Note 7 - Warrants

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note

7.

     Warrants

The Company conducted its public stock offer

ing through the sale of units. Each unit was sold for

$1,000

and consisted of

200

shares of common stock and a warrant to purchase an additional

200

shares of common stock at

$6.00

per share. The warrants were scheduled to expire, if not exercised,

February

24,

2016.

As of

December

31,

2014

warrant-holders had the right to purchase

2,532,400

shares of common stock. On

February

24,

2015

The Company registered a warrant exercise offering with the Kansas Securities Commissioner. During

2015,

warrant-holders exercised warrants for the purchase of

944,845

shares of common stock. As of

December

31,

2015

warrant-holders had the right to purchase

1,587,555

shares of common stock. On

February

24,

2016

warrants holders were granted an extension to

April

1,

2016

to exercise their warrants. As of

December

31,

2016

there are no outstanding warrants.

Management engaged the services of an experienced valuation firm to value the warrants as of

February

24,

2013.

The valuation performed valued the warrants to be worth

$0.01

per share of common stock and management has allocated this amount from additional paid-in capital to the outstanding warrants. As the warrants have been exercised, the value allocated to the warrants exercised has been restored to additional paid-in capital. As of

December

31,

2016,

there is no remaining value assigned to the expired warrants.