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· | Successfully raised $4 million in investment in the Company in the form of private placements of common shares to accredited investors and secured debt. Funds have been used to fund current operations and re-finance higher interest rate secured debt; |
· | Established a joint venture with Renaissance Diamonds, Inc. focused on the creation of recipes and procedures to develop, market, and sell lab-grown fancy-colored diamonds; |
· | Continued to focus efforts on new business development opportunities to generate revenues and diversify our customer base; and |
· | Enhanced efforts on optimizing production for existing manufacturing capabilities. |
| | December 31, | | ||||
| | 2014 | | 2013 | | ||
Common stock options and warrants | | | 5,799,295 | | | 9,338,045 | |
| | December 31, | | March 31, | | ||
| | 2014 | | 2014 | | ||
Raw materials and supplies | | $ | 104,888 | | $ | 35,543 | |
Work in process | | | 19,038 | | | 25,611 | |
Finished goods | | | 91,276 | | | 91,663 | |
| | $ | 215,202 | | $ | 152,817 | |
| | Years | |
Machinery and equipment | | 315 | |
Furniture and fixtures | | 310 | |
Engineering equipment | | 512 | |
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| | | | December 31, | | March 31, | | ||
| | Life | | 2014 | | 2014 | | ||
Patents, gross | | 6.75 19.46 | | $ | 8,135,063 | | $ | 8,135,063 | |
In-process research and development | | Indefinite | | | 1,832,370 | | | 2,250,435 | |
| | | | | 9,967,433 | | | 10,385,498 | |
Accumulated amortization | | | | | (1,725,779) | | | (1,144,858) | |
Net intangible assets | | | | $ | 8,241,654 | | $ | 9,240,640 | |
Fiscal Year Ending | | | | |
Three months ending March 31, 2015 | | $ | 193,710 | |
March 31, 2016 | | | 774,840 | |
March 31, 2017 | | | 774,840 | |
March 31, 2018 | | | 774,840 | |
March 31, 2019 | | | 774,840 | |
Thereafter | | $ | 3,116,214 | |
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| | | | Weighted- | | Weighted-Average | | |||
| | | | Average Exercise | | Remaining | | |||
Options | | Shares | | Price | | Contractual Term | | |||
Options Outstanding March 31, 2014 | | | 4,342,500 | | $ | 0.77 | | | 1.75 | |
Granted | | | | | | | | | | |
Exercised | | | | | | | | | | |
Expired/cancelled | | | (4,110,000) | | | 0.79 | | | | |
Options Outstanding December 31, 2014 | | | 232,500 | | $ | 0.35 | | | 1.70 | |
Exercisable at December 31, 2014 | | | 23,125 | | $ | 0.44 | | | 1.45 | |
| | | | Weighted Average | | ||
| | | | Grant-Date | | ||
Non-vested Shares | | Shares | | Fair Value | | ||
Non-vested at March 31, 2014 | | | 2,414,792 | | $ | 0.49 | |
Granted | | | | | | | |
Vested | | | (122,000) | | | 0.43 | |
Expired/cancelled: non-vested | | | (2,083,417) | | | 0.50 | |
Non-vested at December 31, 2014 | | | 209,375 | | $ | 0.21 | |
| | | Options Outstanding | | Options Exercisable | | |||||||||||
Exercise Price | | Number Outstanding | | Weighted Average Remaining Contractual Life (years) | | Weighted Average Exercise Price | | Number of Shares | | Weighted Average Exercise Price | | ||||||
$ | 0.80 | | | 7,500 | | | 0.52 | | $ | 0.80 | | | 5,500 | | $ | 0.80 | |
$ | 0.33 | | | 225,000 | | | 1.73 | | | 0.33 | | | 17,625 | | | 0.33 | |
| | | | 232,500 | | | 1.70 | | $ | 0.35 | | | 23,125 | | $ | 0.44 | |
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· | Successfully raised $4 million in investment in the Company in the form of private placements of common shares to accredited investors and secured debt. Funds have been used to fund current operations and re-finance higher interest rate secured debt; |
· | Established a joint venture with Renaissance Diamonds, Inc. focused on the creation of recipes and procedures to develop, market, and sell lab-grown fancy-colored diamonds; |
· | Continued to focus efforts on new business development opportunities to generate revenues and diversify our customer base; and |
· | Enhanced efforts on optimizing production for existing manufacturing capabilities. |
| | December 31, | | ||||
| | 2014 | | 2013 | | ||
Common stock options and warrants | | | 5,799,295 | | | 9,338,045 | |
| | December 31, | | March 31, | | ||
| | 2014 | | 2014 | | ||
Raw materials and supplies | | $ | 104,888 | | $ | 35,543 | |
Work in process | | | 19,038 | | | 25,611 | |
Finished goods | | | 91,276 | | | 91,663 | |
| | $ | 215,202 | | $ | 152,817 | |
| | Years | |
Machinery and equipment | | 315 | |
Furniture and fixtures | | 310 | |
Engineering equipment | | 512 | |
|
| | December 31, | | ||||
| | 2014 | | 2013 | | ||
Common stock options and warrants | | | 5,799,295 | | | 9,338,045 | |
| | December 31, | | March 31, | | ||
| | 2014 | | 2014 | | ||
Raw materials and supplies | | $ | 104,888 | | $ | 35,543 | |
Work in process | | | 19,038 | | | 25,611 | |
Finished goods | | | 91,276 | | | 91,663 | |
| | $ | 215,202 | | $ | 152,817 | |
| | Years | |
Machinery and equipment | | 315 | |
Furniture and fixtures | | 310 | |
Engineering equipment | | 512 | |
|
| | | | December 31, | | March 31, | | ||
| | Life | | 2014 | | 2014 | | ||
Patents, gross | | 6.75 19.46 | | $ | 8,135,063 | | $ | 8,135,063 | |
In-process research and development | | Indefinite | | | 1,832,370 | | | 2,250,435 | |
| | | | | 9,967,433 | | | 10,385,498 | |
Accumulated amortization | | | | | (1,725,779) | | | (1,144,858) | |
Net intangible assets | | | | $ | 8,241,654 | | $ | 9,240,640 | |
Fiscal Year Ending | | | | |
Three months ending March 31, 2015 | | $ | 193,710 | |
March 31, 2016 | | | 774,840 | |
March 31, 2017 | | | 774,840 | |
March 31, 2018 | | | 774,840 | |
March 31, 2019 | | | 774,840 | |
Thereafter | | $ | 3,116,214 | |
|
| | | | Weighted- | | Weighted-Average | | |||
| | | | Average Exercise | | Remaining | | |||
Options | | Shares | | Price | | Contractual Term | | |||
Options Outstanding March 31, 2014 | | | 4,342,500 | | $ | 0.77 | | | 1.75 | |
Granted | | | | | | | | | | |
Exercised | | | | | | | | | | |
Expired/cancelled | | | (4,110,000) | | | 0.79 | | | | |
Options Outstanding December 31, 2014 | | | 232,500 | | $ | 0.35 | | | 1.70 | |
Exercisable at December 31, 2014 | | | 23,125 | | $ | 0.44 | | | 1.45 | |
| | | | Weighted Average | | ||
| | | | Grant-Date | | ||
Non-vested Shares | | Shares | | Fair Value | | ||
Non-vested at March 31, 2014 | | | 2,414,792 | | $ | 0.49 | |
Granted | | | | | | | |
Vested | | | (122,000) | | | 0.43 | |
Expired/cancelled: non-vested | | | (2,083,417) | | | 0.50 | |
Non-vested at December 31, 2014 | | | 209,375 | | $ | 0.21 | |
| | | Options Outstanding | | Options Exercisable | | |||||||||||
Exercise Price | | Number Outstanding | | Weighted Average Remaining Contractual Life (years) | | Weighted Average Exercise Price | | Number of Shares | | Weighted Average Exercise Price | | ||||||
$ | 0.80 | | | 7,500 | | | 0.52 | | $ | 0.80 | | | 5,500 | | $ | 0.80 | |
$ | 0.33 | | | 225,000 | | | 1.73 | | | 0.33 | | | 17,625 | | | 0.33 | |
| | | | 232,500 | | | 1.70 | | $ | 0.35 | | | 23,125 | | $ | 0.44 | |
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