Common Stock Issued for Cash

During the quarter ended March 31, 2016, the Company issued 1,140,644 shares of common stock at $2.50 per share for cash proceeds of $2,851,610.

Restricted Stock Awards

On January 11, 2016, the Company issued 350,000 shares of restricted stock to Maxim Group LLC (“Maxim”), in connection with the entry into agreement with Maxim for general financial advisory and investment banking services. The shares vested 11.11% in connection with the execution of the agreement, and 11.11% monthly thereafter. The aggregate grant date value of $875,000 will be recognized ratably over the vesting period. During the three months ended March 31, 2016, the Company recognized $291,667 of stock based compensation expense related to the vesting of this award, which is included in general and administrative expenses in the accompanying condensed consolidated statement of operations.

Application for Quotation on OTC Bulletin Board

On January 20, 2016 FINRA cleared the Company’s request to submit quotations on the OTC Bulletin Board and in OTC Link. In addition, the Company submitted its application for quotation on the OTCQB marketplace and was approved on March 7, 2016.

Accumulated Other Comprehensive Loss

For three months ended March 31, 2016 and 2015, the Company recorded $405,723 and $72,261, respectively, of foreign currency translation adjustment as accumulated other comprehensive loss.

Warrants

During the three months ended March 31, 2016 and 2015, in connection with the sale of its equity securities, the Company issued five-year warrants to its subsidiary CAP, who acted as placement agent, to purchase 98,378 and 53,000 shares of its common stock at $2.50 and $2.00 per share, respectively. CAP, in turn, awarded such warrants to its registered representatives and recorded $84,105 and $37,392, of stock-based compensation expense for three months ended March 31, 2016 and 2015, respectively, within general and administrative expense in the condensed consolidated statements of operations.

A summary of warrants activity during three months ended March 31, 2016 is presented below:

A summary of outstanding and exercisable warrants as of March 31, 2016 is presented below:

Stock Options

The Company has computed the fair value of options granted using the Black-Scholes option pricing model. There is currently no public trading market for the shares of AWLD common stock underlying the Company’s 2008 Equity Incentive Plan (the “2008 Plan”). Accordingly, the fair value of the AWLD common stock was estimated by management based on observations of the cash sales prices of AWLD equity securities. Forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate will be adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate, when it is material. The expected term of options granted to consultants represents the contractual term, whereas the expected term of options granted to employees and directors was estimated based upon the “simplified” method for “plain-vanilla” options. Given that the Company’s shares are not publicly traded, the Company developed an expected volatility figure based on a review of the historical volatilities, over a period of time, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the options. The Company estimated forfeitures related to options at an annual rate of 5% for options outstanding at March 31, 2016.

There were no stock options granted during the three months ended March 31, 2016 and 2015.

During the three months ended March 31, 2016 and 2015, the Company recorded stock-based compensation expense of $149,987 and $232,736, respectively, related to stock option grants, which is reflected as general and administrative expenses in the condensed consolidated statements of operations. As of March 31, 2016, there was $1,791,863 of unrecognized stock-based compensation expense related to stock option grants that will be amortized over a weighted average period of 3.0 years, of which $366,926 of unrecognized expense is subject to non-employee mark-to-market adjustments.

A summary of options activity during the three months ended March 31, 2016 is presented below:

The following table presents information related to stock options at March 31, 2016: