STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2016

Warrants outstanding and number of shares of common stock subject to exercise

The following table summarizes the warrants outstanding and the number of shares of Common Stock subject to exercise as of September 30, 2016 and the changes therein during the nine 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		(186,389	)	$	1.38
Balance as of September 30, 2016		26,833,246		$	0.12

Expiration dates for warrants subject to exercise

Of the warrant shares subject to exercise as of September 30, 2016, expiration of the right to exercise is as follows:

Date of Expiration	Number of Warrant Shares of Common Stock Subject to Expiration
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		26,833,246

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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