Quarterly report pursuant to Section 13 or 15(d)

NOTE 8 - STOCKHOLDER EQUITY

v3.7.0.1
NOTE 8 - STOCKHOLDER EQUITY
6 Months Ended
Jun. 30, 2017
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
NOTE 8 – STOCKHOLDER EQUITY

Preferred stock

The Company is authorized to issue 1,000,000 shares of $0.001 par value preferred stock. As of June 30, 2017 and December 31, 2016, the Company has authorized 200 shares of Series A preferred stock, 600 shares of Series B preferred stock and 4,200 shares of Series C Preferred Stock. As of June 30, 2017 and December 31, 2016, there were 0 and 0 Series A and Series B preferred stock outstanding and 1,005 and 1,070 outstanding shares of Series C preferred stock, respectively.

In June 2017, the Company issued 60,846 shares of its common stock in exchange for 65 shares of the Company’s Series C Preferred Stock and accrued dividends.

Common stock

The Company is authorized to issue 200,000,000 shares of $0.001 par value common stock. As of June 30, 2017 and December 31, 2016, the Company had 25,627,565 and 22,588,184 shares issued and outstanding, respectively.

During the six months ended June 30, 2017, the Company issued an aggregate of 625,000 shares of its common stock for services totaling $894,749 ($1.43 per share).

During the six months ended June 30, 2017, the Company entered into securities purchase agreements with investors pursuant to which the Company issued 2,149,529 shares of common stock and 1,068,338 warrants for aggregate proceeds of $3,039,372, net of $184,922 in expenses.

During the six months ended June 30, 2017, the Company issued an aggregate of 90,000 and 124,750 shares of its common stock for vested restricted stock units and stock based compensation previously accrued in 2016.

In April 2017, the Company received and canceled 10,744 shares of its common stock as payment for short-swing profit pursuant to Section 16(b) of the U.S. Securities Exchange Act of 1934, as amended from an officer and member of the Company’s Board of Directors.