extended for one year beyond their original expiration date at their original exercise price. During the month of July, warrant holders exercised warrants to purchase 50,000 shares for $20,000 cash and warrants to purchase 147,500 shares for $59,000 in promissory notes. The promissory notes are for six months, maturing January 26, 2013 and carry interest rates of up to 10% semi-annually and no less than 6% annually.