Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent Events

On July 1, 2016, the Company repaid all amounts due ($120,552) due under an outstanding 5% convertible note including accrued interest.

From July 1, 2016 to July 6, 2016, the Company issued $150,000 of principal amount of 8% promissory notes and warrants to purchase shares of our common stock to accredited investors. The aggregate gross proceeds from the sale of the notes and warrants were $150,000. The notes have a June 30, 2018 maturity date and bear interest at the eight percent (8%) per annum. The notes were issued with warrants to purchase up to 1,500,000 shares of our common stock at an exercise price of $0.10 per share.

Since July 1, 2016, the Company issued 1,093,690 shares of its common stock, net, to consultants in consideration of services rendered.

On July 7, 2016, the Company issued 380,000 shares of its common stock to consultants under its 2015 Stock Incentive Plan in consideration of services rendered.

On July 7, 2016, the Company issued 256,038 shares of our common stock in consideration of $17,759 in accrued and unpaid dividends due at June 30, 2016 for its outstanding Series A Preferred stock.