COMMON STOCK

6 Months Ended

Jun. 30, 2016

COMMON STOCK [Text Block]

NOTE 7 – COMMON STOCK

On January 25, 2016, the Company entered into a Purchase Agreement with Lincoln Park Capital (“LPC”). Under the Purchase Agreement, the Company has the right to sell and LPC has the obligation to purchase up to $10 million of equity capital over a 30 -month period.

During the quarter ended June 30, 2016, the Company issued 1,346,258 shares of common stock as a result of employees exercising stock options priced between $0.31 and $0.74 per share. The Company issued 1,000,000 shares of common stock as a result of an investment company exercising warrants priced at $0.50 per share.

During the quarter ended June 30, 2016, the Company issued 449,507 shares of common stock at prices of $0.63, $0.67 and $0.71 per share under the Company’s employee compensation (restricted shares) program.

During the quarter ended March 31, 2016, the Company issued 2,463,810 shares of common stock at prices between $0.58 and $0.61 per share under the At the Market (“ATM”) Issuance Purchase Agreement with LPC.

During the quarter ended March 31, 2016, the Company issued 225,000 shares of common stock as a result of employees and former employees exercising stock options priced at $0.31 per share.