Given the absence
of a public trading market
of our
common stock, and in accordance with the American Institute
of Certified Public Accountants Accounting and Valuation Guide, Valuation
of Privately - Held Company Equity Securities
Issued as Compensation, our board
of directors exercised reasonable judgment and
considered numerous and subjective factors to determine the best estimate
of fair value
of our
common stock, including independent third - party valuations
of our
common stock; the prices at which we sold shares
of our convertible preferred stock to outside investors in arms - length transactions; the rights, preferences, and privileges
of our convertible preferred stock relative to those
of our
common stock; our operating results, financial position, and capital resources; current business conditions and projections; the lack
of marketability
of our
common stock; the hiring
of key personnel and the experience
of our management; the introduction
of new products; our stage
of development and material risks related to our business; the fact that the option grants involve illiquid securities in a private company; the likelihood
of achieving a liquidity event, such as an initial public offering or a sale
of our company given the prevailing market conditions and the nature and history
of our business; industry trends and competitive environment; trends in consumer spending, including consumer confidence; and overall economic indicators, including gross domestic product, employment, inflation and
interest rates, and the general economic outlook.
The International Code
of Marketing
of Breast - Milk Substitutes (2008) Frequently asked questions (updated version 2008) The International Code
of Marketing
of Breast - Milk Substitutes (1998) Summary
of action taken by WHO Member States and other
interested parties, 1994 - 1998 The International Code
of Marketing
of Breast - Milk Substitutes (1996) A
common review and evaluation framework The International Code
of Marketing
of Breast - Milk Substitutes (1992) Survey
of national legislation and other measures adopted (1981 - 1991) Review and evaluation
of national action taken to give effect to the International Code
of Marketing
of Breast - Milk Substitutes (1991) Report
of a technical meeting, The Hague, 30 September - 3 October 1991 The International Code
of Marketing
of Breast - Milk Substitutes (1990) Synthesis
of reports on action taken (1981 - 1990) International Code
of Marketing
of Breast - Milk Substitutes (1981) Infant formula and related trade
issues in the context
of the international code [pdf 18kb] The WHO briefing note on «Follow - Up Formula in the Context
of the International Code
of Marketing
of Breast - milk Substitutes» is presently being
considered for revision by the World Health Organization pending review
of new and emerging information on the subject.