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7. STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2016
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
7. STOCKHOLDERS’ EQUITY

Preferred Stock

Upon confirmation of the Company’s Chapter 11 Reorganization Plan, the Company is authorized to issue 2,000 shares of preferred stock, no par value. The rights, privileges, and preferences of the preferred stock are to be determined by the Company’s board of directors and may be issued in series. As of December 31, 2015, there were no shares of preferred stock outstanding.  As of January 18, 2016, Imaging3 issued 2000 preferred voting shares to Dane Medley, CEO/Chairman. Each share constitutes 350,000 voting shares. The estimated value of these shares was not significant.

Common Stock

The Company is authorized to issue 1,000,000,000 shares of no par value common stock.

During the six months ended June 30, 2015, the Company issued a total of 8,920,000 shares of common stock for cash proceeds of $110,500 and 6,025,000 shares of common stock for services, valued at $63,250.

During the six months ended June 30, 2016 the Company issued a total of 1,276,000 shares of common stock for cash in the amount of $34,400 and 500,000 shares of common stock were issued for services, valued at $12,500.

Stock Option Plan

During 2014, the Board of Directors adopted, and the shareholders approved, the 2014 Stock Option Plan under which a total of 27,000,000 shares of common stock had been reserved for issuance. The 2014 Stock Option Plan will terminate in September 2024.

Stock Options

As of June 30, 2016, employees of the Company hold options to purchase 10,500,000 shares of common stock at an exercise price of $0.025.

Transactions in FY2016
  
Quantity
    
Weighted-
Average
Exercise Price
Per
 Share
    
Weighted-
Average
Remaining
Contractual
 Life
  
Outstanding, December 31, 2015
    
8,000,000
    
$
0.025
      
10.0
  
Granted
    
2,500,000
      
0.025
      
8.9
  
Exercised
    
0
                  
Cancelled/Forfeited
    
0
                  
Outstanding, June 30, 2016
    
10,500,000
    
$
0.025
      
9.4
  
Exercisable, June 30, 2016
    
10,500,000
    
$
0.025
      
9.4
  

The weighted average remaining contractual life of options outstanding issued under the Plan was 9.4 years at June 30, 2016.