Common Stock

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Note 4. Common Stock

On February 2, 2016, Kalen Capital Corporation exercised a portion of its Series B Warrant for 2,173,913 shares of the Company's common stock at an exercise price of $0.46 per share resulting in proceeds of $1,000,000.

The following table summarizes information about warrants outstanding at March 31, 2016:

	Shares of Common Stock		Exercise Price		Expiration Date
Series A		960,000	$	0.35	July 12, 2019
Series B		1,326,087	$	0.46	November 29, 2018
Series C		3,500,000	$	0.49	November 29, 2018
Series D		1,010,000	$	1.10	June 5, 2020
Outstanding as of March 31, 2016		6,796,087