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EXCEL - IDEA: XBRL DOCUMENT - Virolab, Inc.Financial_Report.xls
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10-Q/A - AMENDMENT NO. 1 TO QUARTERLY REPORT TO ADD XBRL - Virolab, Inc.viro10qa6302012.htm
v2.4.0.6
Equity Transactions
3 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Equity Transactions

 4. Equity Transactions

 

The Company has authorized 10,000,000 shares of preferred stock, with a par value of $0.0001 per share. The Company’s Board of Directors has the ability to determine the rights and preferences of any series of preferred stock issued. There are no shares of preferred stock currently issued or outstanding.

 

Common Stock

 

The Company has authorized 100,000,000 shares of common stock, with a par value of $0.0001 per share.

 

At inception (May 4, 2010), the Company issued 5,000,000 shares of common stock to Accelerated Venture Partners, LLC (“AVP”) for $2,000.

 

On February 27, 2011, AVP tendered 3,500,000 shares to the Company for cancellation. Also on February 27, the Company granted AVP an option to purchase 1,500,000 shares of common stock at par value in exchange for certain consulting services, and AVP immediately exercised this option. The Company has the option to repurchase the shares exercised under the option at par value if the below milestones are not met within a specified time:

 

·

Milestone 1 – Company’s right of repurchase will lapse with respect to 60% of the shares upon securing $5 million in available cash from funding;

 

· Milestone 2 – Company’s right of repurchase will lapse with respect to 40% of the Shares upon securing $10 million in available cash (inclusive of any amounts attributable to Milestone 1).

 

On February 27, 2011, the Company issued 22,350,000 shares of common stock to Virolab S de RL de CV (“Virolab Mexico”) at par value.

 

On March 31, 2012 there were 49,998 employee stock options that expired and are considered non-issued.

 

As of March 31, 2012, there were 25,350,000 shares issued and outstanding and 5,962,500 shares of common stock were reserved for issuance under the Company’s Stock Option Plan and 5,962,500 of these shares remained available for future issuance as of September 30, 2012. There were 68,687,500 shares of common stock available for future issuance.