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EXCEL - IDEA: XBRL DOCUMENT - Solo International, IncFinancial_Report.xls
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EX-31.2 - CERTIFICATION - Solo International, Incex312.htm
EX-32.1 - CERTIFICATION - Solo International, Incex321.htm
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EX-23.1 - CONSENT LETTER OF PLS CPA, A PROFESSIONAL CORPORATION - Solo International, Incex231.htm
v2.4.0.6
Warrants
12 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Warrants

 

7. WARRANTS

 

962,500 warrants were issued during the fiscal year ended September 30, 2012 as required under the terms of Securities Purchase Agreements discussed above in Note 5. The warrants are exercisable for a period of three years from the date of issue, exercisable at the lower of : (i) a price of $0.20 per share or (ii) seventy-five percent (75%) of the average traded price of common stock for the thirty (30) trading days immediately preceding the exercise date.

 

The fair value of the 962,500 warrants totaling $57,175 was recorded as a discount on the convertible notes payable upon issuance. This value was calculated using the Black-Scholes model. The key inputs for the calculation are shown below.

 

Stock Price on Measurement Date       $ 0.054 ~ 0.135  
Exercise Price of Warrants       $ 0.041 ~ 0.101  
Term of Warrants (years)           3.00  
Computed Volatility         131.65% ~ 145.86 %  
Annual Dividends           0.00 %
Discount Rate           1.038 %
               

 

A summary of the Company’s warrants as of September 30, 2012 is as follows:

 

    Warrants    

Weighted average

exercise price

 
             
Outstanding at October 1, 2011     0     $ 0  
Granted     962,500     $ 0.069  
Exercised     0       0  
Cancelled     0     $ 0  
Outstanding at September 30, 2012     962,500     $ 0.069  
                 
Vested and exercisable at September 30, 2012     962,500          
Weighted average fair value per share of warrants granted during the period           $ 0.069  

 

The following table summarizes information regarding stock purchase warrants outstanding at September 30, 2012:

 

Exercise prices    

Number

Outstanding

   

Weighted average

remaining contractual

life (years)

   

Weighted average

exercise price

   

Number

exercisable

   

Weighted average

remaining contractual

life (years)

   

Weighted average

exercise price

 
$ 0.069       962,500       2.36     $ 0.069       962,500       2.36     $ 0.069