STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 7 – STOCKHOLDERS’ EQUITY

Common Stock

Our Company has Advisory Agreements with members of its Advisory Board. The terms of the individual Advisory Agreements vary and provide for up to 50,000 initial sign-on shares vesting for a maximum of an 18-month period, and up to 50,000 shares of common stock per annum issued on the anniversary of the effective date of the agreement. Expenses for the issuance of common stock for services related to these share issuances is recognized over the service period in which the shares are earned or over the respective vesting period, as applicable, and is calculated based on the average closing price per share of our common stock, during the respective quarter, as quoted on the OTC Marketplace. Selling, general and administrative expenses (“SGA”) recognized in connection with the Advisory Agreements totaled $36,398 and $40,374 for the three months ended March 31, 2016 and 2015, respectively.

On March 17, 2016, we entered into a consulting agreement for services over one year. In connection with the agreement, we granted the consultant 200,000 shares of our fully vested common stock as consideration for the consultant’s services. The Company recorded prepaid consulting of $122,667 as of March 31, 2016 and the Company recognized SGA totaling $5,333 for the three months ended March 31, 2016 in connection with this agreement.

Common Stock Options

On August 14, 2015, we granted an option to purchase up to 1,000,000 shares of our common stock to each of two employees. We recognized $294,955 of SGA as stock based compensation in connection with the vesting of the options during three months ended March 31, 2016.

Common Stock Warrants

Our Company has issued warrants to purchase shares of our common stock to accredited investors and consultants as compensation for services rendered, as well as, in conjunction with the purchase of our common stock. A summary of the Company’s warrants activity and related information as of March 31, 2016 is as follows.

Stock Warrants Outstanding as of March 31, 2016
Exercise		Warrants		Remaining		Warrants
Price		Granted		Life (Years)		Exercisable
$	0.001		1,350,000		1.72		450,000
$	1.50		50,000		2.62		50,000
$	2.00		300,000		4.63		300,000
$	2.50		500,000		5.00		-
			2,200,000				800,000