0000721748-16-001592.txt : 20160817 0000721748-16-001592.hdr.sgml : 20160817 20160817160952 ACCESSION NUMBER: 0000721748-16-001592 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160817 DATE AS OF CHANGE: 20160817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MassRoots, Inc. CENTRAL INDEX KEY: 0001589149 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 462612944 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55431 FILM NUMBER: 161838684 BUSINESS ADDRESS: STREET 1: 1624 MARKET STREET, STREET 2: SUITE 201 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 720-442-0052 MAIL ADDRESS: STREET 1: 1624 MARKET STREET, STREET 2: SUITE 201 CITY: DENVER STATE: CO ZIP: 80202 10-Q 1 msrt08131610q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934

For the quarterly period ended June 30, 2016

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934

For the transition period from ___________to ____________

Commission File Number 000-55431

MASSROOTS, INC.
(Exact name of business as specified in its charter)

Delaware

46-2612944

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)

1624 Market Street, Suite 201, Denver, CO 80202

(Address, including zip code, of principal executive offices)

(720) 442-0052

(Issuer’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every

Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [x] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerate filer [ ] Accelerated Filer [ ]

Non-accelerated filer [ ] Smaller reporting company [x]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of August 17, 2016, the issuer had 51,001,884 shares of common stock issued and outstanding.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION	1
Item 1. Condensed Financial Statements	1
Balance Sheets as of June 30, 2016 (Unaudited) and December 31, 2015	1
Statement of Operations for the Three and Six Months Ended June 30, 2016 and 2015 (Unaudited)	2
Statement of Stockholders’ Equity (Deficit) for the Six Months Ended June 30, 2016 (Unaudited)	3
Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015 (Unaudited)	4
Notes To Consolidated Financial Statements	5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3. Quantitative & Qualitative Disclosures about Market Risks	24
Item 4. Controls and Procedures	24
PART II OTHER INFORMATION	25
Item 1. Legal Proceedings	25
Item 1A. Risk Factors	25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 3. Defaults upon Senior Securities	25
Item 5. Other Information	25
Item 6. Exhibits	25

PART I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements

MASSROOTS, INC.

CONDENSED BALANCE SHEETS

AS OF JUNE 30, 2016 AND DECEMBER 31, 2015

		2016			2015
		(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	50,521		$	386,316
Accounts receivables		76,752			39,500
Prepaid expense		20,000			12,938
TOTAL CURRENT ASSETS		147,273			438,754

Property and equipment - net		83,398			73,023

OTHER ASSETS
Investment in Flowhub		175,000			175,000
Deposits and other assets		33,502			33,502
Total Other Assets		208,502			208,502

TOTAL ASSETS	$	439,173		$	720,279


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable	$	393,434		$	109,997
Accrued expenses		99,263			84,355
Convertible debt, net of $557,068 and $0 discount, respectively		992,499			0
Derivative liabilities		195,108			0
TOTAL CURRENT LIABILITIES		1,680,304			194,352

LONG-TERM LIABILITY
Convertible debentures, net of $0 and $0 discount, respectively		209,100			209,100
TOTAL LIABILITIES		1,899,404			403,452

STOCKHOLDERS' (DEFICIT) EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 49,197,385 and 46,939,966 shares issued and outstanding		49,197			46,940
Common stock to be issued, 136,227 and 624,000 shares, respectively		136			624
Additional paid in capital		15,135,437			12,101,784
Accumulated deficit		(16,635,001	)		(11,832,521	)
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY		(1,450,231	)		316,827

TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	$	439,173		$	720,279

The accompanying notes are an integral part of these condensed financial statements.

Table of Contents

MASSROOTS, INC.

CONDENSED STATEMENT OF OPERATIONS

(UNAUDITED)


	Three Months Ended						Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015


REVENUES	$	492,233		$	2,126		$	585,618		$	3,066

OPERATING EXPENSES
Advertising		369,132			208,830			557,419			263,119
Cost of revenues		285,228			-			293,780			-
Payroll and related expense		640,546			359,440			1,236,044			522,370
Common stock issued for services		30,373			254,388			293,956			368,100
Options issued for services		660,217			266,562			1,330,984			313,571
Warrants issued for services		-			22,579			68,369			26,411
Other general and administrative expenses		337,097			381,332			920,608			565,312
Total General and Administrative expenses		2,322,953			1,493,131			4,701,160			2,058,883

(LOSS) FROM OPERATIONS		(1,830,360	)		(1,491,005	)		(4,115,542	)		(2,055,817	)

OTHER INCOME (EXPENSE)
Change in derivative liabilities		537,153			-			314,296			42,737
Interest expense		-			(2,091	)		(8,635	)		(4,381	)
Amortization of discount on notes payable		(873,050	)		(24,201	)		(992,559	)		(50,347	)
Total Other Income (Expense)		(335,897	)		(26,292	)		(686,938	)		(11,991	)

(LOSS) BEFORE INCOME TAXES		(2,166,257	)		(1,517,297	)		(4,802,480	)		(2,067,808	)

PROVISION FOR INCOME TAXES		-			-			-			-

NET (LOSS)	$	(2,166,257	)	$	(1,517,297	)	$	(4,802,480	)	$	(2,067,808	)


Basic and fully diluted net income (loss) per common share:	$	(0.05	)	$	(0.03	)	$	(0.10	)	$	(0.05	)

Weighted average common shares outstanding		48,509,071			43,535,697			47,920,007			41,972,190

The accompanying notes are an integral part of these condensed financial statements.

Table of Contents

MASSROOTS , IINC.

CONDENSED STATEMENT OF STOCKHOLDERS' (DEFICIT) EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2016

(UNAUDITED)


	Common Stock			Common Stock to be Issued						Additional Paid			Accumulated			Total Stockholders'
	Shares		Amount	Shares			Amount			In Capital			Deficit			(Deficit) Equity

Balance as of December 31, 2015	46,939,965	$	46,940	624,000		$	624		$	12,101,784		$	(11,832,521	)	$	316,827

Common stock issued related to 2015 stock grants	624,000		624	(624,000	)		(624	)		—			—			—

Common stock issued for services	341,250		341	25,000			25			293,600			—			293,966

Common stock issued upon exercise of warrants for cash	812,734		813	106,000			106			370,588			—			371,507

Common stock issued upon exercise of options for cash	210,000		210	—			—			24,790			—			25,000

Stock based compensation	—		—	—			—			1,330,984			—			1,330,984

Fair value of warrants issued for services	—		—	—			—			68,369			—			68,369

Debt discount related to convertible notes	—		—	—			—			945,596			—			945,596

Common shares issued upon cashless exercise of warrants	5,277		5	5,227			5			(10	)		—			—

Common shares issued upon cashless exercise of options	264,158		264				—			(264	)		—			—

Net loss	—		—	—			—			—			(4,802,480	)		(4,802,480	)

Balance as of June 30, 2016 (unaudited)	49,197,384	$	49,197	136,227		$	136		$	15,135,437		$	(16,635,001	)	$	(1,450,231	)

The accompanying notes en integral part of these condensed financial statements.

MASSROOTS, INC.

CONDENSED STATEMENT OF CASHFLOWS

(UNAUDITED)
	For the six months ended June 30, 2016			For the six months ended June 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	($	4,802,480	)	($	2,067,808	)
Adjustments to reconcile net (loss ) to net cash (used in )
operating activities:
Amortization of discounts on notes payable		992,599			50,347
Depreciation		8,725			4,094
Common stock issued for services		293,956			368,100
Options issued for services		1,330,984			313,571
Warrants issued for services		68,369			26,411
Change in derivative liabilities		(314,296	)		(42,737	)
Inputed Interest expense		-			4,381
Changes in operating assets and liabilities
Accounts receivables		(37,252	)		11,131
Prepaid expense		(7,062	)		-
Deposit		-			(32,802	)
Accounts payable and other liabilities		333,255			15,911
Accrued payroll tax		-			(2,642	)
Net Cash (Used in) Operating Activities		(2,133,202	)		(1,352,043	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for equipment		(19,100	)		(38,158	)
Investment in Flowhub		-			(175,000	)
Net Cash (Used in) Investing Activities		(19,100	)		(213,158	)

CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock for cash		-			1,298,700
Proceeds from exercise of warrants		371,507			295,936
Proceeds from exercise of options		25,000			-
Proceeds from issuance of convertible notes payable		1,420,000			-
Net Cash Provided by Financing Activities		1,816,507			1,594,636

NET INCREASE (DECREASE) IN CASH		(335,795	)		29,435

CASH AT BEGINNING OF PERIOD		386,316			141,928

CASH AT END OF PERIOD	$	50,521		$	171,363

CASH PAID FOR:
Interest		-			-
Taxes		-			-

NON-CASH FINANCING ACTIVITIES
Warrants/Common stock/Option issued for services	$	0		$	0
Convertible note issued in payment of liabilities	$	35,000		$	0
Common stock, Warrants and Options as prepaid expense	$	0		$	849,128

The report on the financial statements and accompanying notes are an integral part of these condensed financial statements.

Table of Contents

MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

MassRoots, Inc. (“MassRoots” or the “Company”) has created a technology platform for the cannabis industry focused on enabling users to share their cannabis content, follow their favorite dispensaries, and stay connected with the legalization movement. The Company was incorporated in the State of Delaware on April 26, 2013.

Basis of Presentation

The unaudited condensed interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

The condensed balance sheet as of December 31, 2015 has been derived from audited financial statements.

Operating results for the six months ended June 30, 2016 are not necessarily indicative of results that may be expected for the year ending December 31, 2016. These condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2015 filed with the Company’s Form 10-K with the Securities and Exchange Commission on March 30, 2016.

Management’s Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include revenue recognition, fair value of the Company’s stock, stock-based compensation, fair values relating to warrant and other derivative liabilities and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.

Deferred Taxes

The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Company’s ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. As of June 30, 2016 and December 31, 2015, based upon the review of the outstanding accounts receivable, the Company has determined that an allowance for doubtful accounts is not required.

Table of Contents

MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

Property and Equipment

Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings.

Revenue Recognition

The Company recognizes revenue when services are realized or realizable and earned less estimated future doubtful accounts. The Company considers revenue realized or realizable and earned when all of the following criteria are met:

(i)

persuasive evidence of an arrangement exists,

(ii)

the services have been rendered and all required milestones achieved,

(iii)

the sales price is fixed or determinable, and

(iv)

Collectability is reasonably assured.

MassRoots primarily generates revenue by charging businesses to advertise on the network. MassRoots has the ability to target advertisements directly to a clients’ target audience, based on their location, on their mobile devices. In cases where clients sign advertising contracts for an extended period of time, MassRoots only realizes revenue for services provided during that quarter and defers all other revenue to future quarters.

MassRoots’ secondary source of income is merchandise sales. The objective with the sales is not to generate large profit margins, but to help offset the cost of marketing. Each t-shirt, sticker and jar MassRoots sells will likely lead to more downloads and active users.

Cost of Revenue

The Company’s main cost of revenue originates from its merchandise store, where often times the Company realizes low profit margins and is not the main focus of the Company.

Comprehensive Income (Loss)

The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during the periods covered in the financial statements.

Convertible Debt

If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt.

Stock-Based Compensation

The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period.

MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

Fair Value of Financial Instruments

Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.

The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) and Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”), which permits entities to choose to measure many financial instruments and certain other items at fair value.

Derivative Financial Instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.

For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

As of June 30, 2016, the Company had outstanding convertible notes that contained embedded derivatives. These embedded derivatives include certain conversion features and reset provisions.

Convertible Debentures

Stock-Based Compensation

Net Income (loss) Per Common Share

The Company computes earnings (loss) per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable.

The computation of basic and diluted loss per share as of June 30, 2016 and 2015 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price of the common stock during the period.

MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

Potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per share are as follows:

	June 30, 2016
Common stock issuable upon conversion of convertible debt		4,252,333
Options to purchase common stock		5,584,880
Warrants to purchase common stock		9,742,044
Totals		19,579,257

Reclassification

Certain reclassifications have been made to the prior years’ data to conform to the current year presentation. These reclassifications had no effect on reported income (losses).

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (Topic 606). This ASU provides guidance for revenue recognition and affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry specific guidance. The standard’s core principle is the recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers" (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to fiscal years beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted for fiscal years beginning after December 15, 2016. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial statements and disclosures.

In August 2014, FASB issued ASU 2014-15, “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on the Company’s financial statements.

There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows.

NOTE 2 GOING CONCERN AND UNCERTAINTY

The Company has suffered losses from operations since inception. In addition, the Company has yet to generate significant cash flow from its business operations. These factors raise substantial doubt as to the ability of the Company to continue as a going concern for a reasonable period of time.

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MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

Management’s plans with regard to these matters encompass the following actions: 1) obtain funding from new and potentially current investors to alleviate the Company’s working deficiency, and 2) implement a plan to generate sales. The Company’s continued existence is dependent upon its ability to translate its user base into sales. However, the outcome of management’s plans cannot be ascertained with any degree of certainty. The accompanying financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

NOTE 3 NOTE RECEIVABLE

On March 24, 2016, the Company entered into an agreement with Santino Walter Productions, LLC ("SWP") in which the Company purchased a Senior Secured Promissory Note ("Note”) with a principle amount of $156,000 for a purchase price of $130,000. The funds are solely to be used by SWP for costs related to the Denver Annual 420 Rally ("420 Rally"). The Note matures in 60 days and is secured against all assets of SWP. The Company also entered into License and Letter Agreements with SWP pursuant to which the Company will earn a 50% licensing fee on all ticket sales and sponsorship sales, along with 15% of all booth sales, of the 420 Rally. The Company is obligated to provide the ticketing system and cover all activation costs related to the tickets. The first $130,000 in revenue received related to the 420 Rally will to be used to cover the remaining costs of talent for the event; the next $156,000 in revenue will be used to repay the Note. All proceeds from ticket sales and sponsorships will be held by the Company initially; after payment of the Note, and all fees earned by the Company under the agreement, the remaining proceeds will then be distributed to SWP. All talent booked by SWP for the 420 Rally will be required to create a MassRoots profile, which can be waived at the Company's sole discretion. The Company also retains the right to participate in a materially similar transaction related to the 420 Rally every year through 2020. During the second quarter of 2016, this note was repaid with proceeds from ticket sales of the 420 Rally.

NOTE 4 PROPERTY AND EQUIPMENT

Fixed assets were comprised of the following as of June 30, 2016 and December 31, 2015:

	June 30, 2016		December 31, 2015

Computers		$ 69,116		$ 58,121
Office equipment		35,208		27,083
Total		104,324		85,224
Less: Accumulated depreciation		20,926		12,201
Property and equipment, net		$ 83,398		$ 73,023

Depreciation expense for the six months ended June 30, 2016 and 2015 was $8,725 and $4,094, respectively.

NOTE 5 CONVERTIBLE DEBT

On March 24, 2014, the Company issued convertible debentures to certain accredited investors. The total principal amount of the debentures is $269,100 and originally matured on March 24, 2016 with a zero percent interest rate. The debentures are convertible into shares of the Company’s common stock at $0.10 per share. In March 2016, the debentures were amended to extend the maturity date to March 24, 2018. As of June 30, 2016 and December 31, 2015, the aggregate carrying value of the debentures was $209,100 net of debt discounts of $0.

In February 2016, the Company issued to a service provider a 12 month convertible debentures at 15% interest with a principal amount of $35,000 along with 35,000 3-year warrants to purchase shares common stock at $1.00 per share The convertible debentures are payable at maturity, and convertible at the investor’s determination at a price equal to 90% of the price of a subsequent public underwritten offering if one occurs over $5 million, or, if no subsequent offering occurs, at $0.75 per share. As of June 30, 2016 and December 31, 2015, the aggregate carrying value of the debentures was $13,005 and $0, net of debt discounts of $21,995 and $0, respectively.

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MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

On March 17, 2016, the Company sold to investors six (6) month secured convertible original issue discount notes with principal amount in the aggregate of $1,514,667, together with five year warrants to purchase an amount of shares of the Company’s common stock equal to the number of shares of common stock issuable upon the conversion of the notes in full and having an exercise price of $1.00 per share. If the Company exercises its right to prepay the note, the Company shall make payment to the investor of an amount in cash equal to the sum of the then outstanding principal amount of the note that it desires to prepay, multiplied by (a) 1.2, during the first ninety (90) days after the execution of this Note, or (b) 1.35, at any point thereafter. The notes are convertible into shares of the Company’s common stock at a price per share equal to the lower of (i) one dollar ($1.00), and (ii) a 25% discount to the price at which the Company next conducts an offering after the issuance date of the note; provided, however, if any part of the principal amount of the note remains unpaid at its maturity date September 17, 2016, the conversion price will be equal to 65% of the average of the three trading days with the lowest daily weighted average prices of the Company’s common stock occurring during the fifteen days prior to the notes’ maturity date September 17, 2016. The notes require that any net proceeds received subsequent offerings made by the Company first be used to repay the notes’ outstanding principal amount. If the note is not repaid by the maturity date, the investors will receive, in aggregate, but calculated pro rata to the principal amounts remaining outstanding at the time of maturity, up to five hundred thousand (500,000) shares of the Company’s common stock. Gross proceeds received by the Company for the notes and warrants in this Offering was $1,420,000, while net proceeds were $1,271,600 (excluding any legal fees). As of June 30, 2016 and December 31, 2015, the aggregate carrying value of the notes were $979,494, net of debt discounts of $535,173 and $0, respectively.

The Company’s convertible debt is summarized as follows as of June 30, 2016 and December 31, 2015:

		2016			2015
Principal balance	$	1,758,767		$	209,100
Less: debt discount	($	557,168	)		(-)
Convertible debentures, net	$	1,201,599			209,100
Less, current portion		($992,499)			(-)
Long term portion		$ 209,100			$ 209,100

NOTE 6 DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS

The Company identified conversion features embedded within convertible debt and warrants outstanding for the six months ended June 30, 2016 and the year ending December 31, 2015. The Company has determined that the features associated with the embedded conversion option and exercise prices, in the form a ratchet provisions, should be accounted for at fair value, as a derivative liability, as the Company cannot determine if a sufficient number of shares would be available to settle all potential future conversion transactions.

During the third quarter of 2015, the Company and the convertible debt note and warrant holders agreed to amend terms of the agreements to remove the ratchet provisions. Accordingly, the Company reclassified the derivative liability to equity classification resulting in an increase to additional paid in capital by $3,336,109.

During the fourth quarter of 2015, the Company and the holders of warrants previously issued as part of our offering from September 2014 to March 2015 with an exercise price of $1.00 per share and all other warrants agreed to amend the warrants to remove the ratchet provision in exchange for a warrant for an additional 20% of their original warrant shares at $1.06 per share. This reduced the Company’s derivative liability by $1,155,199 and increased additional paid in capital by $761,426.

The Company adopted the provisions of Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”). ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value:

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MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

All items required to be recorded or measured on a recurring basis are based upon level 3 inputs.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement

The Company recognizes its derivative liabilities as level 3 and values its derivatives using the methods discussed below. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed are that of volatility and market price of the underlying common stock of the Company.

As of June 30, 2016 and December 31, 2015, the Company did not have any derivative instruments that were designated as hedges.

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2015:

Level 1

Level 2

Level 3

Total

Derivative liability

Total

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2016:

	Level 1		Level 2		Level 3		Total
Derivative liability	$		$	-	$	195,108	$	195,108
Total	$	-	$	-	$	195,108	$	195,108

The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2016:


Balance, December 31, 2015	$	-
Transfers in of Level 3		509,404
Mark-to-market – gain on change in fair value of derivative liability - 2016		(314,296)
Balance, June 30, 2016	$	195,108

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MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

Fluctuations in the Company’s stock price are a primary driver for the changes in the derivative valuations during each reporting period. As the stock price decreases for each of the related derivative instruments, the value to the holder of the instrument generally decreases, therefore decreasing the liability on the Company’s consolidated balance sheet. Additionally, stock price volatility is one of the significant unobservable inputs used in the fair value measurement of each of the Company’s derivative instruments. The simulated fair value of these liabilities is sensitive to changes in the Company’s expected volatility. Increases in expected volatility would generally result in higher fair value measurement. A 10% change in pricing inputs and changes in volatilities and correlation factors would not result in a material change in our Level 3 fair value.

During the six months ended June 30, 2016, the fair value of the derivative liabilities containing certain variable conversion features were determined using the Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 112.29%, (3) weighted average risk-free interest rate of 0.39% to 0.47% (4) expected life of 6 months, and (5) estimated fair value of the Company's common stock of $1.04 to $1.26 per share.

NOTE 7 CAPITAL STOCK

The Company is currently authorized to issue 200,000,000 shares of its common stock at $0.001 par value per share. As of December 31, 2015, there were 46,939,965 shares of common stock issued and outstanding and 624,000 shares of common stock to be issued. As of June 30, 2016, there were 49,197,385 shares of common stock issued and outstanding and 136,227 shares of common stock to be issued.

The Company is currently authorized to issue 21 Series A preferred shares at $1.00 par value per share with 1:1 conversion and voting rights. As of June 30, 2016, there were no shares of Series A preferred shares issued and outstanding.

The following common stock transactions were recorded during the six months ended June 30, 2016:

The Company issued 624,000 shares of common stock which was previously classified as shares to be issued as of December 31, 2015.

The Company issued 341,250 shares of common stock for services rendered at an average stock price of $0.87 per share, and recorded another 25,000 as to be issued for services rendered at an average stock price of $0.85 per share.

The Company issued 5,227 common shares for the cashless exercise of a stock warrant.

The Company issued 812,734 common shares and is obligated to issue an additional 106,000 common shares as of June 30, 2016 for the cash exercise of stock warrants.

The Company issued 264,158 common shares for the cashless exercises of stock options.

The Company issued 210,000 common shares for the cash exercise of stock options.

NOTE 8 STOCK WARRANTS

In January 2016, the Company issued warrants to purchase 100,000 shares of common stock at $0.83 per share to certain service providers, valued at $68,369.

In February 2016, the Company issued warrants to purchase 35,000 shares of common stock at $1.00 per share to a service provider, valued at $24,301.

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MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

On March 24, 2016, in connection to the issuance of convertible notes, the Company granted to the same investors five year warrants to purchase an aggregate of 1,514,669 shares of the Company’s common stock at $1.00 per share. The warrants may be exercised any time after the issuance through and including the fifth (5^th) anniversary of its original issuance. The warrants have a fair market value of $910,596. The fair market value was calculated using the Binomial Option Pricing Model, assuming approximately 0% risk-free interest, 0% dividend yield, 112.3% volatility, and expected life of 5 years.

Stock warrants outstanding and exercisable on June 30, 2016 are as follows:

Warrants Outstanding					Warrants Exercisable
				Weighted
				Average	Exercisable
Exercise		Number of		Remaining Life	Number of
Price		Warrants		In Years	Warrants
$	0.001		3,963,659	1.0	3,963,659
	0.40		3,400,275	0.6	3,400,275
	0.50		2,489,041	3.6	2,489,041
	0.60		50,000	3.8	50,000
	0.83		100,000	4.5	100,000
	0.90		175,000	4.0	175,000
	1.00		2,310,669	3.5	2,310,669
	1.06		146,200	2.4	146,200
	3.00		407,475	2.3	407,475
			9,742,044	1.2	9,742,044

A summary of the warrant activity for the six months ended June 30, 2016:


				Weighted-Average		Weighted-Average
	Shares			Exercise Price		Remaining Contractual Term
Outstanding at December 31, 2015		9,018,609		$	0.42		2.26
Grants		1,649,669		$	0.99		4.95
Exercised		(926,234	)	$	0.4		0.96
Canceled		—			—		—
Outstanding at June 30, 2016		9,742,044		$	0.514		1.68
Exercisable at June 30, 2016		9,742,044		$	0.514		1.68

The aggregate intrinsic value outstanding stock warrants was $1,406,058 the total pretax intrinsic value, based on warrants with an exercise price less than the Company’s stock price of $0.86 as of June 30, 2016, which would have been received by the warrant holders had those warrant holders exercised their warrants as of that date.

NOTE 9 EMPLOYEE EQUITY INCENTIVE PLANS

During the six months ended June 30, 2016, the Company granted options to purchase 691,250 shares at an average of $0.96 per share to 12 employees and consultants of the Company under the Company’s 2015 equity incentive plan, with most vesting monthly over the course of one year. The fair market value of the options is $1,330,984.

Stock options outstanding and exercisable on June 30, 2016 are as follows:

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MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

Options Outstanding						Options Exercisable
				Weighted
				Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Options		In Years		Options
$	0.10		1,500,000		7.9		750,000
	0.50		628,217		8.80		604,881
	0.60		105,000		8.7		105,000
	0.80		160,000		9.4		106,656
	0.83		100,000		9.7		0
	0.90		1,860,413		9.5		1,465,341
	1.00		850,000		9.4		24,996
	1.05		381,250		9.7		246,335
			5,584,880		9.1		3,303,209

A summary of the stock option activity for the six months ended June 30, 2016:

					Weighted-Average
				Weighted-Average	Remaining
	Shares			Exercise Price	Contractual Term

Outstanding at December 31, 2015	5,625,000		$	0.59	9.3
Grants	691,250			0.97	9.7
Exercised	(636,783	)		0.5	8.8
Canceled	(94,587	)		0.5	8.8
Outstanding at June 30, 2016	5,584,880		$	0.66	8.9
Exercisable at June 30, 2016	3,303,209		$	0.64	8.6

The aggregate intrinsic value of outstanding stock options was ($1,406,058), based on options with an exercise price less than the Company’s stock price of $0.86 as of June 30, 2016, which would have been received by the option holders had those option holders exercised their options as of that date.

Option valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using the Black-Scholes option model with a volatility figure derived from an index of historical stock prices of comparable entities until sufficient data exists to estimate the volatility using the Company’s own historical stock prices. Management determined this assumption to be a more accurate indicator of value. The Company accounts for the expected life of options based on the contractual life of options for non-employees.

The fair value of the granted options for the six months ended June 30, 2016 was determined using the Black Scholes option pricing model with the following assumptions:

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MassRoots, Inc.

Notes to the Condensed Financial Statements

June 30, 2016 (Unaudited)

Dividend yield:		0		%
Volatility		111.89% to 119.16		%
Risk free rate:		1.75% to 2.10		%
Expected life:			10 years
Estimated fair value of the Company’s common stock	$	0.80 to $1.05
Estimated forfeiture rate		0		%

NOTE 10 COMMITMENTS AND CONTINGENCIES

Operating leases

On April 14, 2015, the Company completed the relocation of its headquarters to 1624 Market Street, Suite 201, Denver, CO 80202 which we leased on March 20, 2015 pursuant to a lease agreement with RVOF Market Center, LLC (“201 Lease”). Under the 201 Lease, we agreed to rent 3,552 square feet of office space at that location for a term of 37 months, under which the Company will pay a base rate of $0 for the first month, $8,288 for months two through 13, $8,584 for the months 14 through 25, and $8,880 for the months 26 through 37. We did not incur a significant cost related to the move to this location.

The Company amended this lease in January 2016 to include Suite 203, also located at 1624 Market Street in Denver, CO 80202, which allows us to expand our headquarters by an additional 1,508 square feet of office space. For this expansion (and in addition to the rent paid under the 201 Lease), we will pay $0 until May 30, 2016, $3,644 for each month from June 1, 2016 to May 30, 2017, $3,770 for each month from June 1, 2017 to May 30, 2018, and $3,896 for each month from June 1, 2018 to November 30, 2018.

Rent expense charged to operations, which differs from rent paid due to rent credits and to increasing amounts of base rent, is calculated by allocating total rental payments on a straight-line basis over the term of the lease. During the six months ended June 30, 2016 and 2015, rent expense was $60,674 and $22,998, respectively.

NOTE 11 SUBSEQUENT EVENTS

From August 12 to August 17, 2016, the Company raised $1,636,500 in gross proceeds from the sale of shares of the Company’s common stock, together with warrants, with one Warrant entitling the holder to purchase one share of Common Stock at a price equal to $0.90 per share in a registered “best efforts” offering to certain investors pursuant to an effective registration statement (the “Offering”). The purchase price paid by the investors was $0.50 for one share of Common Stock and one half Warrant. The Warrants are immediately exercisable and expire three years from the date of issuance. The shares of Common Stock and Warrants are immediately separable and will be issued separately. A total of 3,273,000 shares of Common Stock and 3,273,000 Warrants were sold in the Offering and will be issued pursuant to the prospectus, dated August 12, 2016 and filed with the Securities and Exchange Commission as of the same date. As of August 17, 2016, 1,247,000 of these shares had been issued.

Subsequent to close of the quarter, the Company issued 136,000 shares recorded as to be issued as of June 30, 2016, 349,000 additional shares for the cash exercise of $0.40 warrants, and 77,500 shares issued as severance compensation to five former employees.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis in conjunction with our unaudited financial statements and related notes contained in Part I, Item 1 of this Quarterly Report. Please also refer to the Note About Forward Looking Statements for information on such statements contained in this Quarterly Report immediately preceding Item 1.

Overview

MassRoots, Inc. is a Delaware corporation formed on April 24, 2013. Our principal place of business is located at 1624 Market Street, Suite 201, Denver, CO 80202, our telephone number is (720) 442-0052 and our corporate website is www.MassRoots.com/Investors. The information on our website, mobile apps, and blog is not a part of this Quarterly Report on Form 10-Q.

As discussed in the Notes to the Financial Statements, the Company has experienced recurring losses and negative cash flows from operations since inception. We have relied on equity financing to fund operations. There can be no guarantee that we will ever become profitable, or that adequate additional financing will be realized in the future or otherwise may not be available to us on acceptable terms, or at all. If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our development efforts. We will need to generate significant revenues to achieve profitability and we may never do so. These factors raise substantial doubt about the Company’s ability to continue as a going concern. We have been implementing our strategic plan, as set forth below, on which we believe we will be able to continue operations and become profitable in the future.

Revamped MassRoots for Business Portal

We originally introduced MassRoots for Business in early 2015 as an online portal for businesses to schedule posts and view analytics; while useful for businesses, it did not have the features or capacity to scale to millions of dollars in revenue. Simultaneously with our migration from Parse, MassRoots began developing a new business portal directly on AWS that took into account the feedback and research we received from over 2,500 cannabis-related businesses over the past year.

When fully developed, the revamped MassRoots for Business portal will consolidate many online marketing functions for cannabis-related business in one central platform. We expect businesses will be able to schedule posts on MassRoots, Facebook and Twitter; purchase advertising on both MassRoots owned-properties as well as third party digital properties; and view actionable, real-time data from MassRoots and third party sources in easy-to-read formats. We believe this will serve as a solid foundation for future business-related features as we prepare to integrate dispensary point-of-sale data later this year.

We believe that MassRoots can reach profitability from its current userbase and web traffic. We are focused on including in our app and website features that they previously lacked - the ability to connect users with the dispensaries and products for which they are looking. We believe that our dispensary finder is a solid first step in fixing this deficiency and product pages with live menu pricing will mostly resolve the problem by the end of Q3 2016. MassRoots’ management believes it can get the Company to cash-flow positive on a monthly basis by the end of 2016.

Continued Focus on Search Engine Optimization

There are currently tens of millions of Google searches every month for cannabis-related terms and questions – consumers, voters, activists and government officials looking for high-quality, reliable information on cannabis. Since launching MassRoots’ web platform in December 2015, we have been able to generate over 2 million page views from hundreds of thousands of unique visitors by indexing the content on our network and integrating our blog; however, this is only a fraction of the total searches that occurred during the same timeframe. In order to expand our market share of search results and web traffic, we intend to expand the functionality and content of MassRoots’ discover page to better connect consumers with the information for which they are looking.

Expense Reductions

During July 2016, the Company eliminated $54,000 in monthly expenses by terminating relationships with certain vendors, reducing headcount from 33 to 24 full-time employees, and utilizing new technological tools to achieve better results with fewer resources. As many of these contracts and agreements had 30, 60 or 90-day termination clauses, we expect these expense reductions not to be fully reflected until the fourth quarter of 2016. Reductions in staff were concentrated on the content, account services, and sales teams, while the team focused on our core product – development – remains fully intact. Even as MassRoots continues to scale its userbase and revenues, we do not expect a significant increase in the size of our team as we plan to automate as many processes as possible in a self-service platform for our clients. Like other leaders in the technology field, our plan is to scale through automation and technology, not by increasing our staff and overhead. We believe these expense reductions could result significant savings for the Company, currently estimated to be approximately $648,000 annually. MassRoots’ management will continue to review for unnecessary expenses on a weekly basis and believe the Company can reach cash-flow positive on a monthly basis by the end of 2016.

The Team

MassRoots has 24 full-time employees working out of headquarters in downtown Denver, Colorado. The majority of these employees are engineers and designers focused on developing new features for the MassRoots platform. We believe that over the long run, a small, talented and close knit team will outperform larger teams. We believe we have found talented individuals at every level – sales representatives who outperform expectations; managers who make architectural decisions that will prevent costly and time-consuming blunders; and engineers developing new features that have the potential to provide significant long term returns.

One of MassRoots’ top priorities in 2016 has been recruiting and retaining some of the top talent in the cannabis and technology industries. In June 2016, we hired Lance Galey as MassRoots’ Chief Technology Officer. Previously, Mr. Galey served as Chief Software Architect of Cloud Services for Autodesk and Vice President and Principle Architect at Salesforce, where he led the architecture and development of numerous core infrastructure and platform services underlying a large portfolio of Salesforce SaaS applications. In 2013, he was selected as the executive MVP for the technology division of Salesforce.com.

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420 Rally

In March 2016, we entered into agreements with Santino Walter Productions and the Denver Annual 420 Rally to produce and promote the Denver Annual 420 Rally (“420 Rally Deal”). Under the terms of the agreements, which are included in our 8-K filed on March 31, 2016, MassRoots purchased a debt note with a principal amount of $156,000 from Santino Walter Productions for a purchase price of $130,000. These funds were wired directly to Young Money Touring and WME Entertainment to book Lil Wayne and Wiz Khalifa to perform at the 420 Rally. Additionally, MassRoots is to received 50% of all ticket and sponsorship sales, 15% of all booth sales and has the right to enter into a materially-similar agreement every year through 2020. MassRoots primarily entered into the 420 Rally Deal to grow its user and clientele base in the Denver metro area – an estimated 100,000 people primarily from the Denver metro area attended this year’s event, the target market for hundreds of dispensaries in Colorado.

On April 16, 2016, the original date of the 420 Rally, a severe snowstorm hit Denver and forced event organizers to postpone the festival until May 21, 2016. MassRoots generated roughly $230,000 in revenue from ticket sales from the 420 Rally but had to incur an additional $130,000 in expenses as a result of the reschedule. Although the event ended up being a monetary loss of approximately $30,000, we believe the exposure, relationships and information gained as a result of the event will be beneficial to the MassRoots brand. MassRoots’ management learned a valuable lesson in risk-exposure and protecting against unforeseen events as a result of the snowstorm and reschedule.

We do not expect MassRoots to be major sponsors or producers of events going forward – we believe we have an incredible core business in digital advertising and that is where our team’s focus needs to remain.

State and National Brand Business Model

While MassRoots’ consumer-facing network launched in July 2013, we did not start generating advertising revenue until we crossed a half million users in mid-August 2015. Our clients have primarily been ancillary businesses marketing their products to cannabis consumers through endorsed posts on MassRoots, sponsored content on our blog, and mentions in our email newsletter. It is not necessary for a user to join MassRoots in order for us to generate revenue from them – we are finding that many people will visit our website, join our email newsletter, or view a dispensary’s profile without registering for our MassRoots network.

During the second quarter of 2016, we signed advertising contracts with a total value of $259,450 with 32 of the leading cannabis brands in the industry. As many of these contracts were for 3, 6 or 12-month campaigns, only a portion of the value was realized during the second quarter of 2016, and the rest will be realized over the coming quarters, building a solid foundation on which we can expand.

While the vast majority of MassRoots’ advertising revenue to date has come from brands within the cannabis industry, we have started to see significant interest from mainstream brands and advertising agencies looking to market to cannabis consumers. Uber and Fusion, a division of Univision, became the first mainstream brands to advertise with MassRoots and have opened the doors for other major brands to evaluate the space. We believe that as the regulated cannabis market continues to expand, mainstream brands and advertising agencies will begin to allocate portions of multi-million advertising budgets towards outreach to the millions of cannabis consumers in the United States – especially food, lighter and agricultural brands. We are positioning MassRoots to be one of the first companies to receive these budget allocations.

Local Store Business Model

We launched a beta version of MassRoots’ dispensary finder on August 8, 2016 and currently have over 175 dispensary locations paying for a basic listing. With the core functionality now in place, we aim to rapidly iterate and expand on its functionality to include menus with live pricing, product pages with reviews, and top search result placement for paid advertisers. We believe that each of these features will create new revenue streams for our business – other businesses have generated tens of millions in revenue off of such features.

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On Competitive Advantage and Network Effects

We believe network effects serve as the most powerful form of competitive advantage for consumer-facing consumer networks, including MassRoots. Once a person and their friends join a consumer or social network, it is unlikely they switch their active usage to another network in the same category. In 2011, Google+ launched to much fanfare as the, “Facebook Killer,” with the resources of Google at its disposal: billions of dollars in launch and advertising costs, immediate integration with the largest search engine in the world, and the use of the Google brand. However, it failed to gain traction because Facebook already dominated the market. Similarly, Facebook launched Poke in 2013 to compete with Snapchat. However, even with arguably more advanced features and Facebook’s backing, Poke failed to make a dent in Snapchat’s market share and was shuttered shortly after.

Market Share

As of early August 2016, MassRoots had approximately 950,000 users of an estimated 10 million Americans who consume cannabis on a monthly basis according to ArcView Market Research, a market that we believe will continue to grow as additional states pass laws to regulate and control the sale of cannabis. We have approximately 2,500 of the estimated 15,000 cannabis-related businesses in America actively posting on our network according to ArcView Market Research, a market that we believe will continue to grow as additional states pass laws to regulate and control the sale of cannabis.

2016 Elections

MassRoots believes the 2016 elections have the potential to significantly increase the size and scope of the regulated cannabis industry. According to the Marijuana Policy Project, campaigns in Maine, Nevada, Arizona, California, Michigan, Florida, and Massachusetts are expected to succeed in placing initiatives on their states’ ballots for this year’s election.

Historically-speaking, the demographic make-up of the electorate during presidential election years tends to be younger and more diverse than in off-year elections, groups that are generally more supportive of the legalization of cannabis. We believe a number of the state initiatives on this year’s ballot stand a significant chance of becoming law. A 2016 ArcView Market Research Report projects the regulated cannabis industry could grow to $10 billion by 2018 as a result of this year’s elections.

Our business model is designed to benefit from this trend. When a new state passes a medical or recreational cannabis law, we are able to start registering users and businesses in that state with minimal marginal cost. Because MassRoots is not involved in the production or sale of cannabis, we do not have to build outgrow operations, open retail stores, or have a significant physical presence in the state in order to generate revenue. At the same time, MassRoots’ financial model is not tied to the success of a particular location or brand – we believe we will have a significant percentage of all dispensaries and brands on our platform, making MassRoots a play on the industry as a whole.

MassRoots is also in a unique position to help these legalization initiatives become law. With close to 950,000 registered users on our network, half a million followers on other social channels, a 600,000+ person opt-in email list, and relationships with 2,500 businesses, MassRoots has the reach and scale to raise awareness of these initiatives, push voter registration, and drive grassroots donations to these campaigns. To be clear, MassRoots does not intend to allocate material shareholder resources to these campaigns, but to use our social reach and influence to help legalization initiatives pass. Not only will this help expand regulated cannabis markets and our potential revenue, but it will raise awareness and improve favorability of the MassRoots brand amongst cannabis consumers.

Sitting at the intersection of healthcare on the medical cannabis side and a vice industry on the recreational cannabis side, we believe the cannabis industry can continue to grow in any economic climate.

Competition

We do not believe we face any significant competition as a social platform for the cannabis community; there are no other companies with more than 100,000 users or significant capital. However, as more of our localized advertising features come online through the rest of 2016, we have begun to actively compete with dispensary locators and strain guides, such as WeedMaps and Leafly, for dispensaries' advertising budgets.

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Results of Operations

	For the three-months ended
		June 30, 2016 (Unaudited)			June 30, 2015 (Unaudited)			$ Change			% Change
Gross revenue		$	492,233		$	2,126		$	490,107			230	%

General and administrative expenses			2,322,953			1,493,131			829,822			57	%

Loss from Operations			(1,830,360	)		(1,491,005	)		(339,355)			24	%

Other Income /(Expense)			(335,897)			(26,292	)		(309,605)			1,178	%

Net Loss		($	2,166,257	)	($	1,517,297	)	($	648,960	)		44	%

Net loss per share - basic and diluted		($	0.05	)		($0.03)			($0.02)			57%
	For the six-months ended
		June 30, 2016 (Unaudited)			June 30, 2015 (Unaudited)			$ Change			% Change
Gross revenue		$	585,618		$	3,066		$	582,552			1,900	%

General and administrative expenses			4,701,160			2,058,883			2,642,327			129	%

Loss from Operations			(4,155,542	)		(2,055,817	)		(2,059,725)			101	%

Other Income /(Expense)			(686,938)			(11,991	)		(674,947)			5,629	%

Net Loss		($	4,802,480	)	($	2,067,808	)	($	2,734,672	)		133	%

Net loss per share - basic and diluted		($	0.10	)		($0.05)			($0.05)			100%

Revenues

For the three months ended June 30, 2016 and 2015, we generated revenues of $492,233 and $2,126, respectively, an increase of $490,107. For the six months ended June 30, 2016 and 2015, we generated revenues of $585,618 and $3,066, respectively, an increase of $582,552. Of this $585,618 generated in the six months ended June 30, 2016, $325,618 was made up of advertising revenue related to the MassRoots network, $240,000 was related to the 420 Rally, while the remaining revenue of $20,000 was made up of sales on our online merchandise store. The increase in revenues for both the three and six months ended June 30, 2016 was primarily caused by more digital advertising sales and 420 Rally ticket sales.

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Cost of Goods Sold

For the three months ended June 30, 2016 and 2015, cost of goods sold was $285,228 and $0, respectively. For the six months ended June 30, 2016 and 2015, cost of goods sold was $293,780 and $0, respectively. This is an increase of $285,228 and $293,780 for the three and six months ended June 30, 2016, respectively, is primarily due to $240,000 in costs associated with the 420 Rally as well as the cost of items sold from our online merchandise store, MassRoots.com/Shop. Our primary purpose of both the 420 Rally and the merchandise store was to raise awareness of the MassRoots brand and drive user downloads and web traffic, not to generate profits. MassRoots’ main business model will remain generating digital advertising sales.

Operating Expenses

For the three months ended June 30, 2016 and 2015, our operating expenses were $2,322,952 and $1,493,131, respectively, an increase of $876,423. For the three months ended June 30, 2016, these increases were mainly attributed to an $257,959 increase in payroll-related expenditures and a $393,655 increase in options issued for services. For the six months ended June 30, 2016 and 2015, our operating expenses were $4,701,160 and $2,058,883, respectively. This $2,642,327 increase for the six months ended June 30, 2016 is attributed mainly to an increase of $690,527 in payroll-related expenditures, an increase of $1,017,413 in options issuances for services to employees and service providers, and a $432,629 increase in other general and administrative expenditures, including rent, travel, and legal expenses. Approximately $200,000 of these expenditures were related to commissions, legal, and closing fees of the convertible debt financing closed in March 2016.

Other Income (Expense)

For the three months ended June 30, 2016 and 2015, the Company recorded interest expense of $0 and $2,091, respectively. For the three months ended June 30, 2016 and 2015, the Company realized gains related to the fair value mark to market adjustments of its derivative liabilities of $537,153 and $0, respectively. The derivative liabilities are caused by certain price protections found in the warrants issued as part of the Company’s March 2016 convertible debt offering. For the three months ended June 30, 2016 and 2015, the Company recorded amortization of discount on notes payable of $873,052 and $24,201, respectively.

For the six months ended June 30, 2016 and 2015, the Company recorded interest expense of $8,635 and $4,381, respectively, with the increase primarily caused by interest on the Company’s March 2016 convertible debt offering. For the six months ended June 30, 2016 and 2015, the Company realized gains related to the fair value mark to market adjustments of its derivative liabilities of $314,296 and $42,737, respectively. The derivative liabilities are caused by certain price protections found in the warrants issued as part of the Company’s March 2016 convertible debt offering. For the six months ended June 30, 2016 and 2015, the Company recorded amortization of discount on notes payable of $992,601 and $50,347, respectively.

For the three months ended June 30, 2016 and 2015, we had net losses of $2,166,257 and $1,517,297, respectively, an increase of $648,960, for the reasons discussed above.

For the six months ended June 30, 2016 and 2015, we had net losses of $4,802,480 and $2,067,808, respectively, an increase of $2,734,672, for the reasons discussed above.

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Liquidity and Capital Resources

Net cash used in operations for the six months ended June 30, 2016 and 2015 was $2,133,202 and $1,352,043, respectively. This increase was primarily caused by a widening net loss in the Company’s operations, an increase in the value of options issued to employees, and the interest charged on the Company’s March 2016 convertible debt offering. The root cause of these expenses is an increase of the size of MassRoots’ team from 7 employees in early 2015 to 33 in early 2016.

Net cash used in investing activities for the six months ended June 30, 2016 and 2015 was $19,100 and $213,158, respectively. These investing activities were related to the purchase of equipment, primarily computers for the six months ended June 30, 2016 and 2015 of $19,100 and $38,158, respectively. During the six months ended June 30, 2015, MassRoots made a one-time investment in Flowhub of $175,000; as we did not make any such investment in 2016, the net cash used in investing activities decreased.

Net cash provided by financing activities for the six months ended June 30, 2016 and 2015 was $1,816,507 and $1,594,636, respectively. During the six months ended June 30, 2016, these funds came mainly from warrant exercises and the Company’s March 2016 convertible debt offering, while during the six months ended June 30, 2015, they came primarily from equity issuances.

Capital Resources

As of June 30, 2016, we had cash on hand of $50,521 and receivables of $76,752, primarily from clients for advertising services. We believe this is sufficient to fund the Company’s operations through the end of July 2016; however, as of June 30, 2016, there are warrants outstanding to purchase up to 2,489,041 shares with an exercise price of $0.40 per share, which, if all were exercised, would supply $995,616 in cash to the Company.

We currently have no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.

We are dependent on the sale of our securities to fund our operations, and will remain so until we generate sufficient revenues to pay for our operating costs. Our officers and directors have made no written commitments with respect to providing a source of liquidity in the form of cash advances, loans and/or financial guarantees.

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Fundraising

On March 17, 2016, the Company sold to investors six (6) month secured convertible original issue discount notes in the principal amount in the aggregate of $1,514,667, together with five year warrants to purchase up to an amount of shares of the Company’s common stock equal to the number of shares of common stock issuable upon the conversion of the notes in full and having an exercise price of $1.00 per share. If the Company exercises its right to prepay the note, the Company shall make payment to the investor of an amount in cash equal to the sum of the then outstanding principal amount of the note that it desires to prepay, multiplied by (a) 1.2, during the first ninety (90) days after the execution of this Note, or (b) 1.35, at any point thereafter. The notes are convertible into shares of the Company’s common stock at a price per share equal to the lower of (i) one dollar ($1.00), and (ii) a 25% discount to the price at which the Company next conducts an offering after the issuance date of the note; provided, however, if any part of the principal amount of the note remains unpaid at its maturity date, the conversion price will be equal to 65% of the average of the three trading days with the lowest daily weighted average prices of the Company’s common stock occurring during the fifteen days prior to the notes’ maturity date. The notes require that any net proceeds received from subsequent offerings made by the Company first be used to repay the notes’ outstanding principal amount. If the note is not repaid by the maturity date, the investors will receive, in aggregate, but calculated pro rata to the principal amounts remaining outstanding at the time of maturity, up to five hundred thousand (500,000) shares of the Company’s common stock. Gross proceeds received by the Company for the notes and warrants in this Offering was $1,420,000, while net proceeds were $1,271,600 (excluding legal fees).

Required Capital Over the Next Fiscal Year

We believe MassRoots will need to raise an additional $2.5 million over the next fiscal year to sustain operations; however, we expect to be able to raise some of these funds through warrant exercises and through a registered offering of our securities. As of June 30, 2016, there were warrants outstanding to purchase up to 2,489,041 shares with an exercise price of $0.40 per share, which, if all were exercised, would supply $995,616 in cash to the Company.

If we are unable to raise the funds we will seek alternative financing through means such as sales of our securities or borrowings from institutions or private individuals. There can be no assurance that we will be able to raise the capital we need for our operations from the sale of our securities. We have not located any sources for these funds and may not be able to do so in the future. We expect that we will seek additional financing in the future. However, we may not be able to obtain additional capital or generate sufficient revenues to fund our operations. If we are unsuccessful at raising sufficient funds, for whatever reason, to fund our operations, we may be forced to cease operations. If we fail to raise funds we expect that we will be required to seek protection from creditors under applicable bankruptcy laws.

Our independent registered public accounting firm has expressed doubt about our ability to continue as a going concern and believes that our ability is dependent on our ability to implement our business plan, raise capital and generate revenues. See Note 2 of our financial statements.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Critical Accounting Policies and Estimates

For a discussion of our accounting policies and related items, please see the Notes to the Financial Statements, included in Item 1.

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Item 3. Quantitative & Qualitative Disclosures about Market Risks

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required under Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, we carried out an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2016. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of June 30, 2016 were not effective, for the same reasons as previously disclosed under Item 9A. “Controls and Procedures” in our Annual Report on Form 10-K for our fiscal year ended December 31, 2015.

Changes in Internal Controls over Financial Reporting

There have been no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-(f) of the Exchange Act) that occurred during the our last fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II OTHER INFORMATION

Item 1. Legal Proceedings

We are not a party to any current or pending legal proceedings.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None

Item 5. Other Information

None.

Item 6. Exhibits

31.2

(1) Certification of Principal Executive Officer as required by Rule 13a-14 or 15d-14 of the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

(2) Certification of Principal Accounting Officer as required by Rule 13a-14 or 15d-14 of the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1(2)

Certification of Principal Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

(2) Certification of Principal Accounting Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MASSROOTS, INC.

(Registrant)

Dated: August 17, 2016

By: /s/ Isaac Dietrich

Isaac Dietrich, Chief Executive Officer

(Principal Executive Officer)

Dated: August 17, 2016

By: /s/ Jesus Quintero

Jesus Quintero, Chief Financial Officer

(Principal Accounting Officer)

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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   MassRoots, Inc. (MassRoots or the Company) has created a technology platform for the cannabis industry focused on enabling users to share their cannabis content, follow their favorite dispensaries, and stay connected with the legalization movement. The Company was incorporated in the State of Delaware on April 26, 2013.   Basis of Presentation The unaudited condensed interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.   The condensed balance sheet as of December 31, 2015 has been derived from audited financial statements.   Operating results for the six months ended June 30, 2016 are not necessarily indicative of results that may be expected for the year ending December 31, 2016. These condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2015 filed with the Companys Form 10-K with the Securities and Exchange Commission on March 30, 2016.   Managements Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include revenue recognition, fair value of the Companys stock, stock-based compensation, fair values relating to warrant and other derivative liabilities and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.   Deferred Taxes The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.   Cash and Cash Equivalents For purposes of the Statement of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.   Accounts Receivable and Allowance for Doubtful Accounts The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Companys ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Companys customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. As of June 30, 2016 and December 31, 2015, based upon the review of the outstanding accounts receivable, the Company has determined that an allowance for doubtful accounts is not required.   Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings.   Revenue Recognition The Company recognizes revenue when services are realized or realizable and earned less estimated future doubtful accounts. The Company considers revenue realized or realizable and earned when all of the following criteria are met:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(i)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">persuasive evidence of an arrangement exists,</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(ii)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">the services have been rendered and all required milestones achieved,</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(iii)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif">the sales price is fixed or determinable, and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(iv)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif">Collectability is reasonably assured.</td></tr> </table>   MassRoots primarily generates revenue by charging businesses to advertise on the network. MassRoots has the ability to target advertisements directly to a clients target audience, based on their location, on their mobile devices. In cases where clients sign advertising contracts for an extended period of time, MassRoots only realizes revenue for services provided during that quarter and defers all other revenue to future quarters.   MassRoots secondary source of income is merchandise sales. The objective with the sales is not to generate large profit margins, but to help offset the cost of marketing. Each t-shirt, sticker and jar MassRoots sells will likely lead to more downloads and active users.   Cost of Revenue The Companys main cost of revenue originates from its merchandise store, where often times the Company realizes low profit margins and is not the main focus of the Company.   Comprehensive Income (Loss) The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during the periods covered in the financial statements.   Convertible Debt If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (BCF). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 Debt with Conversion and Other Options. In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt.   Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period.   Fair Value of Financial Instruments Accounting Standards Codification subtopic 825-10, Financial Instruments (ASC 825-10) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.   The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (ASC 820-10) and Accounting Standards Codification subtopic 825-10, Financial Instruments (ASC 825-10), which permits entities to choose to measure many financial instruments and certain other items at fair value.   Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.   For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.    As of June 30, 2016, the Company had outstanding convertible notes that contained embedded derivatives. These embedded derivatives include certain conversion features and reset provisions.   Convertible Debentures If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (BCF). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 Debt with Conversion and Other Options. In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt.    Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period.   Net Income (loss) Per Common Share The Company computes earnings (loss) per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (ASC 260-10). Net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year.  Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the treasury stock and/or if converted methods as applicable.   The computation of basic and diluted loss per share as of June 30, 2016 and 2015 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price of the common stock during the period.   Potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per share are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: left"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">June 30, 2016</td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 53%; text-align: left">Common stock issuable upon conversion of convertible debt</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right">4,252,333</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-right: 22.1pt; text-align: left">Options to purchase common stock</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,584,880</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: left">Warrants to purchase common stock</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9,742,044</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left">Totals</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">19,579,257</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    Reclassification Certain reclassifications have been made to the prior years data to conform to the current year presentation. These reclassifications had no effect on reported income (losses).   Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU provides guidance for revenue recognition and affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry specific guidance. The standards core principle is the recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers" (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to fiscal years beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted for fiscal years beginning after December 15, 2016. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Companys consolidated financial statements and disclosures.   In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. Currently, there is no guidance in U.S. GAAP about managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entitys ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of managements plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of managements plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on the Companys financial statements.   There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Companys financial position, results of operations or cash flows.

NOTE 2 GOING CONCERN AND UNCERTAINTY   The Company has suffered losses from operations since inception. In addition, the Company has yet to generate significant cash flow from its business operations. These factors raise substantial doubt as to the ability of the Company to continue as a going concern for a reasonable period of time.   Managements plans with regard to these matters encompass the following actions: 1) obtain funding from new and potentially current investors to alleviate the Companys working deficiency, and 2) implement a plan to generate sales. The Companys continued existence is dependent upon its ability to translate its user base into sales. However, the outcome of managements plans cannot be ascertained with any degree of certainty. The accompanying financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

NOTE 3  NOTE RECEIVABLE   On March 24, 2016, the Company entered into an agreement with Santino Walter Productions, LLC ("SWP") in which the Company purchased a Senior Secured Promissory Note ("Note) with a principle amount of $156,000 for a purchase price of $130,000. The funds are solely to be used by SWP for costs related to the Denver Annual 420 Rally ("420 Rally"). The Note matures in 60 days and is secured against all assets of SWP. The Company also entered into License and Letter Agreements with SWP pursuant to which  the Company will earn a 50% licensing fee on all ticket sales and sponsorship sales, along with 15% of all booth sales, of the 420 Rally. The Company is obligated to provide the ticketing system and cover all activation costs related to the tickets. The first $130,000 in revenue received related to the 420 Rally will to be used to cover the remaining costs of talent for the event; the next $156,000 in revenue will be used to repay the Note. All proceeds from ticket sales and sponsorships will be held by the Company initially; after payment of the Note, and all fees earned by the Company under the agreement, the remaining proceeds will then be distributed to SWP. All talent booked by SWP for the 420 Rally will be required to create a MassRoots profile, which can be waived at the Company's sole discretion. The Company also retains the right to participate in a materially similar transaction related to the 420 Rally every year through 2020. During the second quarter of 2016, this note was repaid with proceeds from ticket sales of the 420 Rally.

NOTE 4 PROPERTY AND EQUIPMENT   Fixed assets were comprised of the following as of June 30, 2016 and December 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3"> June 30, 2016</td> <td style="line-height: 107%"> </td> <td colspan="3"> December 31, 2015</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 17%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 17%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Computers</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">$ 69,116</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">$ 58,121</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Office equipment</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">35,208</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">27,083</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">104,324</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">85,224</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Less: Accumulated depreciation</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">20,926</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">12,201</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Property and equipment, net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">$ 83,398</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">$ 73,023</td> <td style="line-height: 107%"> </td></tr> </table>   Depreciation expense for the six months ended June 30, 2016 and 2015 was $8,725 and $4,094, respectively.

NOTE 5  CONVERTIBLE DEBT   On March 24, 2014, the Company issued convertible debentures to certain accredited investors. The total principal amount of the debentures is $269,100 and originally matured on March 24, 2016 with a zero percent interest rate. The debentures are convertible into shares of the Companys common stock at $0.10 per share. In March 2016, the debentures were amended to extend the maturity date to March 24, 2018. As of June 30, 2016 and December 31, 2015, the aggregate carrying value of the debentures was $209,100 net of debt discounts of $0.   In February 2016, the Company issued to a service provider a 12 month convertible debentures at 15% interest with a principal amount of $35,000 along with 35,000 3-year warrants to purchase shares common stock at $1.00 per share The convertible debentures are payable at maturity, and convertible at the investors determination at a price equal to 90% of the price of a subsequent public underwritten offering if one occurs over $5 million, or, if no subsequent offering occurs, at $0.75 per share. As of June 30, 2016 and December 31, 2015, the aggregate carrying value of the debentures was $13,005 and $0, net of debt discounts of $21,995 and $0, respectively.   On March 17, 2016, the Company sold to investors six (6) month secured convertible original issue discount notes with principal amount in the aggregate of $1,514,667, together with five year warrants to purchase an amount of shares of the Companys common stock equal to the number of shares of common stock issuable upon the conversion of the notes in full and having an exercise price of $1.00 per share. If the Company exercises its right to prepay the note, the Company shall make payment to the investor of an amount in cash equal to the sum of the then outstanding principal amount of the note that it desires to prepay, multiplied by (a) 1.2, during the first ninety (90) days after the execution of this Note, or (b) 1.35, at any point thereafter. The notes are convertible into shares of the Companys common stock at a price per share equal to the lower of (i) one dollar ($1.00), and (ii) a 25% discount to the price at which the Company next conducts an offering after the issuance date of the note; provided, however, if any part of the principal amount of the note remains unpaid at its maturity date September 17, 2016, the conversion price will be equal to 65% of the average of the three trading days with the lowest daily weighted average prices of the Companys common stock occurring during the fifteen days prior to the notes maturity date September 17, 2016. The notes require that any net proceeds received subsequent offerings made by the Company first be used to repay the notes outstanding principal amount. If the note is not repaid by the maturity date, the investors will receive, in aggregate, but calculated pro rata to the principal amounts remaining outstanding at the time of maturity, up to five hundred thousand (500,000) shares of the Companys common stock. Gross proceeds received by the Company for the notes and warrants in this Offering was $1,420,000, while net proceeds were $1,271,600 (excluding any legal fees). As of June 30, 2016 and December 31, 2015, the aggregate carrying value of the notes were $979,494 , net of debt discounts of $535,173 and $0, respectively.   The Companys convertible debt is summarized as follows as of June 30, 2016 and December 31, 2015:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2016</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2015</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">Principal balance</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,758,767</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">209,100</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less: debt discount</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">($</td><td style="border-bottom: Black 1pt solid; text-align: right">557,168</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">    (-)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Convertible debentures, net</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,201,599</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Less, current portion	</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">($992,499)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(-)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Long term portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">$ 209,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">$ 209,100</td></tr></table>

NOTE 6  DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS   The Company identified conversion features embedded within convertible debt and warrants outstanding for the six months ended June 30, 2016 and the year ending December 31, 2015. The Company has determined that the features associated with the embedded conversion option and exercise prices, in the form a ratchet provisions, should be accounted for at fair value, as a derivative liability, as the Company cannot determine if a sufficient number of shares would be available to settle all potential future conversion transactions.   During the third quarter of 2015, the Company and the convertible debt note and warrant holders agreed to amend terms of the agreements to remove the ratchet provisions. Accordingly, the Company reclassified the derivative liability to equity classification resulting in an increase to additional paid in capital by $3,336,109.   During the fourth quarter of 2015, the Company and the holders of warrants previously issued as part of our offering from September 2014 to March 2015 with an exercise price of $1.00 per share and all other warrants agreed to amend the warrants to remove the ratchet provision in exchange for a warrant for an additional 20% of their original warrant shares at $1.06 per share. This reduced the Companys derivative liability by $1,155,199 and increased additional paid in capital by $761,426.   The Company adopted the provisions of Accounting Standards Codification subtopic 825-10, Financial Instruments (ASC 825-10). ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value:   Level 1 Quoted prices in active markets for identical assets or liabilities.   Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.   Level 3 Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.   All items required to be recorded or measured on a recurring basis are based upon level 3 inputs.   To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement   The Company recognizes its derivative liabilities as level 3 and values its derivatives using the methods discussed below. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed are that of volatility and market price of the underlying common stock of the Company.   As of June 30, 2016 and December 31, 2015, the Company did not have any derivative instruments that were designated as hedges.   Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 1</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 2</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 3</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Total</td> <td style="padding-top: 10pt; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Derivative liability</td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 1%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; padding-top: 10pt; line-height: 107%; text-align: right; vertical-align: middle">-</td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 1%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; line-height: 107%; text-align: right; vertical-align: middle"> -</td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 1%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">- </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 1%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">- </td> <td style="width: 0%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Total</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td></tr> </table>   Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 1</td> <td style="line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 2</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 3</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Total</td> <td style="padding-top: 10pt; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Derivative liability</td> <td style="width: 0%; padding-top: 10pt; line-height: 107%"> </td> <td style="width: 0%; border-bottom: black 1pt solid; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; border-bottom: black 1pt solid; padding-top: 10pt; text-decoration: underline; line-height: 107%"> </td> <td style="width: 0%; padding-top: 10pt; text-decoration: underline; line-height: 107%"> </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 0%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"> -</td> <td style="width: 0%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="width: 0%; padding-top: 10pt; line-height: 107%"> </td> <td style="width: 0%; text-align: justify; line-height: 107%">$</td> <td style="width: 12%; border-bottom: black 1pt solid; text-align: right; line-height: 107%">195,108</td> <td style="width: 0%; border-bottom: black 1pt solid; padding-top: 10pt; line-height: 107%"> </td> <td style="width: 1%; padding-top: 10pt; line-height: 107%"> </td> <td style="width: 0%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right; line-height: 107%">195,108</td> <td style="width: 0%; padding-top: 10pt; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Total</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">195,108</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">195,108</td> <td style="padding-top: 10pt; line-height: 107%"> </td></tr> </table>   The following table provides a summary of changes in fair value of the Companys Level 3 financial liabilities for the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 79%; text-align: justify; line-height: 107%">Balance, December 31, 2015</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify; line-height: 107%">$</td> <td style="vertical-align: top; width: 18%; text-align: right; line-height: 107%">-</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Transfers in of Level 3</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">509,404</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Mark-to-market gain on change in fair value of derivative liability - 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-decoration: underline; line-height: 107%; text-align: right">(314,296)</td> <td style="text-decoration: underline; line-height: 107%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Balance, June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%">$ </td> <td style="border-bottom: black 1pt solid; text-decoration: underline; line-height: 107%; text-align: right">195,108</td> <td style="line-height: 107%"> </td></tr> </table>   Fluctuations in the Companys stock price are a primary driver for the changes in the derivative valuations during each reporting period. As the stock price decreases for each of the related derivative instruments, the value to the holder of the instrument generally decreases, therefore decreasing the liability on the Companys consolidated balance sheet. Additionally, stock price volatility is one of the significant unobservable inputs used in the fair value measurement of each of the Companys derivative instruments. The simulated fair value of these liabilities is sensitive to changes in the Companys expected volatility. Increases in expected volatility would generally result in higher fair value measurement. A 10% change in pricing inputs and changes in volatilities and correlation factors would not result in a material change in our Level 3 fair value.   During the six months ended June 30, 2016, the fair value of the derivative liabilities containing certain variable conversion features were determined using the Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 112.29%, (3) weighted average risk-free interest rate of 0.39% to 0.47% (4) expected life of 6 months, and (5) estimated fair value of the Company's common stock of $1.04 to $1.26 per share.

NOTE 7 	CAPITAL STOCK   The Company is currently authorized to issue 200,000,000 shares of its common stock at $0.001 par value per share. As of December 31, 2015, there were 46,939,965 shares of common stock issued and outstanding and 624,000 shares of common stock to be issued. As of June 30, 2016, there were 49,197,385 shares of common stock issued and outstanding and 136,227 shares of common stock to be issued.   The Company is currently authorized to issue 21 Series A preferred shares at $1.00 par value per share with 1:1 conversion and voting rights. As of June 30, 2016, there were no shares of Series A preferred shares issued and outstanding.    The following common stock transactions were recorded during the six months ended June 30, 2016: 	 The Company issued 624,000 shares of common stock which was previously classified as shares to be issued as of December 31, 2015.   The Company issued 341,250 shares of common stock for services rendered at an average stock price of $0.87 per share, and recorded another 25,000 as to be issued for services rendered at an average stock price of $0.85 per share.   The Company issued 5,227 common shares for the cashless exercise of a stock warrant.   The Company issued 812,734 common shares and is obligated to issue an additional 106,000 common shares as of June 30, 2016 for the cash exercise of stock warrants.   The Company issued 264,158 common shares for the cashless exercises of stock options.   The Company issued 210,000 common shares for the cash exercise of stock options.

NOTE 8  STOCK WARRANTS   In January 2016, the Company issued warrants to purchase 100,000 shares of common stock at $0.83 per share to certain service providers, valued at $68,369.   In February 2016, the Company issued warrants to purchase 35,000 shares of common stock at $1.00 per share to a service provider, valued at $24,301.   On March 24, 2016, in connection to the issuance of convertible debt, the Company granted to the same investors five year warrants to purchase an aggregate of 1,514,669 shares of the Companys common stock at $1.00 per share. The warrants may be exercised any time after the issuance through and including the fifth (5th) anniversary of its original issuance. The warrants have a fair market value of $910,596. The fair market value was calculated using the Binomial Option Pricing Model, assuming approximately 0% risk-free interest, 0% dividend yield, 112.3% volatility, and expected life of 5 years.   Stock warrants outstanding and exercisable on June 30, 2016 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="12" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Warrants Outstanding</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Warrants Exercisable</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Weighted</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Average</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Exercisable</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Exercise</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Number of</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Remaining Life</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Number of</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Price</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Warrants</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">In Years</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Warrants</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.001</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,963,659</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.0</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,963,659</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.40</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,400,275</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.6</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,400,275</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.50</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,489,041</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3.6</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,489,041</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.60</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3.8</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.83</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4.5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.90</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">175,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4.0</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">175,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.00</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,310,669</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3.5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,310,669</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.06</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">146,200</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2.4</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">146,200</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">3.00</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">407,475</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">2.3</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">407,475</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,742,044</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.2</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,742,044</td> <td style="line-height: 107%"> </td></tr> <tr> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="width: 15px; line-height: 107%"> </td> <td style="width: 4px; line-height: 107%"> </td> <td style="width: 58px; line-height: 107%"> </td> <td style="width: 2px; line-height: 107%"> </td> <td style="width: 2px; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="width: 17px; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="width: 5px; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> </table> A summary of the warrant activity for the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%">Weighted-Average</td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%">Weighted-Average</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; line-height: 107%">Shares</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; line-height: 107%">Exercise Price</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; line-height: 107%">Remaining Contractual Term</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 20%; text-align: right; line-height: 107%">Outstanding at December 31, 2015</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">9,018,609</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 19%; text-align: right; line-height: 107%">0.42</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">2.26</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Grants</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,649,669</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.99</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4.95</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Exercised</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(926,234</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.4</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.96</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Canceled</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Outstanding at June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,742,044</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.514</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.68</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Exercisable at June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,742,044</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.514</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.68</td> <td style="line-height: 107%"> </td></tr> </table>   The aggregate intrinsic value outstanding stock warrants was $1,406,058 the total pretax intrinsic value, based on warrants with an exercise price less than the Companys stock price of $0.86 as of June 30, 2016, which would have been received by the warrant holders had those warrant holders exercised their warrants as of that date.

NOTE 9  EMPLOYEE EQUITY INCENTIVE PLANS   During the six months ended June 30, 2016, the Company granted options to purchase 691,250 shares at an average of $0.96 per share to 12 employees and consultants of the Company under the Companys 2015 equity incentive plan, with most vesting monthly over the course of one year. The fair market value of the options is $1,330,984.   Stock options outstanding and exercisable on June 30, 2016 are as follows:     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="14" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options Outstanding</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options Exercisable</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Weighted</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Average</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Exercisable</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Exercise</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Number of</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Remaining Life</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Number of</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Price</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">In Years</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.10</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,500,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7.9</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">750,000</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.50</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">628,217</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.80</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">604,881</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.60</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">105,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.7</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">105,000</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.80</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">160,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.4</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">106,656</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.83</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.7</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.90</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,860,413</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.5</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,465,341</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.00</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">850,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.4</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">24,996</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.05</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">381,250</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.7</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">246,335</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5,584,880</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.1</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,303,209</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr> <td style="width: 10px; line-height: 107%"> </td> <td style="width: 92px; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="width: 44px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 9px; line-height: 107%"> </td> <td style="width: 82px; line-height: 107%"> </td> <td style="width: 8px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 44px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 9px; line-height: 107%"> </td> <td style="width: 174px; line-height: 107%"> </td> <td style="width: 8px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 44px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 9px; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="width: 8px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td></tr> </table>   A summary of the stock option activity for the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> Weighted-Average</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Weighted-Average</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Remaining</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">Shares</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">Exercise Price</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">Contractual Term</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 20%; text-align: right; line-height: 107%">Outstanding at December 31, 2015</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">5,625,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 19%; text-align: right; line-height: 107%">0.59</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">9.3</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Grants</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">691,250</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.97</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.7</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Exercised</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(636,783</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.8</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">Canceled</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(94,587</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">0.5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">8.8</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Outstanding at June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5,584,880</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.66</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.9</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Exercisable at June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,303,209</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.64</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.6</td> <td style="line-height: 107%"> </td></tr> </table>    The aggregate intrinsic value of outstanding stock options was ($1,140,204), based on options with an exercise price less than the Companys stock price of $0.86 as of June 30, 2016, which would have been received by the option holders had those option holders exercised their options as of that date.   Option valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using the Black-Scholes option model with a volatility figure derived from an index of historical stock prices of comparable entities until sufficient data exists to estimate the volatility using the Companys own historical stock prices. Management determined this assumption to be a more accurate indicator of value. The Company accounts for the expected life of options based on the contractual life of options for non-employees.   The fair value of the granted options for the six months ended June 30, 2016 was determined using the Black Scholes option pricing model with the following assumptions:     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%">Dividend yield:</td> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; background-color: #CCEEFF; text-align: right; line-height: 107%">0</td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%">%</td> <td colspan="2" style="padding-bottom: 8pt; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: white; line-height: 107%">Volatility</td> <td style="vertical-align: bottom; background-color: white; line-height: 107%"> </td> <td style="vertical-align: bottom; background-color: white; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%">111.89% to 119.16</td> <td colspan="2" style="vertical-align: bottom; background-color: white; line-height: 107%">%</td> <td colspan="2" style="padding-bottom: 8pt; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%">Risk free rate:</td> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; background-color: #CCEEFF; padding-top: 10pt; text-align: right; line-height: 107%">1.75% to 2.10 </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%">%</td> <td colspan="2" style="padding-bottom: 8pt; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%">Expected life:</td> <td colspan="3" style="vertical-align: bottom; padding-left: 10pt; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="padding-top: 10pt; text-align: right; line-height: 107%">10 years</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-right: 76.5pt; line-height: 107%">Estimated fair value of the Companys common stock</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%">$</td> <td colspan="3" style="vertical-align: bottom; padding-top: 10pt; text-align: right; line-height: 107%">0.80 to $1.05</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%">Estimated forfeiture rate</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; text-align: right; line-height: 107%">0</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%">%</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td> </td></tr> <tr> <td style="width: 69%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; line-height: 107%"> </td> <td style="width: 11%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td></tr> </table>

NOTE 10 COMMITMENTS AND CONTINGENCIES   Operating leases   On April 14, 2015, the Company completed the relocation of its headquarters to 1624 Market Street, Suite 201, Denver, CO 80202 which we leased on March 20, 2015 pursuant to a lease agreement with RVOF Market Center, LLC (201 Lease). Under the 201 Lease, we agreed to rent 3,552 square feet of office space at that location for a term of 37 months, under which the Company will pay a base rate of $0 for the first month, $8,288 for months two through 13, $8,584 for the months 14 through 25, and $8,880 for the months 26 through 37. We did not incur a significant cost related to the move to this location.    The Company amended this lease in January 2016 to include Suite 203, also located at 1624 Market Street in Denver, CO 80202, which allows us to expand our headquarters by an additional 1,508 square feet of office space. For this expansion (and in addition to the rent paid under the 201 Lease), we will pay $0 until May 30, 2016, $3,644 for each month from June 1, 2016 to May 30, 2017, $3,770 for each month from June 1, 2017 to May 30, 2018, and $3,896 for each month from June 1, 2018 to November 30, 2018.   Rent expense charged to operations, which differs from rent paid due to rent credits and to increasing amounts of base rent, is calculated by allocating total rental payments on a straight-line basis over the term of the lease. During the six months ended June 30, 2016 and 2015, rent expense was $60,674 and $22,998, respectively.

NOTE 11 	SUBSEQUENT EVENTS   From August 12 to August 17, 2016, the Company raised $1,636,500 in gross proceeds from the sale of shares of the Companys common stock, together with warrants, with one Warrant entitling the holder to purchase one share of Common Stock at a price equal to $0.90 per share in a registered best efforts offering to certain investors pursuant to an effective registration statement (the Offering). The purchase price paid by the investors was $0.50 for one share of Common Stock and one half Warrant. The Warrants are immediately exercisable and expire three years from the date of issuance. The shares of Common Stock and Warrants are immediately separable and will be issued separately. A total of x shares of Common Stock and 3,273,000 Warrants were sold in the Offering and will be issued pursuant to the prospectus, dated August 12, 2016 and filed with the Securities and Exchange Commission as of the same date.   Subsequent to close of the quarter, the Company issued 136,000 shares recorded as to be issued as of June 30, 2016, 349,000 additional shares for the cash exercise of $0.40 warrants, and 77,500 shares issued as severance compensation to five former employees.

Basis of Presentation The unaudited condensed interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.   The condensed balance sheet as of December 31, 2015 has been derived from audited financial statements.   Operating results for the six months ended June 30, 2016 are not necessarily indicative of results that may be expected for the year ending December 31, 2016. These condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2015 filed with the Companys Form 10-K with the Securities and Exchange Commission on March 30, 2016.

Managements Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include revenue recognition, fair value of the Companys stock, stock-based compensation, fair values relating to warrant and other derivative liabilities and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.

Deferred Taxes The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.

Cash and Cash Equivalents For purposes of the Statement of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts The Company monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, and other information. The allowance for doubtful accounts is estimated based on an assessment of the Companys ability to collect on customer accounts receivable. There is judgment involved with estimating the allowance for doubtful accounts and if the financial condition of the Companys customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against revenues. The Company writes-off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues its collection. As of June 30, 2016 and December 31, 2015, based upon the review of the outstanding accounts receivable, the Company has determined that an allowance for doubtful accounts is not required.

Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings.

Revenue Recognition The Company recognizes revenue when services are realized or realizable and earned less estimated future doubtful accounts. The Company considers revenue realized or realizable and earned when all of the following criteria are met:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(i)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">persuasive evidence of an arrangement exists,</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(ii)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">the services have been rendered and all required milestones achieved,</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(iii)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif">the sales price is fixed or determinable, and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">(iv)</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif">Collectability is reasonably assured.</td></tr> </table>   MassRoots primarily generates revenue by charging businesses to advertise on the network. MassRoots has the ability to target advertisements directly to a clients target audience, based on their location, on their mobile devices. In cases where clients sign advertising contracts for an extended period of time, MassRoots only realizes revenue for services provided during that quarter and defers all other revenue to future quarters.   MassRoots secondary source of income is merchandise sales. The objective with the sales is not to generate large profit margins, but to help offset the cost of marketing. Each t-shirt, sticker and jar MassRoots sells will likely lead to more downloads and active users.

Cost of Revenue The Companys main cost of revenue originates from its merchandise store, where often times the Company realizes low profit margins and is not the main focus of the Company.

Comprehensive Income (Loss) The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. There were no items of comprehensive income (loss) applicable to the Company during the periods covered in the financial statements.

Convertible Debt If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (BCF). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 Debt with Conversion and Other Options. In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt.

Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period.

Fair Value of Financial Instruments Accounting Standards Codification subtopic 825-10, Financial Instruments (ASC 825-10) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.   The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (ASC 820-10) and Accounting Standards Codification subtopic 825-10, Financial Instruments (ASC 825-10), which permits entities to choose to measure many financial instruments and certain other items at fair value.

Net Income (loss) Per Common Share The Company computes earnings (loss) per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (ASC 260-10). Net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year.  Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the treasury stock and/or if converted methods as applicable.   The computation of basic and diluted loss per share as of June 30, 2016 and 2015 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price of the common stock during the period.   Potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per share are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: left"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">June 30, 2016</td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 53%; text-align: left">Common stock issuable upon conversion of convertible debt</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right">4,252,333</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-right: 22.1pt; text-align: left">Options to purchase common stock</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,584,880</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: left">Warrants to purchase common stock</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9,742,044</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left">Totals</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">19,579,257</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Reclassification Certain reclassifications have been made to the prior years data to conform to the current year presentation. These reclassifications had no effect on reported income (losses).

Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU provides guidance for revenue recognition and affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry specific guidance. The standards core principle is the recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers" (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to fiscal years beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted for fiscal years beginning after December 15, 2016. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Companys consolidated financial statements and disclosures.   In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. Currently, there is no guidance in U.S. GAAP about managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entitys ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of managements plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of managements plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on the Companys financial statements.   There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Companys financial position, results of operations or cash flows.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: left"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">June 30, 2016</td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 53%; text-align: left">Common stock issuable upon conversion of convertible debt</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right">4,252,333</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-right: 22.1pt; text-align: left">Options to purchase common stock</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,584,880</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: left">Warrants to purchase common stock</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9,742,044</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left">Totals</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">19,579,257</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3"> June 30, 2016</td> <td style="line-height: 107%"> </td> <td colspan="3"> December 31, 2015</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 17%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 17%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Computers</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">$ 69,116</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">$ 58,121</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Office equipment</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">35,208</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">27,083</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">104,324</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">85,224</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Less: Accumulated depreciation</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">20,926</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">12,201</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Property and equipment, net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">$ 83,398</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">$ 73,023</td> <td style="line-height: 107%"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2016</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2015</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">Principal balance</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,758,767</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">209,100</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less: debt discount</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">($</td><td style="border-bottom: Black 1pt solid; text-align: right">557,168</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">    (-)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Convertible debentures, net</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,201,599</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Less, current portion	</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">($992,499)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(-)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Long term portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">$ 209,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">$ 209,100</td><td style="text-align: left"> </td></tr> </table>

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 1</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 2</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 3</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Total</td> <td style="padding-top: 10pt; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Derivative liability</td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 1%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; padding-top: 10pt; line-height: 107%; text-align: right; vertical-align: middle">-</td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 1%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; line-height: 107%; text-align: right; vertical-align: middle"> -</td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 1%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">- </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 1%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; text-align: right; line-height: 107%">- </td> <td style="width: 0%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Total</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td></tr> </table>   Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 1</td> <td style="line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 2</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Level 3</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center; line-height: 107%">Total</td> <td style="padding-top: 10pt; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Derivative liability</td> <td style="width: 0%; padding-top: 10pt; line-height: 107%"> </td> <td style="width: 0%; border-bottom: black 1pt solid; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; border-bottom: black 1pt solid; padding-top: 10pt; text-decoration: underline; line-height: 107%"> </td> <td style="width: 0%; padding-top: 10pt; text-decoration: underline; line-height: 107%"> </td> <td style="width: 0%; line-height: 107%"> </td> <td style="width: 0%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"> -</td> <td style="width: 0%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="width: 0%; padding-top: 10pt; line-height: 107%"> </td> <td style="width: 0%; text-align: justify; line-height: 107%">$</td> <td style="width: 12%; border-bottom: black 1pt solid; text-align: right; line-height: 107%">195,108</td> <td style="width: 0%; border-bottom: black 1pt solid; padding-top: 10pt; line-height: 107%"> </td> <td style="width: 1%; padding-top: 10pt; line-height: 107%"> </td> <td style="width: 0%; text-align: justify; line-height: 107%">$</td> <td style="width: 8%; border-bottom: black 1pt solid; text-align: right; line-height: 107%">195,108</td> <td style="width: 0%; padding-top: 10pt; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Total</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">195,108</td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="padding-top: 10pt; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: justify; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">195,108</td> <td style="padding-top: 10pt; line-height: 107%"> </td></tr> </table>     The following table provides a summary of changes in fair value of the Companys Level 3 financial liabilities for the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 79%; text-align: justify; line-height: 107%">Balance, December 31, 2015</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify; line-height: 107%">$</td> <td style="vertical-align: top; width: 18%; text-align: right; line-height: 107%">-</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Transfers in of Level 3</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">509,404</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Mark-to-market gain on change in fair value of derivative liability - 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-decoration: underline; line-height: 107%; text-align: right">(314,296)</td> <td style="text-decoration: underline; line-height: 107%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Balance, June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%">$ </td> <td style="border-bottom: black 1pt solid; text-decoration: underline; line-height: 107%; text-align: right">195,108</td> <td style="line-height: 107%"> </td></tr> </table>

Stock warrants outstanding and exercisable on June 30, 2016 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="10" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Warrants Outstanding</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Warrants Exercisable</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Weighted</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Average</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Exercisable</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom; text-align: center; line-height: 107%">Exercise</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; text-align: center; line-height: 107%">Number of</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Remaining Life</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: center; line-height: 107%">Number of</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Price</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Warrants</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">In Years</td> <td colspan="3" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Warrants</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.001</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,963,659</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.0</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,963,659</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.40</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,400,275</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.6</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,400,275</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.50</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,489,041</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3.6</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,489,041</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.60</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3.8</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.83</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4.5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.90</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">175,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4.0</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">175,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.00</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,310,669</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3.5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,310,669</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.06</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">146,200</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2.4</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">146,200</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">3.00</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">407,475</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">2.3</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">407,475</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,742,044</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.2</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,742,044</td> <td style="line-height: 107%"> </td></tr> </table>

A summary of the warrant activity for the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%">Weighted-Average</td> <td style="line-height: 107%"> </td> <td colspan="3" style="line-height: 107%">Weighted-Average</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; line-height: 107%">Shares</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; line-height: 107%">Exercise Price</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; line-height: 107%">Remaining Contractual Term</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 20%; text-align: right; line-height: 107%">Outstanding at December 31, 2015</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">9,018,609</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 19%; text-align: right; line-height: 107%">0.42</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">2.26</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Grants</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,649,669</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.99</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4.95</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Exercised</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(926,234</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.4</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.96</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Canceled</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Outstanding at June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,742,044</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.514</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.68</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Exercisable at June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,742,044</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.514</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.68</td> <td style="line-height: 107%"> </td></tr> </table>

Stock options outstanding and exercisable on June 30, 2016 are as follows:     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="14" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options Outstanding</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options Exercisable</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Weighted</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Average</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Exercisable</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; text-align: center; line-height: 107%">Exercise</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Number of</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Remaining Life</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%">Number of</td> <td style="line-height: 107%"> </td></tr> <tr> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Price</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">In Years</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="4" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.10</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,500,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7.9</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">750,000</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.50</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">628,217</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.80</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">604,881</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.60</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">105,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.7</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">105,000</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.80</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">160,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.4</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">106,656</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.83</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.7</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.90</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,860,413</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.5</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,465,341</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.00</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">850,000</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.4</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">24,996</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.05</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">381,250</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.7</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">246,335</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5,584,880</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.1</td> <td colspan="2" style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,303,209</td> <td colspan="2" style="line-height: 107%"> </td></tr> <tr> <td style="width: 10px; line-height: 107%"> </td> <td style="width: 92px; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="width: 44px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 9px; line-height: 107%"> </td> <td style="width: 82px; line-height: 107%"> </td> <td style="width: 8px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 44px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 9px; line-height: 107%"> </td> <td style="width: 174px; line-height: 107%"> </td> <td style="width: 8px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 44px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td> <td style="width: 9px; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="width: 8px; line-height: 107%"> </td> <td style="width: 1px; line-height: 107%"> </td></tr> </table>

A summary of the stock option activity for the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> Weighted-Average</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Weighted-Average</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Remaining</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">Shares</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">Exercise Price</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">Contractual Term</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 20%; text-align: right; line-height: 107%">Outstanding at December 31, 2015</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">5,625,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 19%; text-align: right; line-height: 107%">0.59</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">9.3</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Grants</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">691,250</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.97</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9.7</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Exercised</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(636,783</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.8</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">Canceled</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(94,587</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">0.5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">8.8</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Outstanding at June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5,584,880</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.66</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.9</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Exercisable at June 30, 2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,303,209</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.64</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8.6</td> <td style="line-height: 107%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%">Dividend yield:</td> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; background-color: #CCEEFF; text-align: right; line-height: 107%">0</td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%">%</td> <td colspan="2" style="padding-bottom: 8pt; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: white; line-height: 107%">Volatility</td> <td style="vertical-align: bottom; background-color: white; line-height: 107%"> </td> <td style="vertical-align: bottom; background-color: white; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%">111.89% to 119.16</td> <td colspan="2" style="vertical-align: bottom; background-color: white; line-height: 107%">%</td> <td colspan="2" style="padding-bottom: 8pt; line-height: 107%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%">Risk free rate:</td> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; background-color: #CCEEFF; padding-top: 10pt; text-align: right; line-height: 107%">1.75% to 2.10 </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF; line-height: 107%">%</td> <td colspan="2" style="padding-bottom: 8pt; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%">Expected life:</td> <td colspan="3" style="vertical-align: bottom; padding-left: 10pt; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="2" style="padding-top: 10pt; text-align: right; line-height: 107%">10 years</td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-right: 76.5pt; line-height: 107%">Estimated fair value of the Companys common stock</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%">$</td> <td colspan="3" style="vertical-align: bottom; padding-top: 10pt; text-align: right; line-height: 107%">0.80 to $1.05</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%">Estimated forfeiture rate</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td colspan="3" style="vertical-align: bottom; text-align: right; line-height: 107%">0</td> <td colspan="2" style="vertical-align: bottom; line-height: 107%">%</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td> </td></tr> <tr> <td style="width: 69%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; line-height: 107%"> </td> <td style="width: 11%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td></tr> </table>

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Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.   For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.    As of June 30, 2016, the Company had outstanding convertible notes that contained embedded derivatives. These embedded derivatives include certain conversion features and reset provisions.

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EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, I, Isaac Dietrich, certify that:

I have reviewed this report on Form 10-Q of MassRoots, Inc., for the fiscal quarter ended June 30, 2016;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: August 17, 2016

/s/ Isaac Dietrich

Isaac Dietrich

Chief Executive Officer, Principle Executive Officer

EX-31.2 10 msrt08131610qex31_2.htm CERTIFICATION OF PRINCIPAL ACCOUNTING OFFICER

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL ACCOUNTING OFFICER

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, I, Jesus Quintero certify that:

I have reviewed this report on Form 10-Q of MassRoots, Inc., for the fiscal quarter ended June 30, 2016;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: August 17, 2016

/s/ Jesus Quintero

Jesus Quintero

Principal Accounting Officer, Chief Financial Officer

EX-32.1 11 msrt08131610qex32_1.htm CERTIFICATION PURSUANT TO

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of MassRoots, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Isaac Dietrich, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 17, 2016

/s/ Isaac Dietrich

Isaac Dietrich

Chief Executive Officer, Principle Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 12 msrt08131610qex32_2.htm CERTIFICATION PURSUANT TO

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of MassRoots, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jesus Quintero, principal accounting officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 17, 2016

/s/ Jesus Quintero

Jesus Quintero

Principal Accounting Officer, Chief Financial Officer

XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 12, 2016
Document And Entity Information
Entity Registrant Name	MassRoots, Inc.
Entity Central Index Key	0001589149
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		49,754,884
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016

XML 14 R2.htm IDEA: XBRL DOCUMENT

Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash	$ 50,521	$ 386,316
Accounts receivables	76,752	39,500
Prepaid expense	20,000	12,938
TOTAL CURRENT ASSETS	147,273	438,754
Property and equipment - net	83,398	73,023
OTHER ASSETS
Investment in Flowhub	175,000	175,000
Deposits and other assets	33,502	33,502
Total Other Assets	208,502	208,502
TOTAL ASSETS	439,173	720,279
CURRENT LIABILITIES
Accounts Payable	393,434	109,997
Accrued expenses	99,263	84,355
Convertible debt, net of $557,068 and $0 discount, respectively	992,499
Derivative Liabilities	195,108
Total current liabilities	1,680,304	194,352
LONG-TERM LIABILITY
Convertible debentures, net of $0 and $0 discount, respectively	209,100	209,100
Total Liabilities	1,889,404	403,452
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value, 200,000,000 shares authorized; 49,197,385 and 46,939,966 shares issued and outstanding	49,197	46,940
Common stock to be issued, 136,227 and 624,000 shares, respectively	136	624
Additional paid in capital	15,135,437	12,101,784
Accumulated deficit	(16,635,001)	(11,832,521)
Total stockholders' (deficit) equity	(1,450,231)	316,827
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	$ 439,173	$ 720,279

XML 15 R3.htm IDEA: XBRL DOCUMENT

Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Convertible Debenture Discount	$ 557,068
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	49,197,385	46,939,966
Common Stock, Shares Outstanding	49,197,385	46,939,966

XML 16 R4.htm IDEA: XBRL DOCUMENT

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statements Of Operations
REVENUES	$ 492,233	$ 2,126	$ 3,066	$ 585,618
OPERATING EXPENSES
Advertising	369,132	208,830	263,119	557,419
Cost of revenues	285,228			293,780
Payroll and related expense	640,546	359,440	522,370	1,236,044
Common stock issued for services	30,373	254,388	368,100	293,956
Options issued for services	660,217	266,562	313,571	1,330,984
Warrants issued for services		22,579	26,411	68,369
Other general and expenses	337,097	381,332	565,312	920,608
Total General and Administrative expenses	2,322,953	1,493,131	2,058,883	4,701,160
(LOSS) FROM OPERATIONS	(1,830,360)	(1,491,005)	(2,055,817)	(4,115,542)
OTHER INCOME (EXPENSE)
Change in Derivative Liabilities	537,153		42,737	314,296
Interest expense		(2,091)	(4,381)	(8,635)
Amortization of discount on notes payable	(873,050)	(24,201)	(50,347)	(992,599)
Total Other Income (Expense)	(335,897)	(26,292)	(11,991)	(686,938)
(LOSS) BEFORE INCOME TAXES	(2,166,257)	(1,517,297)	(2,067,808)	(4,802,480)
PROVISION FOR INCOME TAXES
NET (LOSS)	$ (2,166,257)	$ (1,517,297)	$ (2,067,808)	$ (4,802,480)
Basic and fully diluted net (loss) per common share:	$ (0.05)	$ (0.03)	$ (0.05)	$ (0.10)
Weighted average common shares outstanding	48,509,071	43,535,697	41,972,190	47,920,007

XML 17 R5.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows - USD ($)	6 Months Ended
Statements of Cash Flows - USD ($)	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,067,808)	$ (4,802,480)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Amortization of discount on notes payable	50,347	992,599
Depreciation	4,094	8,725
Common stock issued for services	368,100	293,956
Options issued for services	313,571	1,330,984
Warrants issued for services	26,411	68,369
Change in derivative liabilities	(42,737)	(314,296)
Imputed Interest expense	4,381	766,440
Changes in operating assets and liabilities
Accounts receivables	11,131	(37,252)
Prepaid expense		(7,062)
Deposit	(32,802)
Accounts payable and other liabilities	15,911	333,255
Accrued payroll tax	(2,642)
Net Cash (Used in) Operating Activities	(1,352,043)	(2,133,202)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for equipment	(38,158)	(19,100)
Investment in Flowhub	(175,000)
Net Cash (Used in) Investing Activities	(213,158)	(19,100)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock for cash	1,298,700
Proceeds from exercise of warrants	295,936	371,507
Proceeds from exercise of options		25,000
Proceeds from issuance of convertible notes payable		1,420,000
Net Cash Provided by Financing Activities	1,594,636	1,816,507
NET INCREASE (DECREASE) IN CASH	29,435	(335,795)
CASH AT BEGINNING OF PERIOD	386,316	386,316
CASH AT END OF PERIOS	50,521	50,521
CASH PAID FOR:
Interest
Taxes
NON-CASH FINANCING ACTIVITIES
Convertible note issued in payment of liabilities	0	35,000
Common stock, Warrants and Options as prepaid expense	$ 849,128	$ 0

XML 18 R6.htm IDEA: XBRL DOCUMENT

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed balance sheet as of December 31, 2015 has been derived from audited financial statements.

Management’s Use of Estimates

Deferred Taxes

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

Property and Equipment

Revenue Recognition

(i)

persuasive evidence of an arrangement exists,

(ii)

the services have been rendered and all required milestones achieved,

(iii)

the sales price is fixed or determinable, and

(iv)

Collectability is reasonably assured.

Cost of Revenue

The Company’s main cost of revenue originates from its merchandise store, where often times the Company realizes low profit margins and is not the main focus of the Company.

Comprehensive Income (Loss)

Convertible Debt

Stock-Based Compensation

Fair Value of Financial Instruments

Derivative Financial Instruments

As of June 30, 2016, the Company had outstanding convertible notes that contained embedded derivatives. These embedded derivatives include certain conversion features and reset provisions.

Convertible Debentures

Stock-Based Compensation

Net Income (loss) Per Common Share

Potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per share are as follows:

	June 30, 2016
Common stock issuable upon conversion of convertible debt		4,252,333
Options to purchase common stock		5,584,880
Warrants to purchase common stock		9,742,044
Totals		19,579,257

Reclassification

Certain reclassifications have been made to the prior years’ data to conform to the current year presentation. These reclassifications had no effect on reported income (losses).

Recently Issued Accounting Pronouncements

XML 19 R7.htm IDEA: XBRL DOCUMENT

2. GOING CONCERN AND UNCERTAINTY

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

2. GOING CONCERN AND UNCERTAINTY

NOTE 2 GOING CONCERN AND UNCERTAINTY

XML 20 R8.htm IDEA: XBRL DOCUMENT

3. NOTE RECEIVABLE

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

3. NOTE RECEIVABLE

NOTE 3 NOTE RECEIVABLE

XML 21 R9.htm IDEA: XBRL DOCUMENT

4. PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

4. PROPERTY AND EQUIPMENT

NOTE 4 PROPERTY AND EQUIPMENT

Fixed assets were comprised of the following as of June 30, 2016 and December 31, 2015:

	June 30, 2016		December 31, 2015

Computers		$ 69,116		$ 58,121
Office equipment		35,208		27,083
Total		104,324		85,224
Less: Accumulated depreciation		20,926		12,201
Property and equipment, net		$ 83,398		$ 73,023

Depreciation expense for the six months ended June 30, 2016 and 2015 was $8,725 and $4,094, respectively.

XML 22 R10.htm IDEA: XBRL DOCUMENT

5. CONVERTIBLE DEBT

6 Months Ended

Jun. 30, 2016

Convertible Debt

5. CONVERTIBLE DEBT

NOTE 5 CONVERTIBLE DEBT

On March 17, 2016, the Company sold to investors six (6) month secured convertible original issue discount notes with principal amount in the aggregate of $1,514,667, together with five year warrants to purchase an amount of shares of the Company’s common stock equal to the number of shares of common stock issuable upon the conversion of the notes in full and having an exercise price of $1.00 per share. If the Company exercises its right to prepay the note, the Company shall make payment to the investor of an amount in cash equal to the sum of the then outstanding principal amount of the note that it desires to prepay, multiplied by (a) 1.2, during the first ninety (90) days after the execution of this Note, or (b) 1.35, at any point thereafter. The notes are convertible into shares of the Company’s common stock at a price per share equal to the lower of (i) one dollar ($1.00), and (ii) a 25% discount to the price at which the Company next conducts an offering after the issuance date of the note; provided, however, if any part of the principal amount of the note remains unpaid at its maturity date September 17, 2016, the conversion price will be equal to 65% of the average of the three trading days with the lowest daily weighted average prices of the Company’s common stock occurring during the fifteen days prior to the notes’ maturity date September 17, 2016. The notes require that any net proceeds received subsequent offerings made by the Company first be used to repay the notes’ outstanding principal amount. If the note is not repaid by the maturity date, the investors will receive, in aggregate, but calculated pro rata to the principal amounts remaining outstanding at the time of maturity, up to five hundred thousand (500,000) shares of the Company’s common stock. Gross proceeds received by the Company for the notes and warrants in this Offering was $1,420,000, while net proceeds were $1,271,600 (excluding any legal fees). As of June 30, 2016 and December 31, 2015, the aggregate carrying value of the notes were $979,494 , net of debt discounts of $535,173 and $0, respectively.

The Company’s convertible debt is summarized as follows as of June 30, 2016 and December 31, 2015:

		2016			2015
Principal balance	$	1,758,767		$	209,100
Less: debt discount	($	557,168	)		(-)
Convertible debentures, net	$	1,201,599			209,100
Less, current portion		($992,499)			(-)
Long term portion		$ 209,100			$ 209,100

XML 23 R11.htm IDEA: XBRL DOCUMENT

6. DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

6. DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS

NOTE 6 DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

All items required to be recorded or measured on a recurring basis are based upon level 3 inputs.

As of June 30, 2016 and December 31, 2015, the Company did not have any derivative instruments that were designated as hedges.

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2015:

Level 1

Level 2

Level 3

Total

Derivative liability

Total

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2016:

	Level 1		Level 2		Level 3		Total
Derivative liability	$		$	-	$	195,108	$	195,108
Total	$	-	$	-	$	195,108	$	195,108

The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2016:


Balance, December 31, 2015	$	-
Transfers in of Level 3		509,404
Mark-to-market –gain on change in fair value of derivative liability - 2016		(314,296)
Balance, June 30, 2016	$	195,108

XML 24 R12.htm IDEA: XBRL DOCUMENT

7. CAPITAL STOCK

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

7. CAPITAL STOCK

NOTE 7 CAPITAL STOCK

The following common stock transactions were recorded during the six months ended June 30, 2016:

The Company issued 624,000 shares of common stock which was previously classified as shares to be issued as of December 31, 2015.

The Company issued 5,227 common shares for the cashless exercise of a stock warrant.

The Company issued 812,734 common shares and is obligated to issue an additional 106,000 common shares as of June 30, 2016 for the cash exercise of stock warrants.

The Company issued 264,158 common shares for the cashless exercises of stock options.

The Company issued 210,000 common shares for the cash exercise of stock options.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

XML 25 R13.htm IDEA: XBRL DOCUMENT

8. STOCK WARRANTS

6 Months Ended

Jun. 30, 2016

Summary of Investments, Other than Investments in Related Parties [Abstract]

8. STOCK WARRANTS

NOTE 8 STOCK WARRANTS

In January 2016, the Company issued warrants to purchase 100,000 shares of common stock at $0.83 per share to certain service providers, valued at $68,369.

In February 2016, the Company issued warrants to purchase 35,000 shares of common stock at $1.00 per share to a service provider, valued at $24,301.

On March 24, 2016, in connection to the issuance of convertible debt, the Company granted to the same investors five year warrants to purchase an aggregate of 1,514,669 shares of the Company’s common stock at $1.00 per share. The warrants may be exercised any time after the issuance through and including the fifth (5^th) anniversary of its original issuance. The warrants have a fair market value of $910,596. The fair market value was calculated using the Binomial Option Pricing Model, assuming approximately 0% risk-free interest, 0% dividend yield, 112.3% volatility, and expected life of 5 years.

Stock warrants outstanding and exercisable on June 30, 2016 are as follows:

Warrants Outstanding					Warrants Exercisable
				Weighted
				Average	Exercisable
Exercise		Number of		Remaining Life	Number of
Price		Warrants		In Years	Warrants
$	0.001		3,963,659	1.0	3,963,659
	0.40		3,400,275	0.6	3,400,275
	0.50		2,489,041	3.6	2,489,041
	0.60		50,000	3.8	50,000
	0.83		100,000	4.5	100,000
	0.90		175,000	4.0	175,000
	1.00		2,310,669	3.5	2,310,669
	1.06		146,200	2.4	146,200
	3.00		407,475	2.3	407,475
			9,742,044	1.2	9,742,044

A summary of the warrant activity for the six months ended June 30, 2016:


				Weighted-Average		Weighted-Average
	Shares			Exercise Price		Remaining Contractual Term
Outstanding at December 31, 2015		9,018,609		$	0.42		2.26
Grants		1,649,669		$	0.99		4.95
Exercised		(926,234	)	$	0.4		0.96
Canceled		—			—		—
Outstanding at June 30, 2016		9,742,044		$	0.514		1.68
Exercisable at June 30, 2016		9,742,044		$	0.514		1.68

XML 26 R14.htm IDEA: XBRL DOCUMENT

9. EMPLOYEE EQUITY INCENTIVE PLANS

6 Months Ended

Jun. 30, 2016

Equity Incentive Plans - Options

9. EMPLOYEE EQUITY INCENTIVE PLANS

NOTE 9 EMPLOYEE EQUITY INCENTIVE PLANS

Stock options outstanding and exercisable on June 30, 2016 are as follows:

Options Outstanding						Options Exercisable
				Weighted
				Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Options		In Years		Options
$	0.10		1,500,000		7.9		750,000
	0.50		628,217		8.80		604,881
	0.60		105,000		8.7		105,000
	0.80		160,000		9.4		106,656
	0.83		100,000		9.7		0
	0.90		1,860,413		9.5		1,465,341
	1.00		850,000		9.4		24,996
	1.05		381,250		9.7		246,335
			5,584,880		9.1		3,303,209

A summary of the stock option activity for the six months ended June 30, 2016:

					Weighted-Average
				Weighted-Average	Remaining
	Shares			Exercise Price	Contractual Term

Outstanding at December 31, 2015	5,625,000		$	0.59	9.3
Grants	691,250			0.97	9.7
Exercised	(636,783	)		0.5	8.8
Canceled	(94,587	)		0.5	8.8
Outstanding at June 30, 2016	5,584,880		$	0.66	8.9
Exercisable at June 30, 2016	3,303,209		$	0.64	8.6

The aggregate intrinsic value of outstanding stock options was ($1,140,204), based on options with an exercise price less than the Company’s stock price of $0.86 as of June 30, 2016, which would have been received by the option holders had those option holders exercised their options as of that date.

The fair value of the granted options for the six months ended June 30, 2016 was determined using the Black Scholes option pricing model with the following assumptions:

Dividend yield:		0		%
Volatility		111.89% to 119.16		%
Risk free rate:		1.75% to 2.10		%
Expected life:			10 years
Estimated fair value of the Company’s common stock	$	0.80 to $1.05
Estimated forfeiture rate		0		%

XML 27 R15.htm IDEA: XBRL DOCUMENT

10. COMMITMENTS AND CONTINCENCIES

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

10. COMMITMENTS AND CONTINGENCIES

NOTE 10 COMMITMENTS AND CONTINGENCIES

Operating leases

XML 28 R16.htm IDEA: XBRL DOCUMENT

11. SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

11. SUBSEQUENT EVENTS

NOTE 11 SUBSEQUENT EVENTS

From August 12 to August 17, 2016, the Company raised $1,636,500 in gross proceeds from the sale of shares of the Company’s common stock, together with warrants, with one Warrant entitling the holder to purchase one share of Common Stock at a price equal to $0.90 per share in a registered “best efforts” offering to certain investors pursuant to an effective registration statement (the “Offering”). The purchase price paid by the investors was $0.50 for one share of Common Stock and one half Warrant. The Warrants are immediately exercisable and expire three years from the date of issuance. The shares of Common Stock and Warrants are immediately separable and will be issued separately. A total of x shares of Common Stock and 3,273,000 Warrants were sold in the Offering and will be issued pursuant to the prospectus, dated August 12, 2016 and filed with the Securities and Exchange Commission as of the same date.

XML 29 R17.htm IDEA: XBRL DOCUMENT

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

The condensed balance sheet as of December 31, 2015 has been derived from audited financial statements.

Managements Use of Estimates

Management’s Use of Estimates

Deferred Taxes

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

Property and Equipment

Revenue Recognition

(i)

persuasive evidence of an arrangement exists,

(ii)

the services have been rendered and all required milestones achieved,

(iii)

the sales price is fixed or determinable, and

(iv)

Collectability is reasonably assured.

Cost of Revenues

Cost of Revenue

The Company’s main cost of revenue originates from its merchandise store, where often times the Company realizes low profit margins and is not the main focus of the Company.

Comprehensive Income (Loss)

Convertible Debt

Stock Based Compensation

Stock-Based Compensation

Fair Value for Financial Instruments

Fair Value of Financial Instruments

Derivative Financial Instruments

As of June 30, 2016, the Company had outstanding convertible notes that contained embedded derivatives. These embedded derivatives include certain conversion features and reset provisions.

Net Income (loss) Per Common Share

Potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per share are as follows:

	June 30, 2016
Common stock issuable upon conversion of convertible debt		4,252,333
Options to purchase common stock		5,584,880
Warrants to purchase common stock		9,742,044
Totals		19,579,257

Reclassification

Certain reclassifications have been made to the prior years’ data to conform to the current year presentation. These reclassifications had no effect on reported income (losses).

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements

XML 30 R18.htm IDEA: XBRL DOCUMENT

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2016

Summary Of Significant Accounting Policies Tables

Net Income (loss) Per Common Share

	June 30, 2016
Common stock issuable upon conversion of convertible debt		4,252,333
Options to purchase common stock		5,584,880
Warrants to purchase common stock		9,742,044
Totals		19,579,257

XML 31 R19.htm IDEA: XBRL DOCUMENT

4. PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

	June 30, 2016		December 31, 2015

Computers		$ 69,116		$ 58,121
Office equipment		35,208		27,083
Total		104,324		85,224
Less: Accumulated depreciation		20,926		12,201
Property and equipment, net		$ 83,398		$ 73,023

XML 32 R20.htm IDEA: XBRL DOCUMENT

5. CONVERTIBLE DEBENTURES (Tables)

6 Months Ended

Jun. 30, 2016

Convertible Debentures Tables

Convertible Debentures

		2016			2015
Principal balance	$	1,758,767		$	209,100
Less: debt discount	($	557,168	)		(-)
Convertible debentures, net	$	1,201,599			209,100
Less, current portion		($992,499)			(-)
Long term portion		$ 209,100			$ 209,100

XML 33 R21.htm IDEA: XBRL DOCUMENT

6. DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Fair value of financial liabilities

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2015:

Level 1

Level 2

Level 3

Total

Derivative liability

Total

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2016:

	Level 1		Level 2		Level 3		Total
Derivative liability	$		$	-	$	195,108	$	195,108
Total	$	-	$	-	$	195,108	$	195,108

The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2016:


Balance, December 31, 2015	$	-
Transfers in of Level 3		509,404
Mark-to-market –gain on change in fair value of derivative liability - 2016		(314,296)
Balance, June 30, 2016	$	195,108

XML 34 R22.htm IDEA: XBRL DOCUMENT

8. STOCK WARRANTS (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Investments, Other than Investments in Related Parties [Abstract]

Stock Warrants

Stock warrants outstanding and exercisable on June 30, 2016 are as follows:

Warrants Outstanding				Warrants Exercisable
			Weighted
			Average	Exercisable
Exercise		Number of	Remaining Life	Number of
Price		Warrants	In Years	Warrants
$	0.001	3,963,659	1.0	3,963,659
	0.40	3,400,275	0.6	3,400,275
	0.50	2,489,041	3.6	2,489,041
	0.60	50,000	3.8	50,000
	0.83	100,000	4.5	100,000
	0.90	175,000	4.0	175,000
	1.00	2,310,669	3.5	2,310,669
	1.06	146,200	2.4	146,200
	3.00	407,475	2.3	407,475
		9,742,044	1.2	9,742,044

Strock warrant activity

A summary of the warrant activity for the six months ended June 30, 2016:


				Weighted-Average		Weighted-Average
	Shares			Exercise Price		Remaining Contractual Term
Outstanding at December 31, 2015		9,018,609		$	0.42		2.26
Grants		1,649,669		$	0.99		4.95
Exercised		(926,234	)	$	0.4		0.96
Canceled		—			—		—
Outstanding at June 30, 2016		9,742,044		$	0.514		1.68
Exercisable at June 30, 2016		9,742,044		$	0.514		1.68

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 35 R23.htm IDEA: XBRL DOCUMENT

9. EMPLOYEE EQUITY INCENTIVE PLAN (Tables)

6 Months Ended

Jun. 30, 2016

Employee Equity Incentive Plan Tables

Employee Equity Incentive Plan

Stock options outstanding and exercisable on June 30, 2016 are as follows:

Options Outstanding						Options Exercisable
				Weighted
				Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Options		In Years		Options
$	0.10		1,500,000		7.9		750,000
	0.50		628,217		8.80		604,881
	0.60		105,000		8.7		105,000
	0.80		160,000		9.4		106,656
	0.83		100,000		9.7		0
	0.90		1,860,413		9.5		1,465,341
	1.00		850,000		9.4		24,996
	1.05		381,250		9.7		246,335
			5,584,880		9.1		3,303,209

Employee stock option activity

A summary of the stock option activity for the six months ended June 30, 2016:

					Weighted-Average
				Weighted-Average	Remaining
	Shares			Exercise Price	Contractual Term

Outstanding at December 31, 2015	5,625,000		$	0.59	9.3
Grants	691,250			0.97	9.7
Exercised	(636,783	)		0.5	8.8
Canceled	(94,587	)		0.5	8.8
Outstanding at June 30, 2016	5,584,880		$	0.66	8.9
Exercisable at June 30, 2016	3,303,209		$	0.64	8.6

Fair value of granted options

Dividend yield:		0		%
Volatility		111.89% to 119.16		%
Risk free rate:		1.75% to 2.10		%
Expected life:			10 years
Estimated fair value of the Company’s common stock	$	0.80 to $1.05
Estimated forfeiture rate		0		%

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References + Details

XML 36 R24.htm IDEA: XBRL DOCUMENT

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2016 USD ($)
Summary Of Significant Accounting Policies Details
Common stock issuable upon conversion of convertible debentures	$ 4,252,333
Options to purchase common stock	5,584,880
Warrants to purchase common stock	9,742,044
Totals	$ 19,579,257

XML 37 R25.htm IDEA: XBRL DOCUMENT

4. PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property and equipment, gross	$ 104,324	$ 85,224
Less: Accumulated depreciation	20,926	12,201
Property and equipment, net	83,398	73,023
Computers
Property and equipment, gross	69,116	58,121
Office Equipment
Property and equipment, gross	$ 35,208	$ 27,083

XML 38 R26.htm IDEA: XBRL DOCUMENT

5. CONVERTIBLE DEBENTURES (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Convertible Debentures Details
Principal balance	$ 1,758,767	$ 209,100
Less: debt discount	(557,168)
Convertible debentures, net	1,201,599	209,100
Less: current portion	(992,499)
Long term position	$ 209,100	$ 209,100

XML 39 R27.htm IDEA: XBRL DOCUMENT

6. DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Derivative liability	$ 195,108
Fair Value, Inputs, Level 3 [Member]
Derivative liability	195,108
Fair Value, Inputs, Level 1 [Member]
Derivative liability
Fair Value, Inputs, Level 2 [Member]
Derivative liability

XML 40 R28.htm IDEA: XBRL DOCUMENT

6. DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS (Details 1)	6 Months Ended
	Jun. 30, 2016 USD ($)
Derivative Liabilities And Fair Value Measurements Details 1
Balance, December 31, 2015
Transfers in of Level 3	509,404
Mark-to-market – gain on change in fair value of derivative liability - 2016	(314,296)
Balance, June 30, 2016	$ 195,108

XML 41 R29.htm IDEA: XBRL DOCUMENT

8. STOCK WARRANTS (Details)	6 Months Ended
8. STOCK WARRANTS (Details)	Jun. 30, 2016 $ / shares shares
Shares Under warrants, Outstanding \| shares	5,584,880
Remaining Life in Years, Outstanding	9 years 1 month 6 days
Exercise Price per Share, Exercisable	$ 3,303,209
Warrant 1 [Member]
Exercise Price per Share, Outstanding	$ 0.001
Shares Under warrants, Outstanding \| shares	3,963,659
Remaining Life in Years, Outstanding	1 year
Exercise Price per Share, Exercisable	$ 3,963,659
Warrant 2 [Member]
Exercise Price per Share, Outstanding	$ 0.4
Shares Under warrants, Outstanding \| shares	3,400,275
Remaining Life in Years, Outstanding	7 months 6 days
Exercise Price per Share, Exercisable	$ 3,400,275
Warrant 3 [Member]
Exercise Price per Share, Outstanding	$ 0.5
Shares Under warrants, Outstanding \| shares	2,489,041
Remaining Life in Years, Outstanding	3 years 22 days
Exercise Price per Share, Exercisable	$ 2,489,041
Warrant 4 [Member]
Exercise Price per Share, Outstanding	$ 0.6
Shares Under warrants, Outstanding \| shares	50,000
Remaining Life in Years, Outstanding	3 years 29 days
Exercise Price per Share, Exercisable	$ 50,000
Warrant 5 [Member]
Exercise Price per Share, Outstanding	$ 0.83
Shares Under warrants, Outstanding \| shares	100,000
Remaining Life in Years, Outstanding	4 years 6 months
Exercise Price per Share, Exercisable	$ 100,000
Warrant 6 [Member]
Exercise Price per Share, Outstanding	$ 0.9
Shares Under warrants, Outstanding \| shares	175,000
Remaining Life in Years, Outstanding	4 years
Exercise Price per Share, Exercisable	$ 175,000
Warrant 7 [Member]
Exercise Price per Share, Outstanding	$ 1
Shares Under warrants, Outstanding \| shares	2,310,669
Remaining Life in Years, Outstanding	3 years 6 months
Exercise Price per Share, Exercisable	$ 2,310,669
Warrant 8 [Member]
Exercise Price per Share, Outstanding	$ 1.06
Shares Under warrants, Outstanding \| shares	146,200
Remaining Life in Years, Outstanding	2 years 15 days
Exercise Price per Share, Exercisable	$ 146,200
Warrant 9 [Member]
Exercise Price per Share, Outstanding	$ 3
Shares Under warrants, Outstanding \| shares	407,475
Remaining Life in Years, Outstanding	2 years 11 days
Exercise Price per Share, Exercisable	$ 407,475
Warrant Total
Shares Under warrants, Outstanding \| shares	9,742,044
Remaining Life in Years, Outstanding	1 year 2 months 12 days
Exercise Price per Share, Exercisable	$ 9,742,044

XML 42 R30.htm IDEA: XBRL DOCUMENT

8. STOCK WARRANTS (Details 1)	6 Months Ended
8. STOCK WARRANTS (Details 1)	Jun. 30, 2016 $ / shares shares
Warrants-Number of Shares
Balance at December 31, 2015 \| shares	5,625,000
Granted \| shares	691,250
Exercised \| shares	(636,783)
Cancelled \| shares	(94,587)
Balance at June 30, 2016 \| shares	5,584,880
Warrants Outstanding-Weighted Average Exercise Price
Balance December 31, 2015 \| $ / shares	$ 0.59
Granted \| $ / shares	0.97
Exercised \| $ / shares	0.5
Cancelled \| $ / shares	0.5
Balance at June 30, 2016 \| $ / shares	$ 0.66
Exercisable at June 30, 2016, Shares \| shares	3,303,209
Exercisable at June 30, 2016, Exercise Price \| $ / shares	$ 0.64
Weighted Average Remaining Contractual Term	8 years 10 months 25 days
Warrants
Warrants-Number of Shares
Balance at December 31, 2015 \| shares	9,018,609
Granted \| shares	1,649,669
Exercised \| shares	(926,234)
Cancelled \| shares
Balance at June 30, 2016 \| shares	9,742,044
Warrants Outstanding-Weighted Average Exercise Price
Balance December 31, 2015 \| $ / shares	$ 0.42
Granted \| $ / shares	0.99
Exercised \| $ / shares	.4
Cancelled \| $ / shares
Balance at June 30, 2016 \| $ / shares	$ 0.514
Exercisable at June 30, 2016, Shares \| shares	9,742,044
Exercisable at June 30, 2016, Exercise Price \| $ / shares	$ 0.514
Weighted Average Remaining Contractual Term	1 year 8 months 5 days

XML 43 R31.htm IDEA: XBRL DOCUMENT

9. EMPLOYEE EQUITY INCENTIVE PLAN (Details)	6 Months Ended
9. EMPLOYEE EQUITY INCENTIVE PLAN (Details)	Jun. 30, 2016 $ / shares shares
Shares Under warrants, Outstanding \| shares	5,584,880
Remaining Life in Years, Outstanding	9 years 1 month 6 days
Exercise Price per Share, Exercisable	$ 3,303,209
Option 1
Exercise Price per Share, Outstanding	$ 0.1
Shares Under warrants, Outstanding \| shares	1,500,000
Remaining Life in Years, Outstanding	7 years 10 months 25 days
Exercise Price per Share, Exercisable	$ 750,000
Option 2
Exercise Price per Share, Outstanding	$ 0.5
Shares Under warrants, Outstanding \| shares	628,217
Remaining Life in Years, Outstanding	8 years 9 months 18 days
Exercise Price per Share, Exercisable	$ 604,881
Option 3
Exercise Price per Share, Outstanding	$ 0.6
Shares Under warrants, Outstanding \| shares	105,000
Remaining Life in Years, Outstanding	8 years 8 months 12 days
Exercise Price per Share, Exercisable	$ 105,000
Option 4
Exercise Price per Share, Outstanding	$ 0.8
Shares Under warrants, Outstanding \| shares	160,000
Remaining Life in Years, Outstanding	9 years 4 months 24 days
Exercise Price per Share, Exercisable	$ 106,656
Option 5
Exercise Price per Share, Outstanding	$ 0.83
Shares Under warrants, Outstanding \| shares	100,000
Remaining Life in Years, Outstanding	9 years 8 months 12 days
Exercise Price per Share, Exercisable	$ 0
Option 6
Exercise Price per Share, Outstanding	$ 0.9
Shares Under warrants, Outstanding \| shares	1,860,413
Remaining Life in Years, Outstanding	9 years 6 months
Exercise Price per Share, Exercisable	$ 1,465,341
Option 7
Exercise Price per Share, Outstanding	$ 1
Shares Under warrants, Outstanding \| shares	850,000
Remaining Life in Years, Outstanding	9 years 4 months 24 days
Exercise Price per Share, Exercisable	$ 24,996
Option 8
Exercise Price per Share, Outstanding	$ 1.05
Shares Under warrants, Outstanding \| shares	381,250
Remaining Life in Years, Outstanding	9 years 8 months 12 days
Exercise Price per Share, Exercisable	$ 246,335

XML 44 R32.htm IDEA: XBRL DOCUMENT

9. EMPLOYEE EQUITY INCENTIVE PLAN (Details 1)	6 Months Ended
9. EMPLOYEE EQUITY INCENTIVE PLAN (Details 1)	Jun. 30, 2016 $ / shares shares
Options Outstanding-Number of Shares
Balance at December 31, 2015 \| shares	5,625,000
Granted \| shares	691,250
Exercised \| shares	(636,783)
Cancelled \| shares	(94,587)
Balance at June 30, 2016 \| shares	5,584,880
Options Outstanding-Weighted Average Exercise Price
Balance December 31, 2015 \| $ / shares	$ 0.59
Granted \| $ / shares	0.97
Exercised \| $ / shares	0.5
Cancelled \| $ / shares	0.5
Balance at June 30, 2016 \| $ / shares	$ 0.66
Exercisable at June 30, 2016, Shares \| shares	3,303,209
Exercisable at June 30, 2016, Exercise Price \| $ / shares	$ 0.64
Weighted Average Remaining Contractual Term	8 years 10 months 25 days

XML 45 R33.htm IDEA: XBRL DOCUMENT

9. EMPLOYEE EQUITY INCENTIVE PLAN (Details 2)	6 Months Ended
9. EMPLOYEE EQUITY INCENTIVE PLAN (Details 2)	Jun. 30, 2016 $ / shares
Expected term	9 years 1 month 6 days
Minimum [Member]
Expected volatility	111.89%
Risk free interest rate	175.00%
Estimated fair value of Company's common stock	$ .80
Estimated forfeiture rate	0.00%
Maximum [Member]
Expected dividends	0.00%
Expected volatility	111.916%
Expected term	10 years
Risk free interest rate	210.00%
Estimated fair value of Company's common stock	$ 1.05

XML 46 R34.htm IDEA: XBRL DOCUMENT

9. COMMITMENTS AND CONTINCENCIES (Details Narrative)	Jun. 30, 2016 USD ($)
Commitments And Contincencies Details
2016	$ 3,644
2017	3,770
2018	$ 3,896

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