STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

STOCKHOLDERS' EQUITY

6. STOCKHOLDERS’ EQUITY

The Company is authorized to issue up to 5,000,000 shares of its $0.001 par value preferred stock and up to 200,000,000 shares of its $0.001 par value common stock. During the year ended December 31, 2013, the Company amended its certificate of incorporation to increase the number of common shares from 100,000,000 to 200,000,000.  The amendment went into effect on September 7, 2013. On November 2, 2015, the Company’s Board of Directors voted to approve an increase in authorized common stock shares outstanding from 200,000,000 shares to 400,000,000 shares of the Company’s common stock.  This increase is subject to shareholder approval.

Common Stock

No shares of common stock were issued during the three months ended March 31, 2017

Common Stock Warrants

The Company accounts for warrants as either equity instruments or liabilities depending on the specific terms of the warrant agreement.  As of March 31, 2017, the Company had 28,404,669 warrants outstanding which are all classified as equity instruments and are fully exercisable as of March 31, 2017.

The following table summarizes the Company’s common stock warrant activity during the three months ended March 31, 2017:

	Warrants			Weighted Average Exercise Price
Outstanding as of December 31, 2016		28,424,669		$	0.29
Granted		-			-
Exercised		-			-
Forfeited/cancelled		(20,000	)		1.15
Outstanding as of March 31, 2017		28,404,669		$	0.29