Annual report pursuant to Section 13 and 15(d)

7. Common Stock Transactions

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7. Common Stock Transactions
12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Common Stock Transactions

Year Ending December 31, 2016

 

During the year ended December 31, 2016, the Company issued an aggregate of 15,213,449 shares of its common stock as follows:

 

  · The Company issued 14,913,449 shares of its common stock upon the conversion of $1,491,000 in convertible notes pursuant to the convertible notes conversion price of $0.10 per share.

 

  · The Company also issued 300,000 shares of common stock to consultants for services rendered with a fair value of $48,000 which is included as part of Operating Expenses in the accompanying consolidated statements of operations. The shares were valued at the trading price at the date of issuance.

 

Year Ending December 31, 2015

 

During the year ended December 31, 2015, the Company issued an aggregate of 2,803,333 shares of its common stock as follows:

 

  · The Company issued 2,603,333 shares of its common stock upon the conversion of $669,000 in convertible notes pursuant to the convertible notes conversion price ranging from $0.10 to $0.48 per share.

 

  · The Company issued 200,000 shares of its common stock upon exercise of warrants at price of $0.25 per share for total cash proceeds of at $50,000.