STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2016

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

NOTE 12. STOCKHOLDERS’ EQUITY

Common Stock

As of March 31, 2016, we had 62,974,431 shares of Common Stock issued and outstanding.  For the three months ended March 31, 2016, we issued 26,139,498 shares of Common Stock composed of 25,245,442 shares of Common Stock issued to investors pursuant to the March 2016 offering, 694,056 shares of Common Stock issued for installment payments due under the April 2015 Note with Inter-Mountain, and 200,000 shares issued for consulting services related to investor relations.

Preferred Stock

As of March 31, 2016, we had no shares of Series A Preferred Stock (the “Series A Shares”) issued and outstanding.  For the three months ended March 31, 2016, we did not issue or redeem any Series A Shares.

Warrants

The following table summarizes the warrants outstanding and the number of shares of Common Stock subject to exercise as of March 31, 2016 and the changes therein during the three months then ended:

		Number of Shares of Common Stock Subject to Exercise	Weighted – Average Exercise Price
Balance as of December 31, 2015		1,774,193	$   0.77
	Warrants issued	25,245,442	$   0.09
	Warrants exercised	---	---
	Warrants cancelled	---	---
Balance as of March 31, 2016		27,019,635	$   0.13

For the three months ended March 31, 2016, we issued warrants to purchase up to an aggregate of 25,245,442 shares of our Common Stock at an exercise price of $0.0871 per shares pursuant to the March 2016 Offering.

Of the warrant shares subject to exercise as of March 31, 2016, expiration of the right to exercise is as follows:

Date of Expiration		Number of Warrant Shares of Common Stock Subject to Expiration
	June 13, 2016	35,000
	July 16, 2016	116,667
	July 28, 2016	34,722
	December 24, 2016	653,686
	March 14, 2018	660,000
	January 15, 2019	80,000
	April 30, 2020	194,118
	March 30, 2021	25,245,442
	Total	27,019,635