0000721748-16-001288.txt : 20160516 0000721748-16-001288.hdr.sgml : 20160516 20160516163415 ACCESSION NUMBER: 0000721748-16-001288 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160516 DATE AS OF CHANGE: 20160516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Safety Quick Lighting & Fans Corp. CENTRAL INDEX KEY: 0001598981 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640] IRS NUMBER: 463645414 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55416 FILM NUMBER: 161654440 BUSINESS ADDRESS: STREET 1: 4400 NORTH POINT PARKWAY STREET 2: SUITE 154 CITY: ALPHARETTA STATE: GA ZIP: 30022 BUSINESS PHONE: 770-754-4711 MAIL ADDRESS: STREET 1: 4400 NORTH POINT PARKWAY STREET 2: SUITE 154 CITY: ALPHARETTA STATE: GA ZIP: 30022 10-Q 1 sfql10q051616.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 March 31, 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 333-197821

SAFETY QUICK LIGHTING & FANS CORP.

(Exact name of small business issuer as specified in its charter)

FLORIDA

46-3645414

(State or other jurisdiction of

incorporation or organization)

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

4400 North Point Parkway

Suite 154

Alpharetta, GA 30022

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

(770) 754-4711

(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 May 12, 2016, the issuer had 45,653,343 shares of common stock issued and outstanding.

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PART I. FINANCIAL INFORMATION	1
Item 1. Consolidated Financial Statements	1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3. Quantitative & Qualitative Disclosures about Market Risks	36
Item 4. Controls and Procedures	36
PART II OTHER INFORMATION	37
Item 1. Legal Proceedings	37
Item 1A. Risk Factors	37
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3. Defaults upon Senior Securities	37
Item 5. Other Information	37
Item 6. Exhibits	39

Unless we have indicated otherwise or the context otherwise requires, references in this Quarter Report on Form 10-Q to the “Company”, “we”, “us”, and “our” or similar terms are to “Safety Quick Lighting & Fans Corp.”

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Safety Quick Lighting & Fans Corp. and Subsidiary
Consolidated Balance Sheets

	(Unaudited)		(Audited)
	March 31, 2016		December 31, 2015
Assets
Current assets:
Cash	$	12,502	$	450,868
Accounts receivable		994,822		234,309
Inventory		199,486		263,871
Prepaid expenses		43,810		35,770
Other current assets		210		210
Total current assets		1,250,830		985,028

Furniture and Equipment - net		129,428		127,521

Other assets:
Patent - net		87,992		83,174
Debt issue costs - net		6,036		14,605
GE trademark license - net		6,515,050		7,123,746
Other assets		65,714		65,714
Total other assets		6,674,792		7,287,239

Total assets	$	8,055,050	$	8,399,788


Liabilities and Stockholders (Deficit)
Current liabilities:
Accounts payable & accrued expenses	$	1,242,051	$	807,798
Convertible debt - net of debt discount $197,331 and $474,283 at		3,926,902		3,989,950
March 31, 2016 and December 31, 2015 respectively
Convertible debt - related parties - net of debt discount $-0- and		50,000		50,000
$-0- at March 31, 2016 and December 31, 2015 respectively
Notes payable - current portion		109,252		107,944
Advance from related party		500,000		—
Derivative liabilities		22,160,974		24,157,838
Other current liabilities		43,718		46,010
Total current liabilities		28,032,897		29,159,540

Long term liabilities:
Convertible debt		—		—
Notes payable		165,420		193,800
GE royalty obligation		11,679,557		11,795,855
Total long term liabilities		11,844,977		11,989,655

Total liabilities		39,877,874		41,149,195

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Stockholders' deficit:
Common stock: $0 par value, 500,000,000 shares authorized;
43,653,343 and 41,501,251 shares issued and outstanding
at March 31, 2016 and December 31, 2015 respectively		4,056,601			2,892,078
Common stock to be issued		—			625,000
Additional paid-in capital		6,472,427			6,472,427
Accumulated deficit		(42,316,410	)		(42,703,470	)
Total Stockholders' deficit		(31,787,382	)		(32,713,965	)
Noncontrolling interest		(35,442	)		(35,442	)
Total Deficit		(31,822,824	)		(32,749,407	)

Total liabilities and stockholders' deficit	$	8,055,050		$	8,399,788

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

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Safety Quick Lighting & Fans Corp. and Subsidiary
Consolidated Statements of Operations
Three Months Ended March 31, 2016
(Unaudited)

	For the Three Months Ended March 31,
	2016			2015
Sales	$	1,748,061		$	1,419,217

Cost of sales		(1,564,045	)		(1,239,728	)

Gross profit		184,016			179,489

General and administrative expenses		(1,427,779	)		(1,247,373	)

Loss from operations		(1,243,763	)		(1,067,884	)

Other income (expense)
Interest expense		(366,040	)		(748,522	)
Change in fair value of embedded derivative liabilities		1,996,863			462,174
Total other income (expense) - net		1,630,823			(286,348	)

Net income (loss) including noncontrolling interest		387,060			(1,354,232	)
Less: net loss attributable to noncontrolling interest		—			(2	)
Net income (loss) attributable to Safety Quick Lighting & Fans Corp.	$	387,060		$	(1,354,230	)

Net income (loss) per share - basic and diluted	$	0.01		$	(0.04	)

Weighted average number of common shares outstanding during the year
basic and diluted		35,946,332			33,887,925

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

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Safety Quick Lighting & Fans Corp. and Subsidiary
Consolidated Statements of Cash Flows
Three Months Ended March 31, 2016
(Unaudited)

	For the Three Months Ended March 31,
	2016			2015
Cash flows from operating activities:
Net income loss attributable to Safety Quick Lighting & Fans Corp.	$	387,060		$	(1,354,230	)
Net income loss attributable to noncontrolling interest		—			(2	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		6,413			5,404
Amortization of debt issue costs		8,569			38,612
Amortization of debt discount		276,951			536,402
Amortization of patent		1,777			1,015
Amortization of GE trademark license		608,696			602,006
Change in fair value of derivative liabilities		(1,996,863	)		(462,174	)
Stock options issued for services - related parties		42,000			—
Change in operating assets and liabilities:
Accounts receivable		(760,513	)		(1,419,217	)
Prepaid expenses		(8,041	)		13,729
Inventory		64,385			—
Royalty payable		(116,298	)		(75,130	)
Other		(2,292	)		(5,334	)
Accounts payable & accrued expenses		434,255			694,943
Net cash used in operating activities		(1,053,901	)		(1,423,976	)

Cash flows from investing activities:
Purchase of property & equipment		(8,320	)		(1,490	)
Payment of patent costs		(6,595	)		(5,956	)
Net cash used in investing activities		(14,915	)		(7,446	)

Cash flows from financing activities:
Repayments of convertible notes		(340,000	)		—
Proceeds from related party advance		500,000			—
Stock issued in exchange for interest		157,523			400,311
Stock issued in exchange for principal		40,000			—
Repayments of note payable		(27,073	)		(25,682	)
Proceeds from issuance of stock		300,000			—
Net cash provided by financing activities		630,450			374,629

(Decrease) cash and cash equivalents		(438,366	)		(1,056,793	)
Cash and cash equivalents at beginning of period		450,868			1,241,487
Cash and cash equivalents at end of period	$	12,502		$	184,694

Supplementary disclosure of cash flow information
Cash paid during the period for:
Interest	$	121,232		$	4,964

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

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Note 1 Organization and Nature of Operations

Safety Quick Lighting & Fans Corp., a Florida corporation (the “Company”), was originally organized in May 2004 as a limited liability company under the name of Safety Quick Light, LLC“”. The Company was converted to corporation on November 6, 2012. The Company holds a number of worldwide patents, and has received a variety of final electrical code approvals, including ULListing and CSA approval (for the United States and Canadian Markets), and CE (for the European market). The Company maintains an office in Foshan, Peoples Republic of China with five staff consisting of four engineers and/or quality control inspectors/engineers.

The Company is engaged in the business of developing proprietary technology that enables a quick and safe installation of electrical fixtures, such as light fixtures and ceiling fans, by the use of a power plug installed in ceiling and wall electrical junction boxes. The Company’s main technology consists of a weight bearing, fixable socket and a revolving plug for conducting electric power and supporting an electrical appliance attached to a wall or ceiling. The socket is comprised of a nonconductive body that houses conductive rings connectable to an electric power supply through terminals in its side exterior.

The plug is also comprised of a non-conductive body that houses corresponding conductive rings, attaches to the socket via a male post and is capable of feeding electric power to an appliance. The plug also includes a second structural element allowing it to revolve and a releasable latching which, when engaged, provides a retention force between the socket and the plug to prevent disengagement. The socket and plug can be detached by releasing the latch, disengaging the electric power from the plug. The socket is designed to replace the support bar incorporated in electric junction boxes, and the plug can be installed in light fixtures, ceiling fans and wall sconce fixtures.

The Company markets consumer friendly, energy saving “plug-in” ceiling fans and light fixtures under the General Electric

(“GE”) brand as well as “conventional” ceiling lights and fans carrying the GE brand. The Company also owns 98.8% of SQL Lighting & Fans LLC (the “Subsidiary”). The Subsidiary was formed in Florida on April 27, 2011, and is in the business of manufacturing the patented device that the Company owns. The Subsidiary had no activity during the periods presented.

The Company’s fiscal year end is December 31.

Note 2 Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) under the accrual basis of accounting.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.

Such estimates and assumptions impact both assets and liabilities, including but not limited to: net realizable value of accounts receivable and inventory, estimated useful lives and potential impairment of property and equipment, the valuation of intangible assets, estimate of fair value of share based payments and derivative liabilities, estimates of fair value of warrants issued and recorded as debt discount, estimates of tax liabilities and estimates of the probability and potential magnitude of contingent liabilities.

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Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-conforming events. Accordingly, actual results could differ significantly from estimates.

Risks and Uncertainties

The Company’s operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential risk of business failure.

The Company has experienced, and in the future expects to continue to experience, variability in its sales and earnings. The factors expected to contribute to this variability include, among others, (i) the uncertainty associated with the commercialization and ultimate success of the product, (ii) competition inherent at large national retail chains where product is expected to be sold (iii) general economic conditions and (iv) the related volatility of prices pertaining to the cost of sales.

Principles of Consolidation

The consolidated financial statements include the accounts of Safety Quick Lighting & Fans Corp and the Subsidiary, SQL Lighting & Fans LLC. All inter-company accounts and transactions have been eliminated in consolidation.

Non-controlling Interest

In May 2012, in connection with the sale of the Company’s membership units in the Subsidiary, the Company’s ownership percentage in the Subsidiary decreased from 98.8% to 94.35%. The Company then reacquired these membership units in June 2013, increasing the ownership percentage from 94.35% back to 98.8%. During 2014, there was no activity in the Subsidiary. Its pro rata share of the Company’s 2014 and 2015 loss from operations is recognized in the financial statements.

Cash and Cash Equivalents

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions, and all highly liquid investments with an original maturity of three months or less. The Company had $12,502 and $450,868 in money market as of March 31, 2016 and December 31, 2015, respectively.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts.

The Company recognizes an allowance for losses on accounts receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current receivables aging, and expected future bad debts, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible.

The Company’s net balance of accounts receivable for three months ended March 31, 2016 and for the year ended December 31, 2015:

	March 31, 2016 (Unaudited)		December 31, 2015 (Audited)

Accounts Receivable	$	994,822	$	234,309
Allowance for Doubtful Accounts		—		—
Net Accounts Receivable	$	994,822	$	234,309

All amounts are deemed collectible at March 31, 2016 and December 31, 2015 and accordingly, the Company has not incurred any bad debt expense at March 31, 2016 and March 31, 2015.

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Inventory

Inventory consists of finished goods purchased, which are valued at the lower of cost or market value, with cost being determined on the first-in, first-out method. The Company periodically reviews historical sales activity to determine potentially obsolete items and also evaluates the impact of any anticipated changes in future demand.

At March 31, 2016 and December 31, 2015, the Company had $199,486 and $263,871 in inventory, respectively. The Company will maintain an allowance based on specific inventory items that have shown no activity over a 24month period. The Company tracks inventory as it is disposed, scrapped or sold at below cost to determine whether additional items on hand should be reduced in value through an allowance method. As of March 31, 2016 and December 31, 2015, the Company has determined that no allowance is required.

Valuation of Long-lived Assets and Identifiable Intangible Assets

The Company reviews for impairment of long-lived assets and certain identifiable intangible assets whenever events or changes in circumstances indicate that the carrying amount of any asset may not be recoverable. In the event of impairment, the asset is written down to its fair market value. The Company determined no impairment adjustment was necessary for the periods presented.

Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation, and is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Depreciation of property and equipment is provided utilizing the straight-line method over the estimated useful lives, ranging from 5-7 years of the respective assets. Expenditures for maintenance and repairs are charged to expense as incurred.

Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations.

Intangible Asset - Patent

The Company developed a patent for an installation device used in light fixtures and ceiling fans. Costs incurred for submitting the applications to the United States Patent and Trademark Office for these patents have been capitalized. Patent costs are being amortized using the straight-line method over the related 15 year lives. The Company begins amortizing patent costs once a filing receipt is received stating the patent serial number and filing date from the Patent Office.

The Company incurs certain legal and related costs in connection with patent applications. The Company capitalizes such costs to be amortized over the expected life of the patent to the extent that an economic benefit is anticipated from the resulting patent or alternative future use is available to the Company. The Company also capitalizes legal costs incurred in the defense of the Company’s patents when it is believed that the future economic benefit of the patent will be maintained or increased and a successful defense is probable. Capitalized patent defense costs are amortized over the remaining expected life of the related patent. The Company’s assessment of future economic benefit or a successful defense of its patents involves considerable management judgment, and an unfavorable outcome of litigation could result in a material impairment charge up to the carrying value of these assets.

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GE Trademark Licensing Agreement

The Company entered into a Trademark License Agreement with General Electric on June, 2011 (the “License Agreement”) allowing the Company to utilize the “GE trademark” on products which meet the stringent manufacturing and quality requirements of General Electric (the “GE Trademark License”). As described further in Note 5 to these financial statements, the Company and General Electric amended the License Agreement in August 2014. As a result of that amendment, the Company is required to pay a minimum trademark licensing fee (the “Royalty Obligation”) to General Electric of $12,000,000. The repayment schedule is based on a percent of sales, with any unpaid balance due in November 2018. Under SFAS 142 “Accounting for Certain Intangible Assets” the Company has recorded the value of the Licensing Agreement and will amortize it over the life of the License Agreement, which is 60 months.

Fair Value of Financial Instruments

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.

The following are the hierarchical levels of inputs to measure fair value:

•

Level 1 – Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.

•

Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•

Level 3 – Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain notes payable and notes payable – related party, approximate their fair values because of the short maturity of these instruments.

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under Level 3. See Note 8.

Embedded Conversion Features

The Company evaluates embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt with Conversion and Other Options” for consideration of any beneficial conversion features.

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.

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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.

Beneficial Conversion Feature

For conventional convertible debt where the rate of conversion is below market value, the Company records a “beneficial conversion feature” (“BCF”) and related debt discount.

When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument (offset to additional paid in capital) and amortized to interest expense over the life of the debt.

Debt Issue Costs and Debt Discount

The Company may record debt issue costs and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid in the form of cash, or equity (such as warrants). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.

Original Issue Discount

For certain convertible debt issued, the Company may provide the debt holder with an original issue discount. The original issue discount would be recorded to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.

Extinguishments of Liabilities

The Company accounts for extinguishments of liabilities in accordance with ASC 860-10 (formerly SFAS 140) “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities”. When the conditions are met for extinguishment accounting, the liabilities are derecognized and the gain or loss on the sale is recognized.

Stock Based Compensation – Employees

The Company accounts for its stock based compensation in which the Company obtains employee services in share based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.

If the Company is a newly formed corporation or shares of the Company are thinly traded, the use of share prices established in the Company’s most recent private placement memorandum (based on sales to third parties), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option pricing valuation model. The ranges of assumptions for inputs are as follows:

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•

Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding. Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees’ expected exercise and post vesting employment termination behavior into the fair value (or calculated value) of the instruments. Pursuant to paragraph 718-10-S99-1, it may be appropriate to use the simplified method, i.e., expected term = ((vesting term + original contractual term) / 2), if (i) A company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded; (ii) A company significantly changes the terms of its share option grants or the types of employees that receive share option grants such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term; or (iii) A company has or expects to have significant structural changes in its business such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

•

Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f) (2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index thati t has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market

•

Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.

•

Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments.

Generally, all forms of share based payments, including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on the awards’ grant date, based on estimated number of awards that are ultimately expected to vest.

The expense resulting from share based payments is recorded in general and administrative expense in the statements of operations.

Stock Based Compensation – Non Employees

Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services

The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”).

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Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum, or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows:

•

Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

•

Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f) (2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatilityc alculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

•

Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, non-forfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra equity by the grantor of the equity instruments.

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The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.

Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised.

Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded.

Revenue Recognition

The Company derives revenues from the sale of GE branded fans and lighting fixtures to large retailers through retail and online sales.

Revenue is recorded when all of the following have occurred: (1) persuasive evidence of an arrangement exists, (2) asset is transferred to the customer without further obligation, (3) the sales price to the customer is fixed or determinable, and (4) collectability is reasonably assured.

Cost of Sales

Cost of sales represents costs directly related to the production and third party manufacturing of the Company’s products.

Product sold is typically shipped directly to the customer from the third party manufacturer; costs associated with shipping and handling is shown as a component of cost of sales.

Earnings (Loss) Per Share

Basic net earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

The Company uses the “treasury stock” method to determine whether there is a dilutive effect of outstanding convertible debt, option and warrant contracts. For the three months ended March 31, 2016 and 2015, the Company reflected net loss and a dilutive net loss, and the effect of considering any common stock equivalents would have been anti-dilutive for the period. Therefore, separate computation of diluted earnings (loss) per share is not presented for the periods presented.

The Company has the following common stock equivalents at March 31, 2016 and December 31, 2015:

	March 31, 2016 (Unaudited)		December 31, 2015 (Audited)
Convertible Debt (Exercise price $0.25/share)		16,696,935		18,056,935
Stock Warrants (Exercise price $0.001 $0.375/share)		9,728,984		9,728,984
Stock Options (Exercise price $0.375- $1.80/share)		200,000		200,000
Total		26,625,919		27,985,919

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Related Parties

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

Pursuant to Section 850-10-20 the related parties include (a) Affiliates of the Company; (b) Entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; (c) Trusts for the benefit of employees, such as pension and profit sharing trusts that are managed by or under the trusteeship of management; (d) Principal owners of the Company; (e) Management of the Company; (f) Other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a). the nature of the relationship(s) involved; (b). a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c). the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d). amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

Contingencies

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, consolidated financial position, and consolidated results of operations or consolidated cash flows.

Subsequent Events

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements are issued.

Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

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Recently Issued Accounting Pronouncements

In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest—Imputation of Interest (Topic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-03. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, the Company will reclassify debt issuance costs from prepaid expenses and other current assets and other assets as a reduction to debt in the condensed consolidated balance sheets. The Company is not planning to early adopt ASU 2015-03 and does not anticipate that the adoption of ASU 2015-03will materially impact its condensed consolidated financial statements.

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 201511, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”), which applies guidance on the subsequent measurement of inventory. ASU 2015-11 states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The guidance excludes inventory measured using last-in, firstout or the retail inventory method. ASU 2015-11 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is not planning to early adopt ASU 2015-11 and is currently evaluating ASU 2015-11 to determine the potential impact to its condensed consolidated financial statements and related disclosures.

Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the Company’s financial position, results of operations or cash flows.

Note 3 Furniture and Equipment

Property and equipment consisted of the following at March 31, 2016 and December 31, 2015:

	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)

Office Equipment	$	144,931		$	136,611
Furniture and Fixtures		30,561			30,561
Total		175,492			167,172
Less: Accumulated Depreciation		(46,064	)		(39,651	)
Property and Equipment - net	$	129,428		$	127,521

Note 4 Intangible Assets

Intangible assets (patents) consisted of the following at March 31, 2016 and December 31, 2015:

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	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)

Patents	$	110,387		$	103,792
Less: Impairment Charges		—			—
Less: Accumulated Amortization		(22,395	)		(20,618	)
Patents - net	$	87,992		$	83,174

Amortization expense associated with patents amounted to $1,777 for the three months ended March 31, 2016 and $1,015 for the three months ended March 31, 2015.

At March 31, 2016, future amortization of intangible assets was as follows:

Year Ending December 31
2016	$	5,496
2017		7,359
2018		7,359
2019		7,359
2020		7,359
2021 and Thereafter		53,040
	$	87,992

Actual amortization expense in future periods could differ from these estimates as a result of future acquisitions, divestitures, impairments and other factors.

Note 5 GE Trademark License Agreement

The Company entered into an amended License Agreement with General Electric regarding the trademarking of its products. The License Agreement is amortized through its expiration in November 2018.

	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)
GE Trademark License	$	12,000,000		$	12,000,000
Less: Impairment Charges		—			—
Less: Accumulated Amortization		(5,484,950	)		(4,876,254	)
Patents – net	$	6,515,050		$	7,123,746

Amortization expense associated with the GE Trademark Licenses amounted to $608,896 and $602,006 for the three months ended March 31, 2016 and 2015, respectively.

At March 31, 2016, future amortization of intangible assets is as follows for the remaining:

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Note 6 Note Payable to Bank

At March 31, 2016 and December 31, 2015 the Company had a note payable to a bank in the amount of $274,672 and $301,744, respectively. The note, dated May 2007, is due in monthly payments of $10,000 and carries interest at 4.75%. The note is secured by the assets of the Company and personal guarantees by a shareholder and an officer of the Company, and is due August 2018.

Principal payments due under the terms of this note are as follows:

Note 7 Convertible Debt - Net

The Company has recorded derivative liabilities associated with convertible debt instruments, as more fully discussed at Note 8.

	Third Party			Related Party			Totals
Balance December 31, 2014	$	1,911,995		$	26,999		$	1,938,994
Add: Amortization of Debt Discount		2,077,955			23,001			2,100,956
Balance December 31, 2015		3,989,950			50,000			4,039,950
Add: Amortization of Debt Discount		276,952			—			276,952
Less Repayments		(340,000	)		—			(340,000	)
Balance March 31, 2016 (unaudited)		3,926,902			50,000			3,976,902
Less Current portion		(3,926,902	)		(50,000	)		(3,976,902	)
Long-Term Convertible Debt	$	—		$	—		$	—

In connection with the May 8, 2014 and June 25, 2014 closings of the Notes Offering (defined below), the Company issued 5,390,100 detachable warrants. The notes and warrants were treated as derivative liabilities.

On November 26, 2013, May 8, 2014 and June 25, 2014 the Company completed closings in connection with its offering (the “Notes Offering”) of its 12% Secured Convertible Promissory Notes (the “12% Notes”) in the aggregate principal amount of $4,240,100 and/or its 15% Secured Convertible Promissory Notes in the aggregate principal amount of $30,000 (the “15% Notes”, and together with the 12% Notes, each a “Note” and collectively, the “Notes”), as applicable, with certain “accredited investors” (the “Investors”), as defined under Regulation D, Rule 501 of the Securities Act. The entire aggregate principal amount of the Notes of $4,270,100 was outstanding as of December 31, 2015, such amount being exclusive of securities converted into the Notes separate from the Notes Offering. Pursuant to the Notes Offering, the Company received $1,752,803, $1,400,000 and $800,500 in net proceeds on November 26, 2013, May 8, 2014 and June 25, 2014, respectively.

In addition to the terms customarily included in such instruments, the Notes began accruing interest on the date that each Investor submitted the principal balance of such Investor’s Note, with the interest thereon becoming due and payable on the one year anniversary, and quarterly thereafter. Upon a default of the Notes, the interest rate will increase by 2% for each 30 day period until cured. The principal balance of each Note and all unpaid interest became or will become due and payable twenty-four (24) months after the date of issuance. The Notes may be prepaid with or without a penalty depending on the date of the prepayment. The principal and interest under the Notes are convertible into shares of the Company’s common stock at $0.25 per share and are secured by a first priority lien (subject only to an existing note with Signature Bank of Georgia on the Company’s intellectual property and all substitutes, replacements and proceeds of such intellectual property) pursuant to the terms of a Security Purchase Agreement, dated as of November 26, 2013, May 8, 2014 and June 25, 2014, as applicable, by and between the Company and each Investor.

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Pursuant to the Notes Offering, each Investor also received five (5) year common stock warrants to purchase the Company’s common stock at $0.375 per share (each a “Warrant” and collectively, the “Warrants”). Investors of the 12% Notes received Warrants with 25% coverage based on a pre-determined valuation of the Company. Investors of the 15% Notes received Warrants with 15% coverage based on the pre-determined valuation of the Company. Investors with a principal investment amount equal to or greater than $250,000 received Warrants with a bonus 40% coverage (“Bonus Coverage”); however, if an Investor previously invested $250,000 or more in the Notes Offering, such Investor received Bonus Coverage if such Investor subsequently invested $100,000 or more in the Notes Offering. In addition to the terms customarily included in such instruments, the Warrants may be exercised by the Investors by providing to the Company a notice of exercise, payment and surrender of the Warrant.

In connection with the Notes Offering, the Company entered into Registration Rights Agreements, each dated as of November 26, 2013, May 8, 2014 and June 25, 2014, and each by and between the Company and each of the Investors (collectively, the “Registration Rights Agreements”), whereby the Company agreed to prepare and file a registration statement with the SEC within sixty (60) days after execution of the applicable Registration Rights Agreement and to have the registration statement declared effective by the SEC within ninety (90) days thereafter.

Because the Company was unable to file a registration statement pursuant to the terms of each Registration Rights Agreements dated as of November 26, 2013 or May 8, 2014, the Company was in default under such Registration Rights Agreements (the “Filing Default Damages”). Pursuant to the Registration Rights Agreement, the Filing Default Damages mandate that the Company shall pay to the Investors, for each thirty (30) day period of such failure and until the filing date of the registration statement and/or the common stock may be sold pursuant to Rule 144, an amount in cash, as partial liquidated damages and not as a penalty, equal to 2% percent of the aggregate gross proceeds paid by the Investors for the Notes. If the Company fails to pay any partial liquidated damages in full within five (5) days of the date payable, which is the Note maturity date, the Company shall pay interest thereon at a rate of 18% per annum until such amounts, plus all such interest thereon, are paid in full.

Agreements (the “Effectiveness Default Damages”). Pursuant to the Registration Rights Agreement, the Effectiveness Default Damages mandated that the interest rate due under the Note corresponding to such Registration Rights Agreement will increase 2% above the then effective interest rate of such Note, and shall continue to increase by 2% every 30 days until a registration statement is declared effective. The Company’s registration statement covering its common stock, into which the Notes may be converted, was first filed on August 1, 2014, and was declared effective by the SEC on October 22, 2014. The Filing Default Damages stopped accruing on the date such registration statement was filed, and the Effectiveness Default Damages stopped accruing on the date it was declared effective.

On December 11, 2014, the Company sent a letter to the Investors holding Notes dated November 26, 2013 (the “2013 Investors”) concerning the first interest payment that was scheduled to be paid pursuant to the Notes dated November 26, 2013 on the one year anniversary of the date that each 2013 Investor submitted payment for their Note (the “First Interest Payments”). The Company invited the 2013 Investors to convert the First Interest Payments into shares of the Company’s common stock to further this purpose. The Company also asked each 2013 Investor to execute an Agreement and Waiver (the “Agreement and Waiver”), which granted the Company a grace period, deferring the Company’s obligation to make payment of the First Interest Payment and interest that was due under the Note through November 26, 2014 (the “Interest Due”) until February 24, 2015 (the “Extension”), during which time such deferment would not be considered an Event of Default under the 2013 Investor’s Note. In return for granting the Extension, the Company offered to capitalize the Interest Due at a rate of 12% (the “Additional Interest”), which was convertible into shares of the Company’s common stock at the conversion price of $0.25 per share as of February 24, 2014, unless the 2013 Investor requested to receive the Additional Interest in cash 15 days prior to the end of the Extension.

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On January 23, 2015, the Company sent a letter agreement to the Investors holding Notes dated November 26, 2013 and May 8, 2014, which constituted all Investors with Filing Default Damages or Effectiveness Default Damages due to them pursuant to the Registration Rights Agreements dated as of November 26, 2013 or May 8, 2014 (the “Agreement to Convert”). The Company invited the Investors, as applicable, to elect to convert the Interest Due and/or the Filing Default Damages and Effectiveness Default Damages into shares of the Company’s common stock at a price of $0.25 per share, and asked each Investor, as applicable, to make such election by acknowledging and returning the Agreement to Convert to the Company. In connection with the Agreement and Waiver and Agreement to Convert, the Company issued 1,718,585 shares of its common stock representing $429,646 in Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages during the year ended December 31, 2015. The total accrued unpaid Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages as of December 31, 2015 amounted to $410,633.

In February 2016, the Company issued an additional 624,606 shares of its common stock as payment for Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages, representing payment to Investors of $156,152. Through March 31, 2016, the Company has issued in total 2,343,191 shares of its common stock representing $585,798 in Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages in connection with the Agreement and Waiver and Agreement to Convert.

During 2015, five Investors requested that the Company withhold payments of interest due under their Notes and allow the interest to accumulate without penalty, so that such Investors could convert said interest upon maturity of their Note.

In November 2015, the Company invited the 2013 Investors, with respect to outstanding principal and interest due under their respective Notes, to (i) receive payment in cash, (ii) convert their Notes into shares of the Company’s common stock, or (iii) forbear an election for three months, or until February 26, 2016, pursuant to a forbearance agreement, during such time interest under their respective Notes would continue to accrue. In February 2016, the Company invited the November 2013 Investors to extend their forbearance period to make an election to convert or redeem their Notes for an additional three months, or until May 26, 2016, under the same terms as the first forbearance agreements. All but five of the November 2013 Investors elected to forbear for the additional period.

In February 2016, the Company issued 165,486 shares of its common stock upon full conversion of a Note by a 2013 Investor. In total, $229,998 was paid to Investors in February 2016 in cash or shares of common stock. Also in February 2016, the Company paid $250,000 in principal of Notes, plus unpaid interest.

(B) Terms of Debt

The debt carries interest between 12% and 15%, and was or is due in November 2015 (as extended to May 2016 pursuant to certain forbearance agreements), May 2016 and June 2016.

All Notes and Warrants issued in connection with the Notes Offering are convertible at $0.25 and $0.375/share, respectively, subject to the existence of a “ratchet feature”, which allows for a lower offering price if the Company offers shares to the public at a lower price.

(C) Future Commitments

At March 31, 2016, the Company has outstanding convertible debt of $3,926,902, which is payable within the next twelve months.

Note 8 Derivative Liabilities

The Company identified conversion features embedded within convertible debt and warrants issued in 2013 and 2014. The Company has determined that the features associated with the embedded conversion option, in the form a ratchet provision, 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.

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As a result of the application of ASC No. 815, the fair value of the ratchet feature related to convertible debt and warrants is summarized as follow:

The fair value at the commitment and re-measurement dates for the Company’s derivative liabilities were based upon the following management assumptions as March 31, 2016:

	March 31, 2016 Unaudited			December 31, 2015 (Audited)
Fair value at the commitment date - convertible debt	$	4,892,234		$	4,892,234
Fair value at the commitment date - warrants		677,214			677,214
Reclassification of derivative liabilities to additional paid in capital related to warrants exercised that ceased being a derivative liability		(404,382	)		(404,382	)
Extinguishment of Derivative Liability - Conversion of Interest to Shares		(209,604	)		(209,604	)
Fair value mark to market adjustment - stock options		105,624			108,548
Fair value mark to market adjustment - convertible debt		16,676,856			18,661,058
Fair value mark to market adjustment - warrants		423,032			432,770
Totals	$	22,160,974		$	24,157,838

	Commitment Date			Re-measurement Date
Expected dividends		0	%		0	%
Expected volatility		150	%		150	%
Expected term		2 5 years			0.00 – 3.24 years
Risk free interest rate		0.29% 1.68	%		0.21% 1.21%	%

Note 9 Debt Discount

The Company recorded the debt discount to the extent of the gross proceeds raised, and expensed immediately the remaining fair value of the derivative liability, as it exceeded the gross proceeds of the note.

Accumulated amortization of derivative discount amounted to $4,205,443 as of March 31, 2016 and $4,153,611 for the year ended December 31, 2015.

The Company recorded a change in the value of embedded derivative liabilities income/ (expense) of ($1,996,863) and $462,174 for the three ended March 31, 2016 and 2015, respectively.

Note 10 Debt Issue Costs

	March 31, 2016			December 31, 2015
	(Unaudited)			(Audited)
Debt Issuance Costs	$	316,797		$	316,797
Total		316,797			316,797
Less: Accumulated Amortization		(310,761	)		(302,192	)
Debt Issuance Costs- net	$	6,036		$	14,605

The Company recorded amortization expense of $8,569 and $38,612 for the three months ended March 31, 2016 and 2015, respectively.

Remaining in the following years ended December 31,
	2016			$	6,036

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Note 11 GE Royalty Obligation

In 2011, the Company executed a Trademark Licensing Agreement with General Electric, which allows the Company the right to market certain ceiling light and fan fixtures displaying the GE brand. The License Agreement imposes certain manufacturing and quality control conditions that the Company must maintain in order to continue to use the GE brand.

The License Agreement is non-transferable and cannot be sub-licensed. Various termination clauses are applicable, however, none were applicable as of March 31, 2016 and December 31, 2015.

In August 2014, the Company entered into a second amendment to the License Agreement pertaining to its royalty obligations. Under the terms of the amendment, the Company agreed to pay a total of $12,000,000 by November 2018 for the rights assigned in the original contract. In case the Company does not pay GE a total of at least $12,000,000 in cumulative royalties over the term of the License Agreement, the difference between $12,000,000 and the amount of royalties actually paid to GE is owed in December 2018.

Payments are due quarterly based upon the prior quarters’ sales. The Company made payments of $92,913 and $75,130, for the three months ended March 31, 2016 and 2015, respectively.

The License Agreement obligation will be paid from sales of GE branded product subject to the following repayment schedule:

The Company has limited operating history and does not have the ability to estimate the sales of GE branded product, the liability is classified as long-term. As sales are recognized, the Company will estimate the portion it expects to pay in the current year and classify as current.

Note 12 Stockholders Deficit

(A) Common Stock

For the three months ended March 31, 2016 and year ended December, 31 2015, the Company issued the following common stock:

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Transaction Type			Quantity		Valuation		Range of Value per Share
2015 Equity Transactions

Common stock issued per Waiver and Conversion Agreement	(1	)	$	1,718,585	$	429,646	$	0.25

Common stock issued per Employment Agreement of CEO	(2	)		750,000		173,688		0.25

Common stock issued per Stock Rights Offering	(3	)		3,782,666		2,210,032		0.60

Common stock issued per Stock Rights Offering	(4	)		500,000		500,000		1.00
December 31 2015			$	6,751,251	$	3,313,366	$	0.25-1.00
2016 Equity Transactions

Common Stock issued Board of Directors Compensation	(5	)		62,000		42,000		0.60-1.00

Common stock issued pursuant to the Notes or Agreements to Convert	(6	)		790,092		197,523		0.25

Common Stock offering	(7	)		300,000		300,000		1.00

March 31, 2016			$	1,152,092	$	539,523	$	0.25-1.00

The following is a more detailed description of the Company’s stock issuance from the table above:

(1)

Agreement and Waiver and Agreement to Convert

The Company issued 1,718,585 shares at $0.25 per share, representing $429,646 in penalties and interest, in connection with the Agreement and Waiver and the Agreement to Convert. For a complete description of the Agreement and Waiver and the Agreement to Convert, see Note 7 above.

(2)

Shares Issued to Chief Executive Officer

In November 2014, the Company entered into an Employment Agreement with its current Chief Executive Officer, which provided for stock based compensation equal to 750,000 of restricted shares, of which 250,000 shares vested in May 2015 and 500,000 shares vested in December 2015. These shares were issued at $0.25 per share and were issued subsequent to December 31, 2015.

(3)

Shares Issued in Connection with Stock Offering

In May 2015, the Company offered to existing shareholders a maximum of 6,666,667 shares of common stock at an issuance cost of $0.60 per share for a total of $4,000,000 (the “May Stock Offering”). The May Stock Offering concluded on November 15, 2015 the Company will issue 3,782,666 shares in connection with three closings.

(4)

Shares Issued in Connection with Stock Offering

In November 2015, the Company offered to new and existing shareholders a maximum of 2,000,000 shares of common stock at an issuance cost of $1.00 per share for a total of $2,000,000 (the “November Stock Offering”). On December 24, 2015, the Company closed subscriptions for 500,000 shares of common stock pursuant to the November Stock Offering, and on January 4, 2016, the stock certificates representing those shares were issued.

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(5)

Shares Issued in Board of Directors Compensation

The Company added a new Director in November 2015. The Company issued the Director 50,000 shares of Common Stock at $.60 per share as compensation in February 2016. In addition, this Director agreed to serve as the Company’s Audit Committee Chair, and received 12,000 shares of Common Stock at $1.00 per share as compensation for these additional responsibilities.

(6)

Shares Issued in Connection with the Notes or Agreements to Convert

In connection with the Agreement and Waiver and Agreement to Convert, in February 2016, the Company issued an additional 624,606 shares of its common stock as payment for Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages, representing payment to Investors of $156,152.

(7)

Shares Issued in Connection with Offering

On February 19, 2016, the Company completed a second closing of the November Stock Offering representing aggregate gross proceeds to the Company of $300,000, and thereafter issued 300,000 shares of its common stock.

(B) Stock Options

The following is a summary of the Company’s stock option activity:

			Weighted Average		Remaining Contractual Life		Intrinsic
	Options		Exercise Price		(In Years)		Value
Balance- December 31, 2014		200,000		0.375		3.67		—
Exercised		—		—		—		—
Granted		—		—		—		—
Forfeited/Cancelled		—		—		—		—
Balance- December 31, 2015		200,000		0.375		2.42		—
Exercised		—		—		—		—
Granted		1,150,000		0.835		1.30
Forfeited/Cancelled		—		—		—		—
Balance- March 31, 2016		1,350,000		0.835		1.30

During 2016 the Company issued 150,000 vested options at $0.60 to a member of the Board of Directors in connection with his appointment to the Board of Directors and to Chairman of its Audit Committee, which cannot be exercised until a majority of shareholders approve the Company’s 2015 Stock Incentive Plan.

During 2016, the Company issued 500,000 options to an employee, which cannot be exercised until a majority of shareholders approve the Company’s 2015 Stock Incentive Plan. The options vest as follows: 200,000 at $0.60 immediately, 150,000 options at $1.20 on November 15, 2016, and 150,000 options at $1.80 on November 15, 2017.

During 2016, the Company issued 500,000 options to an advisor, which cannot be exercised until a majority of shareholders approve the Company’s 2015 Stock Incentive Plan. The options vest as follows: 300,000 at $0.60 immediately and 200,000 options on November 15, 2016 at $0.60.

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(C) Stock Warrants

All warrants issued during the year ended December 31, 2014 were accounted for as derivative liabilities, as the warrants contained a ratchet feature. See Note 8. No warrants were issued subsequent to 2014.

As part of the Notes Offering, during 2014, the Company issued 5,390,100 warrants to purchase shares of the Company's common stock with an exercise price of $0.375 per share. The warrants expire 5 years from issuance on various dates during 2019. Of the total warrants to purchase shares of the Company's common stock granted, 4,740,100 were granted to third parties, while 650,000 were granted to related parties, consisting of the Company’s former Chief Executive Officer.

The Black-Scholes assumptions used in the computation of derivative expense for year ended December 31, 2015 is as follows:

Exercise price	$	0.375
Expected dividends		0	%
Expected volatility		150	%
Risk free interest rate		1.76	%
Expected term		5 years

The following is a summary of the Company’s warrant activity:

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Balance, December 31, 2014		9,728,984		0.375		3.9
Exercised		—		—		—
Cancelled/Forfeited		—		—		—
Balance, December 31, 2015		9,728,984		0.375		3.2
Exercised		—		—		—
Cancelled/Forfeited		—		—		—
Balance, March 31, 2016		9,728,984		0.375		2.7

(D) 2015 Stock Incentive Plan

On April 27, 2015, the Board approved the Company’s 2015 Stock Incentive Plan (the “Incentive Plan”). Under the Incentive Plan, the Board has the sole authority to implement, interpret, and/or administer the Incentive Plan unless the Board delegates (i) all or any portion of its authority to implement, interpret, and/or administer the Incentive Plan to a committee of the Board, or (ii) the authority to grant and administer awards under the Incentive Plan to an officer of the Company. The Incentive Plan relates to the issuance of up to 5,000,000 shares of the Company’s common stock, subject to adjustment, and shall be effective for ten (10) years, unless earlier terminated. Certain options to be granted to employees under the Incentive Plan are intended to qualify as Incentive Stock Options (“ISOs”) pursuant to Section 422 of the Internal Revenue Code of 1986, as amended, while other options granted under the Incentive Plan will be nonqualified options not intended to qualify as Incentive Stock Options ISOs (“Nonqualified Options”), either or both as provided in the agreements evidencing the options described.

The Incentive Plan further provides that awards granted under the Incentive Plan cannot be exercised until a majority of the Company’s shareholders have approved the Incentive Plan. As of March 31, 2016, a majority of the Company’s shareholders had not yet approved the Incentive Plan.

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The full terms of the Company’s Incentive Plan are described in Part II, Item 5 of the Company’s Annual Report on Form 10K for the period ended December 31, 2015.

Note 13 Commitments

(A) Operating Lease

In January 2014, the Company executed a 39 month lease for a corporate headquarters. The Company paid a security deposit of $27,020.

In October, 2014, the Company executed a 53 month lease for a new corporate headquarters with a base rent of $97,266 escalating annually through 2019. The Company paid a security deposit of $1,914.

In October, 2014, the Company entered into a sublease agreement to sublease its previous office space through March 2017. In connection with the sublease, the Company collected $34,981as a security deposit.

The minimum rent obligations are approximately as follows:

		Minimum		Sublease		Net
Year		Obligation		Rentals		Obligation
	2016	$	54,876	$	43,398		11,478
	2017		46,568		22,263		24,305
	2018		25,154		—		25,154
	2019		8,615		—		8,615

	Total	$	135,213	$	65,661	$	69,552

(B) Employment Agreement – Chief Executive Officer

In November 2014, the Company entered into an employment agreement with its new Chief Executive Officer. In addition to salary, the agreement provided for the issuance of 750,000 restricted shares to him, vesting as follows: 250,000 after the first 6 months of employment and 500,000 additional shares at December 31, 2015. Under terms of the agreement the executive would receive additional compensation in the form of stock options to purchase shares of Company stock equal to one half of one percent (0.5%) of quarterly net income. The strike price of the options will be established at the time of the grant. The options will vest in twelve months and expire after sixty months. In addition to the stock options compensation, the executive will receive cash compensation equal to one half of one percent (0.5%) of annual sales up to $20 million and one quarter of one percent (0.25%) for annual sales $20 million and 3% of annual net income. For the three months ended March 31, 2016 and 2015, the Executive earned $8,740 and $7,096, respectively, under this agreement. No stock or options have been issued.

(C) Consulting Agreement

The Company has a 3 year consulting agreement with a director which expires in November 2016, and carries an annual payment of $150,000 cash, stock or 5 year options equal to one half of one percent (0.5%) of the Company’s annual net sales. For the three months ended March 31, 2016 and 2015, the Executive earned $8,740 and $7,096, respectively, under this agreement. No stock or options have been issued.

(D) Advance from Related Party

A shareholder of the Company provided a 120 day non-interest bearing advance of $500,000 during the three months ended March 31, 2016. The amount was to be repaid through subsequent equity offerings.

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Note 14 Going Concern

As reflected in the accompanying financial statements, the Company had net income of $387,060 and net cash used in operations of $(1,053,901) for the three months ended March 31, 2016; and a working capital deficit and stockholders’ deficit of $(31,787,382) at March 31, 2016. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

The ability of the Company to continue its operations is dependent on management’s plans, which include the raising of capital through debt and/or equity markets with some additional funding from other traditional financing sources, including convertible debt and/or other term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur liabilities with certain related parties to sustain the Company’s existence.

The Company may require additional funding to finance the growth of its current and expected future operations as well as to achieve its strategic objectives. The Company’s currently available cash along with anticipated revenues may not be sufficient to meet its cash needs for the near future. There can be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Note 15 Subsequent Events

On November 15, 2015, the Board authorized the Company to grant certain securities under the Incentive Plan, in the aggregate amount of up to 3,810,000 options to purchase shares of our common stock, vesting in part immediately and entirely over the next two years, and up to 75,000 shares of our common stock, vesting immediately. As of May 12, 2016, the Company has entered into option award agreements with three grantees, consisting of up to 1,150,000 options to purchase shares of our common stock, of which options to purchase up to 650,000 shares of common stock vest immediately, options to purchase up to 350,000 shares of common stock will vest on November 15, 2016 and options to purchase up to 150,000 shares of common stock will vest on November 15, 2017. Also as of May 12, 2016, the Company has entered into a stock award agreements to issue 25,000 shares of its common stock, vesting immediately, which remains outstanding. The exercise of such awards is contingent upon attainment of majority shareholder approval of the Incentive Plan.

On April 4, 2016, the Company entered into a securities subscription agreement with an accredited investor, pursuant to which the Company sold 2,000,000 shares of our common stock at a purchase price of $2.50 per share, along with a one-year common stock purchase warrant to purchase up to 1,666,667 shares of our common stock at an exercise price of $3.00 per share, resulting in aggregate gross proceeds to the Company of $5,000,000.

On May 10, 2016, the Company entered into a securities subscription agreement with an accredited investor, pursuant to which the Company sold 675,000 shares of its common stock at a purchase price of $2.60 per share, a three year warrant to purchase up to 1,350,000 shares of our common stock at an exercise price ranging between $3.00 and $3.50 per share (depending on the date of exercise), and a right to subsequently receive “volume warrants” to purchase up to 1,350,000 shares of its common stock at $3.00 per share the, which will become issuable upon (a) the Company meeting specified thresholds based on the Company generating earnings before interest, taxes, depreciation and amortization (EBITDA) ranging from $26.9 million to $76.9 million in a fiscal year during the warrant term, (b) completion of a private placement of a minimum of $15,000,000 at pre-money valuation thresholds ranging from $350,000,000 to $1,000,000,000, or (c) the sale of at least fifty percent (50%) of its assets at pre-money valuation thresholds ranging from $350,000,000 to $1,000,000,000.

In May 2016, the Company paid $500,000 in principal of Notes, plus unpaid interest.

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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 financial statements and related notes contained in Part I, Item 1 of this report.

Forward-Looking Statements

The information set forth in this Quarterly Report contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among others (i) expected changes in Safety Quick Lighting & Fans Corp.’s revenues and profitability, (ii) prospective business opportunities and (iii) our strategy for financing its business. Forward-looking statements are statements other than historical information or statements of current condition. Some forward-looking statements may be identified by use of terms such as “believes”, “anticipates”, “intends” or “expects”. These forward-looking statements relate to our plans, objectives and expectations for future operations. Although we believe that our expectations with respect to the forward-looking statements are based upon reasonable assumptions within the bounds of our knowledge of our business and operations, in light of the risks and uncertainties inherent in all future projections, the inclusion of forward-looking statements in this Quarterly Report should not be regarded as a representation by us or any other person that our objectives or plans will be achieved. Our revenues and results of operations could differ materially from those projected in the forward-looking statements as a result of numerous factors, including, but not limited to, the following: the risk of significant natural disaster, the inability of the Company to insure against certain risks, inflationary and deflationary conditions and cycles, currency exchange rates, and changing government regulations domestically and internationally affecting our products and businesses.

We assume no obligation to update these forward-looking statements to reflect actual results or changes in factors or assumptions affecting forward-looking statements. You should read the following discussion and analysis in conjunction with the Financial Statements and Notes attached hereto, and the other financial data appearing elsewhere in this Quarterly Report.

US Dollars are denoted herein by “USD”, “$” and “dollars”.

Overview

We are a company engaged in the business of developing proprietary technology that enables a quick and safe installation of electrical fixtures, such as light fixtures and ceiling fans, by the use of a weight bearing power plug installed in ceiling and wall electrical junction boxes. Our patented technology consists of a fixable socket and a revolving plug for conducting electric power and supporting an electrical appliance attached to a wall or ceiling. The socket is comprised of a nonconductive body that houses conductive rings connectable to an electric power supply through terminals in its side exterior. The plug, also comprised of a nonconductive body that houses corresponding conductive rings, attaches to the socket via a male post and is capable of feeding electric power to an appliance. The plug also includes a second structural element allowing it to revolve with a releasable latching which, when engaged, provides a retention force between the socket and the plug to prevent disengagement. The socket and plug can be detached by releasing the latch, disengaging the electric power from the plug. The socket is designed to replace the support bar incorporated in electric junction boxes, and the plug can be installed in light fixtures, ceiling fans and wall sconce fixtures. The combined socket and plug technology is referred to as the “SQL Technology” throughout this prospectus.

We currently manufacture and sell ceiling fans and lighting fixtures branded with the General Electric Corporation (“General Electric” or “GE”) logo and manufactured under GE’s strict guidance, pursuant to a trademark license agreement between us and General Electric (the “License Agreement”). Our ceiling fans and lighting fixtures offer unique designs, and are manufactured with and without the SQL Technology.

Also in furtherance of our business model, the Company has actively developed trade distribution channels with key retailers, undergone a corporate restructuring, established and obtained authorizations for our third party manufacturers to produce the SQL Technology, and raised the necessary capital resources to fully implement our business model.

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Results of Operations – For the Three Months Ended March 31, 2016 Compared to the Three Months Ended March 31, 2015

	For the three months ended
	March 31, 2016			March 31, 2015			$ Change			% Change
Revenue	$	1,748,061		$	1,419,217		$	328,844			23.2	%

Cost of sales		(1,564,045	)		(1,239,728	)		(324,317	)		26.2	%

Gross income		184,016			179,489			4,527			2.5	%

General and administrative expenses		(1,427,779	)		(1,247,373	)		180,406			14.5	%

Loss from Operations		(1,243,763	)		(1,067,884	)		(175,879	)		16.5	%

Other Income / (Expense)		1,630,823			(286,348	)		1,917,171			640.2	%

Net Income (Loss)	$	387,060		$	(1,354,232	)	$	1,741,292			n/a

Net loss per share - basic and diluted		0.01			(0.14	)		0.15			n/a

Revenue

We had recorded revenue of $1,748,061 for the three month period ended March 31, 2016, as compared to revenue of $1,419,217 for the three month period ended March 31, 2015. The increase in revenue is attributable to reorders from existing customers and orders from a new customer.

Cost of Sales

We had a cost of sales of $1,564,045 for the three month period ended March 31, 2016, as compared to costs of sales of $1,239,728 for the three month period ended March 31, 2015. The $324,317 increase is attributable to increased sales activity.

Gross Profit

We had gross profit of $184,016 or 10.5% of sales for the three month period ended March 31, 2016, as compared to gross profit of $179,489 or 12.6% of sales for the three month period ended March 31, 2015. The gross profit reflects the completion of initial orders received from customers for which gross margin tends to be lower than targeted due to the costs associated with gaining acceptance as a new vendor. The Company expects gross margins on follow-on orders to improve towards market levels.

General and Administrative Expenses

General and administrative expense increased $180,406 to $1,427,779 for the threemonth period ended March 31, 2016, from $1,247,373 for the threemonth period ended March 31, 2015.

The increases in the general and administrative expenses were due to the following significant items:

•

$52,700 increase in China operations associated with product quality and inspection.

•

$50,800 increase in warehousing, freight, inspection costs associated with increased store and internet sales activity.

•

$50,100 increase in legal and SEC fees associated with being a public company and managing debt activity.

•

$30,900 increase in commissions associated with increased sales.

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•

$32,200 increase in telecommunications and web development expense.

•

$20,800 increase in payroll and benefits associated with additional staff.

These items were partially offset by decreases in the following expenses:

•

$63,100 decrease in consulting expenses.

•

$22,200 decrease in marketing expenses.

Income (Loss) from Operations

Income (Loss) from operations represents the change in general and administrative expenses offset by the gross profit on sales for the periods presented.

Other Income (Expense)

Total other income (expenses) increased $1,917,171 to $1,630,823 for the three-month period ended March 31, 2016, from $(286,348) for the three-month period ended March 31, 2015. The change is associated with a $1,534,689 non-cash income increase in non-cash derivatives income associated with an increase in the value of the Company’s common stock and a $382,500 decrease in interest expense.

Net Income (Loss) and Net Income (Loss) per Share

The Company’s net income (loss) and net income (loss) per share for the three-month period ended March 31, 2016 was $387,060 and $0.01 per share, respectively, as compared to the three-month period ended March 31, 2015, where net loss was approximately ($1,354,232) and ($0.14) per share, respectively.

Interest Expense

The following table details the Company’s interest expense components:

	For the three months ended March 31
	2016		2015

Interest accrued on Notes outstanding.	$	131,256	$	169,190
Interest on SBA loan with Signature Bank		2,927		4,318
TOTAL INTEREST EXPENSE – Notes Payable		134,183		173,508
Amortization of Debt Issue Cost		8,569		38,612
Amortization of Debt Discount		223,288		536,402
	$	366,040	$	748,522

Liquidity and Capital Resources

To date, the Company has not generated sufficient revenue to cover its operating costs and continues to operate with negative cash flow, which may require it to seek additional capital to maintain current operations. In addition, if sufficient sales growth is achieved, the Company may be required to enter into financing arrangements to fund its working capital needs. The Company currently has no such financing commitments in place.

For the three months ended March 31, 2016, cash flows used ($1,053,901) for operations as compared with ($1,423,976) used for the same period in 2015. The Company’s used cash from operations was due to the $387,060 operating income, $760,513 increase in accounts receivable, $116,298 increase in royalty obligations payable pursuant to the License Agreement. These amounts were offset by a decrease of $1,996,863 in non-cash derivative expense, $608,696 increase in amortization of the License Agreement, and a $276,951 increase in the amortization of debt discount.

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For the three months ended March 31, 2016, cash flows used ($14,915) for investing activities as compared with ($7,446) used for the same period in 2014. The difference was due to the purchase of fixed assets and securing patents.

For the three months ended March 31, 2016, cash flows provided $630,450 from financing activities as compared to $375,629 for the same period in 2015. The Company received proceeds of $300,000 from the issuance of shares of common stock, $500,000 advance from a related party, and $197,523 in issuance of stock in lieu of principal and interest due under certain convertible promissory notes of the Company, which was offset by $367,073 in principal repayments of certain convertible promissory notes of the Company.

As a result of the above operating, investing and financing activities, the Company used ($438,366) in cash equivalents for the three months ended March 31, 2016, as compared with ($1,056,793) used in the same period in 2015.

The Company had a working capital deficit of $26,858,669 as of March 31, 2016, as compared to $28,174,512 as of December 31, 2015. The change is primarily attributable to an increase in accrued expenses and advance by the related party.

As of March 31, 2016, the Company had $122,844 in inventory to support ecommerce activity on Internet sales platforms of the Company’s customers. The inventory is located with a third party logistics firm.

A majority of the Company’s sales do not require the Company to take delivery of inventory. Production of the SQL Technology and fixtures will be originated upon receipt of FOB (free on board) purchase contracts from customers. Upon the completion of each purchase contract, the finished products will be transported from the manufacturer directly to the ports and loaded on vessels secured by the customer, upon which the products become the property of the customer.

The Company’s cash balance as of March 31, 2016 was $12,502. In light of the Company’s projected working capital needs, it may need to seek additional capital, which may dilute existing shareholders. There is no guarantee that the Company will be successful in raising additional capital or be successful in the execution of its plans.

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 Part I, Item 1.

Estimates

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Recently issued Accounting Pronouncements

In April 2015, the FASB issued Accounting Standards Update No. 201503, Interest—Imputation of Interest (Topic 83530): Simplifying the Presentation of Debt Issuance Costs (“ASU 201503”). ASU 201503 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by ASU 201503. ASU 201503 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, the Company will reclassify debt issuance costs from prepaid expenses and other current assets and other assets as a reduction to debt in the condensed consolidated balance sheets. The Company is not planning to early adopt ASU 201503 and does not anticipate that the adoption of ASU 201503will materially impact its condensed consolidated financial statements.

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 201511, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 201511”), which applies guidance on the subsequent measurement of inventory. ASU 201511 states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The guidance excludes inventory measured using last in, first out or the retail inventory method. ASU 201511 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is not planning to early adopt ASU 201511 and is currently evaluating ASU 201511 to determine the potential impact to its condensed consolidated financial statements and related disclosures.

Accounts Receivable and Allowance for Doubtful Accounts

The Company recognizes an allowance for losses on accounts receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current receivables aging, and expected future write-offs, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible.

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Inventory

Inventory consist of finished goods purchased, which are valued at the lower of cost or market value, with cost being determined on the first-in, first-out method. The Company periodically reviews historical sales activity to determine potentially obsolete items and also evaluates the impact of any anticipated changes in future demand.

Valuation of Long-Lived Assets and Identifiable Intangible Assets

Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation and is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations.

Intangible Asset - Patent

Fair Value of Financial Instruments

The following are the hierarchical levels of inputs to measure fair value:

•

Level 1 – Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.

•

Level 2 – Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•

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The Company accounts for its derivative liabilities, at fair value, on a recurring basis under Level 3.

Embedded Conversion Features

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.

Stock-Based Compensation - Employees

The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows:

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•

Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding. Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior into the fair value (or calculated value) of the instruments. Pursuant to paragraph 718-10-S99-1, it may be appropriate to use the simplified method, i.e., expected term = ((vesting term + original contractual term) / 2), if (i) A company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded; (ii) A company significantly changes the terms of its share option grants or the types of employees that receive share option grants such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term; or (iii) A company has or expects to have significant structural changes in its business such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

•

Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

•

Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.

•

Generally, all forms of share-based payments, including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on the awards’ grant date, based on estimated number of awards that are ultimately expected to vest.

The expense resulting from share-based payments is recorded in general and administrative expense in the statements of operations.

Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services

Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

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The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows:

•

Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.

•

Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra-equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, non-forfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra-equity by the grantor of the equity instruments. The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset.

This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.

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Income Tax Provision

From the inception of the Company and through November 6, 2012, the Company was taxed as a pass-through entity (a limited liability company) under the Internal Revenue Code and was not subject to federal and state income taxes; accordingly, no provision had been made.

The financial statements reflect the Company’s transactions without adjustment, if any, required for income tax purposes for the period from November 7, 2012 to December 31, 2012. The net loss generated by the Company for the period January 1, 2012 to November 6, 2012 has been excluded from the computation of income taxes.

The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which 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 Consolidated Statements of Operations in the period that includes the enactment date.

The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty (50) percent likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.

The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary.

Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

The Company’s tax returns are subject to examination by the federal and state tax authorities for the years ended 2012 through 2015.

Uncertain Tax Positions

The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the reporting periods ended December 31, 2015, 2014 and 2013.

Related Parties

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

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Pursuant to Section 850-10-20 the related parties include (i) affiliates of the Company; (ii) Entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; (iii) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (iv) principal owners of the Company; (v) management of the Company; (vi) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (vii) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (i) the nature of the relationship(s) involved; (ii) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (iii) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (iv) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

Item 3. Quantitative & Qualitative Disclosures about Market Risks

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of March 31, 2016 (the “Evaluation Date”), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, who is also serving as our Principal Financial Officer and Principal Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon this evaluation, our Chief Executive Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the Securities and Exchange Commission’s (the “SEC’s”) rules and forms and that our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management including our Chief Executive Officer, as appropriate to allow timely decisions regarding required disclosure.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that the Company’s disclosure controls and procedures will detect or uncover every situation involving the failure of persons within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

Changes In Internal Controls over Financial Reporting

No changes were made in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during our most recent fiscal quarter that has materially affected, or is 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 currently a party to any 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

On January 25, 2016, the Company issued 62,000 shares of common stock pursuant to the Company’s Director Compensation Policy to a member of the Company’s Board of Directors (the “Board”) in connection with his appointment to the Board and his appointment as the Chairman of Board’s Audit Committee. Between January 1, 2016 and March 31, 2016, the Company entered into award agreements concerning 25,000 shares of common stock and up to 1,150,000 shares issuable upon exercise of options issued pursuant to the Company’s 2016 Stock Incentive Plan. The awards are not exercisable in the hands of the grantees until the approval of the Company’s 2016 Stock Incentive Plan by a majority of Company’s shareholders is effective.

Beginning in November 2015, we conducted an offering of up to $2,000,000 of restricted shares of the Company’s common stock, no par value per share (the “November 2015 Offering Shares”), at $1.00 per share to certain accredited and non-accredited investors (the “November 2015 Stock Offering”). Upon each closing of the November 2015 Stock Offering, the Company entered into a securities subscription agreement and registration rights agreement with each investor. The Company completed two closings of the November 2015 Stock Offering, as follows: (i) on December 24, 2015, the Company closed on aggregate gross proceeds to the Company of $500,000 and thereafter issued 500,000 shares of its common stock on January 4, 2016; and (ii) on February 19, 2016, the Company closed on aggregate gross proceeds to the Company of $300,000, and thereafter issued 300,000 shares of its common stock on February 22, 2016. The November 2015 Stock Offering ended on February 19, 2016, resulting in aggregate gross proceeds to the Company of $800,000.

On January 11, 2016, the Company filed a registration statement on form S-1 (the “2016 Registration Statement”) covering 4,282,666 shares of its common stock, representing all shares sold in three closings of an offering completed by the Company during 2015, and shares issued pursuant to the November 2015 Stock Offering on January 4, 2016. The 2016 Registration Statement was declared effective by the SEC on January 20, 2016.

Information concerning the use of proceeds from November 2015 Stock Offering can be found in the subsection titled “Liquidity and Capital Resources” found in Part I, Item 2 above, which is incorporated by reference into this Part II, Item 4.

Item 3. Defaults upon Senior Securities

None.

Item 5. Other Information

In November 2015, the Company invited the holders (the “November 2013 Noteholders”) of the Company’s Secured Convertible Promissory Notes issued November 26, 2013 (the “Notes”), with respect to outstanding principal and interest due under their respective Notes, to (i) receive payment in cash, (ii) convert their Notes into shares of the Company’s common stock, or (iii) forbear an election for three (3) months, or until February 26, 2016, pursuant to a forbearance agreement, during such time interest under their respective Notes would continue to accrue (the “First Forbearance”). In February 2016, the Company invited the November 2013 Investors to extend their forbearance period to make an election to convert or redeem their Notes for an additional three months, or until May 26, 2016, under the same terms as the First Forbearance (the “Second Forbearance”). All but five of the November 2013 Investors elected the Second Forbearance for the additional period.

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On April 4, 2016, the Company entered into a securities subscription agreement with an accredited investor, as defined under Regulation D, Rule 501 of the Securities Act of 1933, as amended (“Securities Act”), pursuant to which the Company sold 2,000,000 shares of its common stock at a purchase price of $2.50 per share (the “April 2016 Private Placement”). We also issued to the investor a one-year common stock purchase warrant to purchase up to 1,666,667 shares of our common stock at an exercise price of $3.00 per share. The April 2016 Private Placement resulted in aggregate gross proceeds to the Company of $5,000,000.

The following information is being reported in Item 5 of this Quarterly Report on Form 10-Q, in satisfaction of Item 1.01 and Item 3.02 of a Current Report on Form 8-K, concerning entry into a material definitive agreement and an unregistered sale of equity securities, respectively.

On May 10, 2016, the Company entered into a Securities Subscription Agreement (the “Subscription Agreement”) with an accredited investor (the “Investor”), as defined under Regulation D, Rule 501 of the Securities Act, pursuant to which the Company sold (i) 675,000 shares of its common stock at a purchase price of USD $2.60 per share (the “Shares”), (ii) a three year Common Stock Purchase Warrant to purchase up to 1,350,000 shares of our common stock at an exercise price ranging between USD $3.00 and USD $3.50 per share (depending on the date of exercise) (the “Warrant”), and (iii) a right to subsequently receive warrants to purchase up to 1,350,000 shares of our common stock at USD $3.00 per share the ("Volume Warrants"), which will become issuable upon (a) the Company meeting specified thresholds based on the Company generating earnings before interest, taxes, depreciation and amortization (EBITDA) ranging from $26.9 million to $76.9 million in a fiscal year during the warrant term, (b) completion of a private placement of a minimum of $15,000,000 at pre-money valuation thresholds ranging from $350,000,000 to $1,000,000,000, or (c) the sale of at least fifty percent (50%) of its assets at pre-money valuation thresholds ranging from $350,000,000 to $1,000,000,000. Each such Volume Warrant payment upon the achievement of specified thresholds will be a one-time payment.

On May 10, 2016, we closed on the Subscription Agreement and issued the Warrant, upon the Company’s receipt of net aggregate proceeds of USD $1,755,000, and could receive up to an amount between USD $4,050,000 and USD $4,725,000 in gross proceeds upon exercise of the Warrant, depending on the timing of such exercise. The Company could receive additional proceeds of up to USD $4,050,000, if all the Volume Warrants are subsequently issued pursuant to the terms of the Subscription Agreement and fully exercised by the holder thereof. The Company did not utilize the services of, or pay any commissions to, a broker-dealer or third party in connection with the transaction.

The foregoing descriptions of the Subscription Agreement, the Warrant and the Volume Warrants do not purport to be complete and are qualified in their entirety by reference to the full text of the forms of Subscription Agreement and Warrant filed as Exhibit 10.4 to this Quarterly Report, and incorporated herein by reference. The representations, warranties and covenants contained in the Subscription Agreement were made solely for the benefit of the parties to the agreement and may be subject to limitations agreed upon by the contracting parties. Accordingly, the Subscription Agreement is incorporated herein by reference only to provide investors with information regarding its terms and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company’s periodic reports and other SEC filings.

The Company is providing this information in accordance with Rule 135c under the Securities Act of 1933, as amended (the “Securities Act”), and the notice contained herein does not constitute an offer to sell the Company’s securities, and is not a solicitation for an offer to purchase the Company’s securities. The Company has sold the Shares, the Warrant and the right to receive Volume Warrants in a private placement in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder since, among other things, the above transaction did not involve a public offering. Additionally, the Company relied on similar exemptions under applicable state laws. The investor in the sale had access to information about the Company and its investments, took the Shares, the Warrant and the right to receive Volume Warrants for investment and not resale, and the Company took appropriate measures to restrict the transfer of the Shares, the Warrant and the Volume Warrants (if issued). Upon issuance, the resale of the Shares, the Warrant and the Volume Warrants (if issued) will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Item 6. Exhibits

(b) Exhibit Index

No.	Description of Exhibit
10.1	Forms of Subscription Agreements and Registration Rights Agreement utilized in the November 2015 Stock Offering. (1)
10.2	Form of Securities Subscription Agreement and Common Stock Purchase Warrant used in the April 2016 Stock Sale. (2)
10.3	Form of February 2016 Forbearance Agreement. (1)
10.4	Form of Securities Subscription Agreement, including the terms to issue Volume Warrants, and form of Common Stock Purchase Warrant used in the May 2016 Private Placement. (3)
31.1	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	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	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	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	The following materials from the Company’s Quarterly Report on Form 10-K for the three months ended March 31, 2016 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Stockholders’ Equity (Deficit), (iv) the Statements of Cash Flows, and (iv) the Notes to the Financial Statements.

(1)

Incorporated by reference to the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2016.

(2)

Incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on April 7, 2016.

(3)

Filed herewith.

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SIGNATURES

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

SAFETY QUICK LIGHTING & FANS CORP.

By: /s/ John P. Campi

John P. Campi

Chief Executive Officer

(Principal Executive Officer)

(Principal Accounting Officer)

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EX-10.1 2 sfql051616ex10_1.htm

SECURITIES SUBSCRIPTION AGREEMENT

As of May 10, 2016

Safety Quick Lighting & Fans Corp.

4400 North Point Parkway, Suite 154

Alpharetta, GA 30022

Investors:

1.1. Subscription; Payment.

(a) The undersigned subscriber (the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase from Safety Quick Lighting & Fans Corp., a Florida corporation (the “Company”), (i) shares of the Company’s common stock, no par value per share (“Common Stock”), at USD $2.60 per share in the number and principal amount set forth on the signature page hereto, (ii) three-year warrants to purchase shares of Common Stock at an exercise price of USD $3.00 to $3.50 per share, depending on the date of exercise, and (iii) the right to obtain Volume Warrants (as defined below), upon the terms and conditions set forth in Section 5 hereto (collectively, the “Securities”), pursuant to the terms set forth in the Confidential Term Sheet attached as Exhibit A hereto and this Securities Subscription Agreement (this “Transaction”). This Securities Subscription Agreement, which incorporates by reference all exhibits and schedules attached to the Investor Package issued in connection with the Investor Package dated May 2016, shall be hereinafter referred to as the “Subscription Agreement”; together with such exhibits and schedules attached hereto, the “Sale Documents”. Any capitalized term not defined herein shall have the meaning of such term as has been set forth in the Sale Documents. The minimum investment per Subscriber shall be $25,000, which may be waived by the Company in its sole discretion. All amounts in this Subscription Agreement are expressed in US Dollars.

This subscription for the Securities is based upon the information provided in the Sale Documents and upon the Subscriber’s own investigation as to the merits and risks of this investment. The Subscriber shall deliver herewith duly executed copies of the signature pages to this Subscription Agreement and the Accredited Investor Questionnaire & Form W-9 (the “Investor Questionnaire”) provided by the Company to the Subscriber.

It is currently anticipated that the closing of the Transaction will take place on or around May 10, 2016 (the “Closing” and the date upon which a Closing occurs, the “Closing Date”), unless otherwise extended or modified by the Company in its sole discretion.

(b) Subject to the terms and conditions hereinafter set forth, the Subscriber hereby subscribes for and agrees to purchase from the Company the number of shares of Common Stock set forth on the signature page hereto (the “Shares”), at a purchase price of Two and Six Tenths US Dollars (USD $2.60) per share of Common Stock (the “Purchase Price”). When this Subscription Agreement is accepted and executed by the Company, the Company agrees to issue the Shares to the Subscriber. The Purchase Price is payable by wire transfer to Citibank, New York, NY for Safety Quick Lighting & Fans Corp. for pursuant to the following wire instructions.

WIRING INSTRUCTIONS

[REDACTED]

Provided that (i) the Subscriber has satisfied all conditions set forth herein and (ii) the Company has accepted and executed this Subscription Agreement, the Shares purchased by the Subscriber will be delivered to the Subscriber by the Company promptly following the Closing Date. In the event that a Closing does not occur, Subscriber’s funds will be returned by the Company to the Subscriber.

2. Subscriber Representations, Warranties and Agreements. The Subscriber hereby acknowledges, represents and warrants as follows (with the understanding that the Company will rely on such representations and warranties in determining, among other matters, the suitability of this investment for the Subscriber in order to comply with federal and state securities laws):

(a) In connection with this subscription, the Subscriber has read this Subscription Agreement. The Subscriber acknowledges that this Subscription Agreement is not intended to set forth all of the information which might be deemed pertinent by an investor who is considering an investment in the Securities. It is the responsibility of the Subscriber (i) to determine what additional information he desires to obtain in evaluating this investment, and (ii) to obtain such information from the Company.

(b) This Transaction is limited to persons who are “accredited investors,” as that term is defined in RULE 501 OF Regulation D under the 1933, as amended (the “Act”), and who have the financial means and the business, financial and investment experience and acumen to conduct an investigation as to, and to evaluate, the merits and risks of this investment. The Subscriber hereby represents that he has read, is familiar with and understands Rule 501 of Regulation D under the Act. The Subscriber is an “accredited investor” as defined in Rule 501(a) of Regulation D UNDER THE ACT.

(c) The Subscriber has had full access to all the information which the Subscriber (or the Subscriber’s advisor(s)) considers necessary or appropriate to make an informed decision with respect to the Subscriber’s investment in the Securities. The Subscriber acknowledges that the Company has made available to the Subscriber and the Subscriber’s advisors the opportunity to examine and copy any contract, matter or information which the Subscriber considers relevant or appropriate in connection with this investment and to ask questions and receive answers relating to any such matters including, without limitation, the financial condition, management, employees, business, obligation, corporate books and records, budgets, business plans of and other matters relevant to the Company. To the extent the Subscriber has not sought information regarding any particular matter, the Subscriber represents that he or she had and has no interest in doing so and that such matters are not material to the Subscriber in connection with this investment. The Subscriber has accepted the responsibility for conducting the Subscriber’s own investigation and obtaining for itself such information as to the foregoing and all other subjects as the Subscriber deems relevant or appropriate in connection with this investment. The Subscriber is not relying on any representation or warranty other than that contained herein. The Subscriber acknowledges that no representation regarding projected revenues or a projected rate of return has been made to it by any party.

(d) The Subscriber understands that this Transaction has not been registered under the Act, in reliance on an exemption for private offerings provided pursuant to Section 4(2) of the Act and that, as a result, the Securities will be “restricted securities” as that term is defined in Rule 144 under the Act and, accordingly, under Rule 144 as currently in effect, that the Securities must be held for at least one (1) year after the investment has been made (or indefinitely if the Subscriber is deemed an “affiliate”within the meaning of such rule) unless the Securities are subsequently registered under the Act and qualified under any other applicable securities law or exemptions from such registration. The Subscriber further understands that this Transaction has not been qualified or registered under any foreign or state securities laws in reliance upon the representations made and information furnished by the Subscriber herein and any other documents delivered by the Subscriber in connection with this Subscription Agreement; that this Transaction has not been reviewed by the U.S. Securities and Exchange Commission or by any foreign or state securities authorities; that the Subscriber’s rights to transfer the Securities will be restricted, which includes restrictions against transfers unless the transfer is not in violation of the Act and applicable state securities laws (including investor suitability standards); and that the Company may in its sole discretion require the Subscriber to provide at Subscriber’s own expense an opinion of its counsel to the effect that any proposed transfer is not in violation of the Act or any state securities laws.

(e) The Subscriber is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the 1933 Act. The Subscriber has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the purchase of the Common Stock. The Subscriber is not registered as a broker or dealer under Section 15(a) of the Securities Exchange Act of 1934, as amended, affiliated with any broker or dealer registered under Section 15(a) of the Securities Exchange Act of 1934, as amended, or a member of the Financial Industry Regulatory Authority.

(f) This Subscription Agreement and the Sale Documents have been duly and validly authorized, executed and delivered on behalf of the Subscriber and is a valid and binding agreement of the Subscriber enforceable against the Subscriber in accordance with their terms, subject as to enforceability to general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. The Subscriber has the requisite corporate power and authority to enter into and perform its obligations under this Subscription Agreement and the Sale Documents, and each other agreement entered into by the parties hereto, in connection with the transactions contemplated by this Subscription Agreement.

(g) The execution, delivery and performance of this Subscription Agreement and the Sale Documents by the Subscriber and the consummation by the Subscriber of the transactions contemplated hereby and thereby will not (i) result in a violation of the certificate of incorporation, by-laws or other documents of organization of the Subscriber, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Subscriber is bound, or (iii) result in a violation of any law, rule, regulation or decree applicable to the Subscriber.

(h) The Subscriber understands that the Securities are being offered and sold in reliance on a transactional exemption from the registration requirements of federal and state securities laws and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Subscriber set forth herein in order to determine the applicability of such exemptions and the suitability of the Subscriber to acquire the Securities.

(i) The Subscriber acknowledges that there will be no market for the Securities and that the Subscriber may not be able to sell or dispose of them; the Subscriber has liquid assets sufficient to assure that the purchase price of the Securities will cause no undue financial difficulties and that, after purchasing the Securities the Subscriber will be able to provide for any foreseeable current needs and possible personal contingencies; the Subscriber is able to bear the risk of illiquidity and the risk of a complete loss of this investment.

(j) The information in any documents delivered by the Subscriber in connection with this subscription, including, but not limited to the Investor Questionnaire, is true, correct and complete in all respects as of the date hereof. The Subscriber agrees promptly to notify the Company in writing of any change in such information after the date hereof.

(k) This Transaction and sale of the Securities to the Subscriber were not made through any advertisement in printed media of general and regular paid circulation, radio or television or any other form of advertisement, or as part of a general solicitation.

(l) The Subscriber recognizes that an investment in the Securities involves significant risks, which risks could give rise to the loss of the Subscriber’s entire investment in such securities.

(m) The Subscriber is purchasing the Securities for the Subscriber’s own account, with the intention of holding the Securities, with no present intention of dividing or allowing others to participate in this investment or of reselling or otherwise participating, directly or indirectly, in a distribution of the Securities, and shall not make any sale, transfer, or pledge thereof without registration under the Act and any applicable securities laws of any state or unless an exemption from registration is available under those laws.

(n) The Subscriber represents that the Subscriber, if an individual, has adequate means of providing for his or her current needs and personal and family contingencies and has no need for liquidity in this investment in the Securities. The Subscriber has no reason to anticipate any material change in his or her personal financial condition for the foreseeable future.

(o) The Subscriber is financially able to bear the economic risk of this investment, including the ability to hold the Securities indefinitely or to afford a complete loss of the Subscriber’s investment in the Securities.

(p) If the Subscriber is a partnership, corporation, trust, or other entity, (i) the Subscriber has enclosed with this Subscription Agreement appropriate evidence of the authority of the individual executing this Subscription Agreement to act on its behalf (e.g., if a trust, a certified copy of the trust agreement; if a corporation, a certified corporate resolution authorizing the signature and a certified copy of the certificate of incorporation; or if a partnership, a certified copy of the partnership agreement), (ii) the Subscriber represents and warrants that it was not organized or reorganized for the specific purpose of acquiring the Securities, (iii) the Subscriber has the full power and authority to execute this Subscription Agreement on behalf of such entity and to make the representations and warranties made herein on its behalf, and (iv) this investment in the Company has been affirmatively authorized, if required, by the governing board of such entity and is not prohibited by the governing documents of the entity.

3. Representations and Warrants of the Company. As a material inducement of the Subscriber to enter into this Subscription Agreement and subscribe for the Securities, the Company represents and warrants to the Subscriber, as of the date hereof, as follows:

(a) Organization and Standing. The Company is a duly organized corporation, validly existing and in good standing under the laws of the State of Florida, has full power to carry on its business as and where such business is now being conducted and to own, lease and operate the properties and assets now owned or operated by it and is duly qualified to do business and is in good standing in each jurisdiction where the conduct of its business or the ownership of its properties requires such qualification except where the failure to be so qualified would not have a Material Adverse Effect. “Material Adverse Effect” means any circumstance, change in, or effect on the Company that, individually or in the aggregate with any other similar circumstances, changes in, or effects on, the Company taken as a whole: (i) is, or is reasonably expected to be, materially adverse to the business, operations, assets, liabilities, employee relationships, customer or supplier relationships, prospects, results of operations or the condition (financial or otherwise) of the Company taken as a whole, or (ii) is reasonably expected to adversely affect the ability of the Company to operate or conduct the Company’s business in the manner in which it is currently operated or conducted or proposed to be operated or conducted by the Company.

(b) Authority. The execution, delivery and performance of this Subscription Agreement and the other Sale Documents by the Company and the consummation of the transactions contemplated hereby and thereby have been duly authorized by the Board of Directors of the Company.

(c) No Conflict. The execution, delivery and performance of this Subscription Agreement and the other Sale Documents, and the consummation of the transactions contemplated hereby and thereby do not (i) violate or conflict with the Company’s Certificate of Incorporation, By-laws or other organizational documents, (ii) conflict with or result (with the lapse of time or giving of notice or both) in a material breach or default under any material agreement or instrument to which the Company is a party or by which the Company is otherwise bound, or (iii) violate any order, judgment, law, statute, rule or regulation applicable to the Company, except where such violation, conflict or breach would not have a Material Adverse Effect. This Subscription Agreement and the Sale Documents when executed by the Company will be a legal, valid and binding obligation of the Company enforceable in accordance with its terms (except as may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws and equitable principles relating to or limiting creditors’ rights generally).

(d) Authorization. Issuance of the Securities to the Subscriber has been duly authorized by all appropriate corporate actions of the Company.

(e) Litigation and Other Proceedings. There are no actions, suits, proceedings or investigations pending or, to the knowledge of the Company, threatened against the Company at law or in equity before or by any court or federal, state, municipal or their governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign which could materially adversely affect the Company. The Company is not subject to any continuing order, writ, injunction or decree of any court or agency against it which would have a material adverse effect on the Company.

(f) Use of Proceeds. The proceeds of this Transaction and sale of the Securities, net of payment of placement expenses, will be used by the Company for working capital and other general corporate purposes subject to the restrictions set forth in the Securities and on Schedule 1 hereto.

(g) Consents/Approvals. No consents, filings (other than federal and state securities filings relating to the issuance of the Securities pursuant to applicable exemptions from registration, which the Company hereby undertakes to make in a timely fashion), authorizations or other actions of any governmental authority are required to be obtained or made by the Company for the Company’s execution, delivery and performance of this Subscription Agreement which have not already been obtained or made or will be made in a timely manner following the Closing.

(h) No Commissions. The Company has not incurred any obligation for any finder’s, broker’s or agent’s fees or commissions in connection with the transaction contemplated hereby.

(i) Capitalization. A capitalization table illustrating the authorized and the outstanding capital stock of the Company as of the date of the Investor Package is attached as Schedule 2 hereto. All of such outstanding shares have been, or upon issuance will be, validly issued, fully paid and nonassessable. As of the date of the Investor Package, except as disclosed in Schedule 2.2 hereto or pursuant to any other issuance of Securities in this Transaction, (i) no shares of the Company’s capital stock are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company; (ii) there are no outstanding debt securities; (iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its subsidiaries; (iv) there are no outstanding securities of the Company or any of its subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its subsidiaries is or may become bound to redeem a security of the Company or any of its subsidiaries; and (v) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities. The Company has furnished to the Subscriber true and correct copies of the Company’s Certificate of Incorporation attached hereto as Schedule 5, as amended and as in effect on the date hereof (the “Certificate of Incorporation”), and the Company’s By-laws, as in effect on the date hereof (the “By-laws”) attached hereto as Schedule 6, and the terms of all securities convertible or exchangeable into or exercisable for Common Stock and the material rights of the holders thereof in respect thereto. Schedule 2.1 hereto also lists all outstanding debt of the Company for borrowed money.

(j) Employee Relations. Neither the Company nor any of its subsidiaries is involved in any labor dispute nor, to the knowledge of the Company or any of its subsidiaries, is any such dispute threatened, the effect of which would be reasonably likely to result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries is a party to a collective bargaining agreement.

(k) Intellectual Property Rights. The Company and its subsidiaries own or possess adequate rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and rights necessary to conduct their respective businesses as now conducted. The Company and its subsidiaries do not have any knowledge of any infringement by the Company or its subsidiaries of trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, trade secret or other similar rights of others, or of any such development of similar or identical trade secrets or technical information by others and, except as set forth on Schedule 3 hereto, there is no claim, action or proceeding being made or brought against, or to the Company’s knowledge, being threatened against, the Company or its subsidiaries regarding trademarks, trade name rights, patents, patent rights, inventions, copyrights, licenses, service names, service marks, service mark registrations, trade secrets or other infringement.

(l) Environmental Laws. The Company and its subsidiaries (i) are to the Company’s knowledge in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses, and (iii) are in compliance with all terms and conditions of any such permit, license or approval where such noncompliance or failure to receive permits, licenses or approvals referred to in clauses (i), (ii) or (iii) above would be reasonably likely to result in a Material Adverse Effect.

(m) Disclosure. No representation or warranty by the Company in this Subscription Agreement, the other Sale Documents, nor in any certificate, schedule or exhibit delivered or to be delivered pursuant to this Subscription Agreement or the other Sale Documents contains or will contain any untrue statement of material fact or omits or will omit to state a material fact necessary to make the statements contained herein or therein not misleading. To the knowledge of the Company and its subsidiaries at the time of the execution of this Subscription Agreement, there is no information concerning the Company and its subsidiaries or their respective businesses which has not heretofore been disclosed to the Subscribers that would have a Material Adverse Effect.

(n) Title. The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 2.1 hereto or such as do not materially and adversely affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or any of its subsidiaries. Any real property and facilities held under lease by the Company or any of its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries.

(o) Foreign Corrupt Practices Act. To the Company’s knowledge, neither the Company, nor any director, officer, agent, employee or other person acting on behalf of the Company or any subsidiary has, in the course of acting for, or on behalf of, the Company, directly or indirectly used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; directly or indirectly made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any similar treaties of the United States; or directly or indirectly made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government or party official or employee.

(p) Tax Status. The Company and each of its subsidiaries has made or filed all United States federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject and all such returns, reports and declarations are true, correct and accurate in all material respects. The Company has paid all taxes and other governmental assessments and charges, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith, for which adequate reserves have been established, in accordance with generally accepted accounting principles.

(q) Compliance with Laws. The business of the Company and its subsidiaries has been and is presently being conducted so as to comply with all applicable material federal, state and local governmental laws, rules, regulations and ordinances.

(r) Employee Benefit Plans; ERISA. Schedule 4 hereto sets forth a true, correct and complete list of all employee benefit plans, programs, policies and arrangements, whether written or unwritten (the “Company Plans”), that the Company, any subsidiary or any other corporation or business which is now or at the relevant time was a member of a controlled group of companies or trades or businesses including the Company or any subsidiary, within the meaning of section 414 of the Internal Revenue Code of 1986, as amended (the “Code”), maintain or have maintained on behalf of current or former members, partners, principals, directors, officers, managers, employees, consultants or other personnel. (i) There has been no prohibited transaction within the meaning of Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code, with respect to any of the Company Plans; (ii) none of the Company Plans is or was subject to Section 412 of the Code or Section 302 or Title IV of ERISA; and (iii) each of the Company Plans has been operated and administered in all material respects in accordance with all applicable laws, including ERISA. There are no actions, suits or claims pending or threatened (other than routine claims for benefits), whether by participants, the Internal Revenue Service, the Department of Labor or otherwise, with respect to any Company Plan and no facts exist under which any such actions, suits or claims are likely to be brought or under which the Company or any subsidiary could incur any liability with respect to a Company Plan other than in the ordinary course. None of the Company Plans is or was a multiemployer plan within the meaning of Section 3(37) of ERISA. Neither the Company nor any subsidiary has announced, proposed or agreed to any change in benefits under any Company Plan or the establishment of any new Company Plan. There have been no changes in the operation or interpretation of any Company Plan since the most recent annual report, which would have any material effect on the cost of operating, maintaining or providing benefits under such Company Plan. Neither the Company nor any subsidiary has incurred any liability for the misclassification of employees as leased employees or independent contractors. Except as provided for in this Subscription Agreement and in the other Sale Documents, the consummation of the transactions contemplated by this Subscription Agreement, either alone or in combination with another event, will not (A) result in any individual becoming entitled to any increase in the amount of compensation or benefits or any additional payment from the Company or any subsidiary (including, without limitation, severance, golden parachute or bonus payments or otherwise), or (B) accelerate the vesting or timing of payment of any benefits or compensation payable in respect of any individual.

(s) Restrictions on Business Activities. There is no judgment, order, decree, writ or injunction binding upon the Company or any subsidiary or, to the knowledge of the Company or any subsidiary, threatened that has or could prohibit or impair the conduct of their respective businesses as currently conducted or any business practice of the Company or any subsidiary, including the acquisition of property, the provision of services, the hiring of employees or the solicitation of clients, in each case either individually or in the aggregate.

4. Legends. The Subscriber understands and agrees that the Company will cause any necessary legends in addition to representations to be placed upon the Securities, together with any other legend that may be required by federal or state securities laws or deemed necessary or desirable by the Company, in the form substantially as follows:

THE SECURITIES WHICH ARE REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNTIL A REGISTRATION STATEMENT WITH RESPECT THERETO IS DECLARED EFFECTIVE UNDER SUCH ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE COMPANY THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT IS AVAILABLE.

5. Volume Warrants. The Subscriber and the Company hereby agree to the terms and conditions for volume common stock purchase warrants (the “Volume Warrants”), as more fully set forth on Exhibit D hereto.

6. General Provisions.

(a) Confidentiality. The Subscriber covenants and agrees that it will keep confidential and will not disclose or divulge any confidential or proprietary information that such Subscriber may obtain from the Company pursuant to financial statements, reports, and other materials submitted by the Company to such Subscriber in connection with this Transaction or as a result of discussions with or inquiry made to the Company, unless such information is known, or until such information becomes known, to the public through no action by the Subscriber; provided, however, that a Subscriber may disclose such information to its attorneys, accountants, consultants, and other professionals to the extent necessary in connection with his or her investment in the Company so long as any such professional to whom such information is disclosed is made aware of the Subscriber’s obligations hereunder and such professional agrees to be likewise bound as though such professional were a party hereto.

(b) Successors. The covenants, representations and warranties contained in this Subscription Agreement shall be binding on the Subscriber’s and the Company’s heirs and legal representatives and shall inure to the benefit of the respective successors and assigns of the Company. The rights and obligations of this Subscription Agreement may not be assigned by any party without the prior written consent of the other party.

(c) Counterparts. This Subscription Agreement may be executed in counterparts, each of which shall be deemed an original agreement, but all of which together shall constitute one and the same instrument.

(d) Execution by Facsimile or Email. Execution and delivery of this Subscription Agreement by facsimile transmission or email (including the delivery of documents in Adobe PDF format or other machine-readable electronic format) shall constitute execution and delivery of this Subscription Agreement for all purposes, with the same force and effect as execution and delivery of an original manually signed copy hereof.

(e) Governing Law and Jurisdiction. This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Florida applicable to contracts to be wholly performed within such state and without regard to conflicts of law provisions that would result in the application of any laws other than the laws of the State of Florida. Any legal action or proceeding arising out of or relating to this Subscription Agreement and/or the other Sale Documents may be instituted in the courts of the State of Georgia sitting in Fulton County or in the United States District Court for the Northern District of Georgia, and the parties hereto irrevocably submit to the jurisdiction of each such court in any action or proceeding. Subscriber hereby irrevocably waives and agrees not to assert, by way of motion, as a defense, or otherwise, in every suit, action or other proceeding arising out of or based on this Subscription Agreement and/or the other Sale Documents and brought in any such court, any claim that Subscriber is not subject personally to the jurisdiction of the above named courts, that Subscriber’s property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.

(f) Indemnification Generally.

(i) The Company, on the one hand, and the Subscriber, on the other hand (each an “Indemnifying Party”), shall indemnify the other from and against any and all losses, damages, liabilities, claims, charges, actions, proceedings, demands, judgments, settlement costs and expenses of any nature whatsoever (including, without limitation, reasonable attorneys’ fees and expenses) resulting from any breach of a representation and warranty, covenant or agreement by the Indemnifying Party and all claims, charges, actions or proceedings incident to or arising out of the foregoing.

(ii) Indemnification Procedures. Each person entitled to indemnification under this Section 5 (an “Indemnified Party”) shall give notice as promptly as reasonably practicable to each party required to provide indemnification under this Section 5 of any action commenced against or by it in respect of which indemnity may be sought hereunder, but failure to so notify an Indemnifying Party shall not release such Indemnifying Party from any liability that it may have, otherwise than on account of this indemnity agreement so long as such failure shall not have materially prejudiced the position of the Indemnifying Party. Upon such notification, the Indemnifying Party shall assume the defense of such action if it is a claim brought by a third party, and, if and after such assumption, the Indemnifying Party shall not be entitled to reimbursement of any expenses incurred by it in connection with such action except as described below. In any such action, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (A) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the contrary, or (B) the named parties in any such action (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing or conflicting interests between them. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent (which shall not be unreasonably withheld or delayed by such Indemnifying Party), but if settled with such consent or if there be final judgment for the plaintiff, the Indemnifying Party shall indemnify the Indemnified Party from and against any loss, damage or liability by reason of such settlement or judgment.

(g) Notices. All notices, requests, demands, claims and other communications hereunder shall be in writing and shall be delivered by certified or registered mail (first class postage pre-paid), guaranteed overnight delivery, or facsimile transmission if such transmission is confirmed by delivery by certified or registered mail (first class postage pre-paid) or guaranteed overnight delivery, to the following addresses and facsimile numbers (or to such other addresses or facsimile numbers which such party shall subsequently designate in writing to the other party):

(i) if to the Company:

Safety Quick Lighting & Fans Corp.

4400 North Point Parkway, Suite 154

Alpharetta, GA 30022

Attention: Mr. John P. Campi

with a copy to:

[REDACTED]

(ii) If to Subscriber, to the address set forth next to its name on the signature page hereto.

(h) Entire Agreement. This Subscription Agreement (including the exhibits attached hereto) and other Sale Documents delivered at the Closing pursuant hereto, contain the entire understanding of the parties in respect of its subject matter and supersedes all prior agreements and understandings between or among the parties with respect to such subject matter. The exhibits constitute a part hereof as though set forth in full above.

(i) Amendment; Waiver. This Subscription Agreement may not be modified, amended, supplemented, canceled or discharged, except by written instrument executed by both parties. No failure to exercise and no delay in exercising, any right, power or privilege under this Subscription Agreement shall operate as a waiver, nor shall any single or partial exercise of any right, power or privilege hereunder preclude the exercise of any other right, power or privilege. No waiver of any breach of any provision shall be deemed to be a waiver of any proceeding or succeeding breach of the same or any other provision, nor shall any waiver be implied from any course of dealing between the parties. No extension of time for performance of any obligations or other acts hereunder or under any other agreement shall be deemed to be an extension of the time for performance of any other obligations or any other acts. The rights and remedies of the parties under this Subscription Agreement are in addition to all other rights and remedies, at law or equity, that they may have against each other.

[Signature Page Follows]

INFORMATION IN RESPONSE TO THIS SECTION WILL BE KEPT STRICTLY CONFIDENTIAL

OMNIBUS SIGNATURE PAGE TO THE SUBSCRIPTION AGREEMENT

TO PURCHASE SAFETY QUICK LIGHTING & FAN CORP.’S COMMON STOCK

DOLLAR AMOUNT INVESTED: US $ __________________________________

NUMBER OF SHARES SUBSCRIBED FOR: ____________________________

AMOUNT INVESTED TO BE SENT VIA: [ ] Check (enclosed) [ ]Wire

NAME IN WHICH THE SECURITIES SHOULD BE ISSUED:

_________________________________________________________________

SUBSCRIBER ADDRESS INFORMATION:

For individual subscribers this address should be the Subscriber’s primary legal residence. For entities other than individual subscribers, please provide address information for the entities primary place of business.


Legal Address		Copy To


City, State and Zip Code		Legal Address


Tax ID (EIN, SSN, OR ITIN)		City, State and Zip Code


Telephone Number / Facsimile Number		Telephone Number / Facsimile Number


Email Address		Email Address

ALTERNATE ADDRESS INFORMATION:

Please enter an alternate address if you wish to receive correspondence at an address other than the address listed above.


Alternative Address for Correspondence		Alternative Address for Correspondence


City, State and Zip Code		City, State and Zip Code


Other (telephone, fax, email)		Other (telephone, fax, email)

AGREED AND SUBSCRIBED		AGREED AND SUBSCRIBED

Date:		Date:

Subscriber:		SAFETY QUICK LIGHTING & FANS CORP.

By:		By:
Name:		John P. Campi
Title:		Chief Executive Officer

CERTIFICATE OF SIGNATORY

(To be completed if the Securities are

being subscribed for by an entity)

I, , am the_______________________________ of _______________ (the “Entity”).

I certify that I am empowered and duly authorized by the Entity to execute and carry out the terms of the Securities Subscription Agreement and to purchase and hold the Securities, and certify further that the Securities Subscription Agreement has been duly and validly executed on behalf of the Entity and constitutes a legal and binding obligation of the Entity.

IN WITNESS WHEREOF, I have set my hand this ____ day of __________, 2016.

______________________________________

(Signature)

Exhibit C

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND MAY ONLY BE ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT, IF ANY, MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

COMMON STOCK PURCHASE WARRANT

To Purchase 1,350,000 Shares of Common Stock of

SAFETY QUICK LIGHTING & FANS CORP.

May 10, 2016 (the “Issuance Date”)

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) CERTIFIES that, for value received, [ ] (the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date of this Warrant and on or prior to the third anniversary of the date of this Warrant (the “Termination Date”) but not thereafter, to subscribe for and purchase from Safety Quick Lighting & Fans Corp., a Florida corporation (the “Company”), up to 1,350,000 shares (the “Warrant Shares”) of the Common Stock, no par value per share, of the Company (the “Common Stock”). The purchase price of one share of Common Stock (the “Exercise Price”) under this Warrant shall be (i) US $3.00 (three dollars US) if exercised prior to the one year anniversary of the Issuance Date, (ii) $3.25 (three dollars and twenty-five cents US) if exercised on or after the one year anniversary and before the two year anniversary of the Issuance Date, or (iii) $3.50 (three dollars and fifty cents US) if exercised on or after the two year anniversary and through the Termination Date.

The Exercise Price and the number of Warrant Shares for which the Warrant is exercisable shall be subject to adjustment as provided herein. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Subscription Agreement (the “Subscription Agreement”), dated as of May 10, 2016, among the Company and the Purchaser parties signatory thereto.

1. Title to Warrant. Prior to the Termination Date and subject to compliance with applicable laws, including transfer restrictions imposed by applicable securities laws, and Section 7 of this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed. The transferee shall sign an investment letter in form and substance reasonably satisfactory to the Company.

2 Authorization of Shares. The Company covenants that all Warrant Shares, which may be issued upon the exercise of the purchase rights represented by this Warrant in accordance with the terms of this Warrant, including the payment of the exercise price for such Warrant Shares, will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

3. Exercise of Warrant.

(a) Exercise of the purchase rights represented by this Warrant may be made at any time or times on or before the Termination Date by delivery to the Company of a duly executed Notice of Exercise Form annexed hereto (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the books of the Company) and surrender of this Warrant, together with payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank in immediately available funds. Certificates for shares purchased hereunder shall be delivered to the Holder within 5 Trading Days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant and payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised on the later of the date the Notice of Exercise is delivered to the Company and the date the Exercise Price is received by the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 5 prior to the issuance of such shares, have been paid. If the Company fails to deliver to the Holder a certificate or certificates representing the Warrant Shares pursuant to this Section 3(a) by the end of business (New York, New York time) on the fifth Trading Day following the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

(b) If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

(c) If at any time after one year from the date of issuance of this Warrant, there is no effective Registration Statement registering the resale of the Warrant Shares by the Holder at such time, this Warrant may also be exercised at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = the VWAP on the Trading Day immediately preceding the date of such election;

(B) = the Exercise Price of this Warrant, as adjusted; and

(X) = the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise.

“VWAP” shall mean, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg Financial L.P. (based on a trading day from 9:30 a.m. Eastern Time to 4:02 p.m. Eastern Time); (b) if the Common Stock is not then listed or quoted on a Trading Market and if prices for the Common Stock are then reported in the “Pink Sheets” published by the National Quotation Bureau Incorporated (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers and reasonably acceptable to the Company.

4. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price.

5. Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

6. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

7. Transfer, Division and Combination.

(a) Subject to compliance with any applicable securities laws and the conditions set forth in Sections 1 and 7(e) hereof, and to the provisions of Section 4 of the Subscription Agreement, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

(b) This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 7(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.

(c) The Company shall prepare, issue and deliver at its own expense (other than transfer taxes) the new Warrant or Warrants under this Section 7.

(d) The Company agrees to maintain, at its aforesaid office, books for the registration and the registration of transfer of the Warrants.

(e) The Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act or a qualified institutional buyer as defined in Rule 144A(a) under the Securities Act.

8. No Rights as Shareholder until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof. Upon the surrender of this Warrant and the payment of the aggregate Exercise Price (or by means of a cashless exercise), the Warrant Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the later of the date of such surrender or payment.

9. Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday.

11. Adjustments of Exercise Price and Number of Warrant Shares. The number and kind of securities purchasable upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time in the event that the Company: (i) pays a dividend in shares of Common Stock or make a distribution in shares of Common Stock to holders of its outstanding Common Stock; (ii) subdivides its outstanding shares of Common Stock into a greater number of shares; (iii) combines its outstanding shares of Common Stock into a smaller number of shares of Common Stock; or (iv) issues any shares of its capital stock in a reclassification of the Common Stock, then the number of Warrant Shares purchasable upon exercise of this Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled to receive the kind and number of Warrant Shares or other securities of the Company which it would have owned or have been entitled to receive had such Warrant been exercised in advance thereof. Upon each such adjustment of the kind and number of Warrant Shares or other securities of the Company which are purchasable hereunder, the Holder shall thereafter be entitled to purchase the number of Warrant Shares or other securities resulting from such adjustment at an Exercise Price per Warrant Share or other security obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment and dividing by the number of Warrant Shares or other securities of the Company that are purchasable pursuant hereto immediately after such adjustment. An adjustment made pursuant to this paragraph shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

12. Subsequent Equity Sales. In the event that on or subsequent to the Issuance Date, the Company issues or sells any Common Stock, any securities which are convertible into or exchangeable for its Common Stock or any convertible securities, or any warrants or other rights to subscribe for or to purchase or any options for the purchase of its Common Stock or any such convertible securities (the “Common Stock Equivalents”) (other than (i) securities which are issued pursuant to the Subscription Agreement or this Warrant, (ii) shares of Common Stock or options to purchase such shares issued to employees, consultants, officers or directors in accordance with stock plans approved by the Board of Directors, and shares of Common Stock issuable under options or warrants that are outstanding as of the date hereof or issued pursuant to any stock incentive plan authorized by the Board of Directors, and (iii) shares of Common Stock issued pursuant to a stock dividend, split or other similar transaction) at an effective price per share which is less than the Exercise Price, then the Exercise Price in effect immediately prior to such issue or sale shall be reduced to the lowest per share price of Common Stock in such issuance or sale or deemed issuance or sale.

13. Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. In case the Company shall reorganize its capital, reclassify its capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving corporation or where there is a change in or distribution with respect to the Common Stock of the Company), or sell, transfer or otherwise dispose of its property, assets or business to another corporation and, pursuant to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”), are to be received by or distributed to the holders of Common Stock of the Company, then, from and after the consummation of such transaction or event, the Holder shall have the right thereafter to receive, instead of the Warrant Shares, at the option of the Holder, (a) upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event or (b) cash equal to the value of this Warrant as determined in accordance with the Black-Scholes option pricing formula. For purposes of this Section 13, “common stock of the successor or acquiring corporation” shall include stock of such corporation of any class which is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions of this Section 13 shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets.

14. Notice of Adjustment. Whenever the number of Warrant Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall give notice thereof to the Holder, which notice shall state the number of Warrant Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was made.

15. Notice of Corporate Action. If at any time:

(a) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or other distribution, or

(b) there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or substantially all the property, assets or business of the Company to, another corporation or,

then, in any one or more of such cases, the Company shall give to Holder (i) prior written notice of the date on which a record date shall be selected for such dividend or distribution or for determining rights to vote in respect of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, liquidation or winding up, and (ii) in the case of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up, prior written notice of the date when the same shall take place. Such notice in accordance with the foregoing clause also shall specify (i) the date on which the holders of Common Stock shall be entitled to any such dividend or distribution, and the amount and character thereof, and (ii) the date on which any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up is to take place and the time, if any such time is to be fixed, as of which the holders of Common Stock shall be entitled to exchange their Warrant Shares for securities or other property deliverable upon such disposition, dissolution, liquidation or winding up. Each such written notice shall be sufficiently given if addressed to Holder at the last address of Holder appearing on the books of the Company and delivered in accordance with Section 16(d).

16. Authorized Shares. The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

17. Miscellaneous.

(a) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts to be wholly performed within such state and without regard to conflicts of law provisions that would result in the application of any laws other than the laws of the State of New York. Any legal action or proceeding arising out of or relating to this Warrant may be instituted in the courts of the State of New York sitting in New York County or in the United States of America for the Southern District of New York, and the parties hereto irrevocably submit to the jurisdiction of each such court in any action or proceeding. Holder hereby irrevocably waives and agrees not to assert, by way of motion, as a defense, or otherwise, in every suit, action or other proceeding arising out of or based on this Warrant and brought in any such court, any claim that Holder is not subject personally to the jurisdiction of the above named courts, that Holder’s property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.

(b) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered for resale, will have restrictions upon resale imposed by state and federal securities laws.

(c) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

(d) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Subscription Agreement.

(e) Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant or purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

(f) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares.

(g) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

(h) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

(i) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

[Signature Page Follows]

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed as of the Issuance Date by its officer thereunto duly authorized.


SAFETY QUICK LIGHTING & FANS CORP.

By:
		John P. Campi
		President & CEO

NOTICE OF EXERCISE

To: Safety Quick Lighting & Fans Corp.

(1) The undersigned hereby elects to purchase Warrant Shares of the Company pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2) Payment shall take the form of (check applicable box):

in lawful money of the United States; or

the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 3(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 3(c).

(3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

The Warrant Shares shall be delivered to the following:

(4) Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended.

(PURCHASER)

By: _____________________________________

Name: _____________________________________

Title: _____________________________________

Dated: _____________________________________

ASSIGNMENT FORM

(To assign the foregoing warrant, execute this form and supply required information.

Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to whose address is .


		Dated: ,

Holder’s Signature		_______________________________________

Holder’s Address:		_______________________________________

		_______________________________________

		_______________________________________

Signature Guaranteed:

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

Exhibit D

Volume Warrants

[ ] (“[Subscriber]”) shall be entitled to receive Common Stock Purchase Warrants to purchase up to an additional 1,350,000 shares of the common stock, no par value per share (“Common Stock”), of the Company (each a “Volume Warrant” and collectively, the “Volume Warrants”). Each Volume Warrant shall become issuable as provided below, and any issued Volume Warrant will be exercisable commencing on the date it is issued and ending on the date that is prior to the later of (i) five (5) years from the date of issuance or (ii) thirty (30) days from the date [Subscriber] is notified of the EBITDA (as defined herein) for the year ending December 31, 2020 (the “Volume Warrant Term”).

Subject to adjustment as described below, the exercise price of one share of Common Stock (the “Exercise Price”) will be $3.00 per share.

A portion of the Volume Warrants to purchase up to 1,350,000 shares of Common Stock will, from time to time, become issuable by [Subscriber] upon (i) the Company achieving specific EBITDA Valuation (as defined below) thresholds in any fiscal year (January 1 through December 31) prior to December 31, 2020, (ii) each applicable Financing Transaction (as defined herein) or (iii) each Sales Transaction (as defined herein) prior to December 31, 2020.

The form of the Volume Warrants will be substantially in the form attached hereto as Exhibit C (the “Form of Warrant”), with such number of shares issuable pursuant to a Volume Warrant and such exercise price thereto subject to adjustment under the same terms set forth in Sections 11 of the Form of Warrant, and with such rights of the holder thereto to notice of a corporate action and right to exchange of securities under the same terms set forth in Sections 15 of the Form of Warrant, in both cases based on the Company’s capitalization as of the Closing Date (as defined in the Securities Subscription Agreement).

Company Valuation

Volume Warrants to purchase shares of Common Stock will become issuable in accordance with the following schedule:

Upon the Company Achieving EBITDA Valuation of:	Number of Volume Warrants Issuable to Purchase Common Stock
Upon the Company Achieving EBITDA Valuation of:	One Time	Cumulative
$350,000,000 to $499,999,999	400,000	400,000
$500,000,000 to $749,999,999	200,000	600,000
$750,000,000 to $999,999,999	300,000	900,000
$1,000,000 or over	450,000	1,350,000

Volume Warrants will become issuable only once upon the achievement of each threshold during the Volume Warrant Term.

Within one hundred and twenty (120) days of the end of each fiscal (calendar) year, the Company shall cause its accountants to calculate the Company’s EBITDA for the immediately preceding calendar year and deliver its calculation of this EBITDA to the Company and to [Subscriber]. [Subscriber]’s Volume Warrants that become issuable pursuant to this Section 1 will be deemed issuable as of the date [Subscriber] is notified of the EBITDA Valuation.

For Example:

If the Company’s EBITDA for 2017 is $47,000,000, which equates to an EBITDA Valuation of $611,000,000, then [Subscriber]’s Volume Warrants to purchase up to 600,000 shares of the Company’s Common Stock will become issuable (400,000 + 200,000).

Upon the Company Achieving EBITDA Valuation of:	Number of Volume Warrants Issuable to Purchase Common Stock
Upon the Company Achieving EBITDA Valuation of:	One Time	Cumulative
$350,000,000 to $499,999,999	400,000	400,000
$500,000,000 to $749,999,999	200,000	600,000

If the Company’s EBITDA for 2018 is equal to its EBITDA for 2017 of $47,000,000 then [Subscriber]’s other Volume Warrants to purchase shares of Common Stock will not become issuable based upon the Company’s EBITDA for 2018 since a new threshold is not accomplished.

If, however, the Company’s EBITDA for 2017 is $47,000,000 (which equates to $611,000,000 EBITDA Valuation) and the Company’s EBITDA for 2018 is $70,000,000 (which equates to $910,000,000 EBITDA Valuation), [Subscriber]’s Volume Warrants to purchase up to 300,000 shares of Common Stock would immediately become issuable.

Upon the Company Achieving EBITDA Valuation of:	Number of Volume Warrants Issuable to Purchase Common Stock
Upon the Company Achieving EBITDA Valuation of:	One Time	Cumulative
$350,000,000 to $499,999,999	400,000	400,000
$500,000,000 to $749,999,999	200,000	600,000
$750,000,000 to $999,999,999	300,000	900,000

Financing Event.

At each and every Transaction (as defined herein) in which the Company completes a Financing (as defined herein) of at least $15,000,000 (in one or more closings within a twelve (12) month period), [Subscriber]’s Volume Warrants to purchase shares of Common Stock will become issuable in accordance with the following schedule:

Pre-Money Valuation	Number of Volume Warrants Issuable to Purchase Common Stock
Pre-Money Valuation	One Time	Cumulative
$350,000,000 to $499,999,999	400,000	400,000
$500,000,000 to $749,999,999	200,000	600,000
$750,000,000 to $999,999,999	300,000	900,000
$1,000,000,000 or more	450,000	1,350,000

[Subscriber]’s Volume Warrants to purchase shares of Common Stock will become issuable at each threshold in the above schedule only once.

For Example:

If the Company has a $15,000,000 Financing (in one or more closings within a 12 month time period) with a Pre-Money Valuation of $600,000,000, then [Subscriber]’s Volume Warrants to purchase up to 600,000 shares of Common Stock will become issuable (400,000 + 200,000).

Pre-Money Valuation	Number of Volume Warrants Issuable to Purchase Common Stock
Pre-Money Valuation	One Time	Cumulative
$350,000,000 to $499,999,999	400,000	400,000
$500,000,000 to $749,999,999	200,000	600,000
$750,000,000 to $999,999,999	300,000	900,000
$1,000,000,000 or more	450,000	1,350,000

If the Company has a second Financing of at least $15,000,000 (in one or more closings within a 12 month time period) with a Pre-Money Valuation of $900,000,000, [Subscriber]’s Volume Warrants to purchase up to 300,000 shares of Common Stock will become issuable bringing the total number of shares of Common Stock [Subscriber] may purchase from the Volume Warrants that become issuable under this Section 2 to 900,000 shares (400,000 + 200,000 + 300,000).

Pre-Money Valuation	Number of Volume Warrants Issuable to Purchase Common Stock
Pre-Money Valuation	One Time	Cumulative
$350,000,000 to $499,999,999	400,000	400,000
$500,000,000 to $749,999,999	200,000	600,000
$750,000,000 to $999,999,999	300,000	900,000
$1,000,000,000 or more	450,000	1,350,000

If the Company has a third Financing of at least $15,000,000 (in one or more closings within a 12 month time period) with a Pre-Money Valuation of $1,100,000,000, [Subscriber]’s Volume Warrants to purchase up to 450,000 shares of Common Stock will become issuable, bringing the total number of shares of Common Stock [Subscriber] may purchase from the Volume Warrants that become issuable under this Section 2 to 1,350,00 shares (400,000 + 200,000 + 300,000 + 450,000).

Pre-Money Valuation	Number of Volume Warrants Issuable to Purchase Common Stock
Pre-Money Valuation	One Time	Cumulative
$350,000,000 to $499,999,999	400,000	400,000
$500,000,000 to $749,999,999	200,000	600,000
$750,000,000 to $999,999,999	300,000	900,000

$1,000,000,000 or more

450,000

1,350,000

Sales Transaction.

Upon the consummation of a Sale Transaction prior to December 31, 2020, [Subscriber]’s Volume Warrants to purchase Common Stock will become issuable in accordance with Section 2 (above); provided, however, upon any Sale Transaction with a Transaction Value (as defined herein) of less than $350,000,000, [Subscriber]’s Volume Warrants to purchase up to 400,000 shares of Common Stock will become issuable.

For Example:

If the Company has a Sale Transaction with a Transaction Value of $600,000,000, then [Subscriber]’s Volume Warrants to purchase up to 600,000 shares of Common Stock will become issuable (400,000 + 200,000).

Pre-Money Valuation	Number of Volume Warrants Issuable to Purchase Common Stock
Pre-Money Valuation	One Time	Cumulative
$350,000,000 to $499,999,999	400,000	400,000
$500,000,000 to $749,999,999	200,000	600,000
$750,000,000 to $999,999,999	300,000	900,000
$1,000,000,000 or more	450,000	1,350,000

Definitions

Contingent Payments means the consideration received or receivable by the Company, its employees, current equity holders and/or any other parties in the form of deferred performance or retention-based payments, “earn-outs”, or other contingent payments based upon the occurrence of future events.

EBITDA means earnings before interest, taxes, depreciation and amortization.

EBITDA Valuation means EBITDA multiplied by thirteen (13).

Financing means a private placement of equity, equity-linked or debt securities (including, without limitation, any convertible securities, preferred stock, common stock, unsecured, non-senior or subordinated debt securities, senior notes, loans, bank debt, and/or any debt with warrants) (any or all of which being “Securities”) to provide financing involving less than 50% of the business, assets or equity interests of the Company and/or any of its subsidiaries or affiliates, or any right or option to acquire any of the foregoing, or any entity formed by or at the direction of the Company, in one or more transactions.

Pre-Money Valuation means pre-investment value of the enterprise that is implied by the per-share price of the stock being offered and the number of fully-diluted shares outstanding before the investment. Fully-diluted shares shall include any outstanding shares and contingent equity such as stock options, warrants, and convertible notes in the calculation. For purposes of illustration, if the Company’s shares are valued at $100.00 and it has 5 million shares fully-diluted outstanding prior to any new investment, then the Company has a pre-money valuation of $500 million. Any non-cash consideration provided to or received in connection with a Financing Event (including but not limited to intellectual or intangible property, securities, labor or services rendered, debt ((or cancellation thereof)) or tangible property) shall be valued for purposes of calculating the Pre-Money Valuation as equaling the number of securities issued in exchange for such consideration multiplied by (in the case of debt securities) the face value of each such security or (in the case of equity securities) the price per security paid in the then current round of financing.

Sale Transaction means a merger, consolidation, joint venture, partnership, spin-off, split-off, business combination, tender or exchange offer, recapitalization, acquisition, sale, distribution, transfer or other disposition of assets or equity interests, or other transaction, involving more than 50% of the business, assets or equity interests of the Company and/or any of its subsidiaries or affiliates, or any right or option to acquire any of the foregoing, in one or more transactions.

Total Consideration means the total proceeds and other consideration paid or received, or to be paid or received, directly or indirectly, in connection with or in anticipation of a Sale Transaction (which consideration shall be deemed to include amounts in escrow), including, without limitation, cash, notes, securities, and other property received or to be received by the Company or any of its affiliates, creditors or security holders (including, without limitation, the holders of convertible securities, options, warrants, stock appreciation rights or similar rights, whether or not vested); deferred non-contingent payments (such as installment payments); amounts payable under above-market consulting agreements, above-market employment contracts, non-compete or severance agreements, employee benefit plans, reimbursement for taxes or similar arrangements; Contingent Payments (as defined below); and, in the case of a partnership, joint venture or similar structure, the gross value of all cash, securities, assets and other consideration contributed, invested, committed, or otherwise made available by the Company or any other parties to such partnership, joint venture or similar structure.

For the purpose of calculating the consideration received or receivable in connection with or in anticipation of a Sale Transaction, any securities (other than a promissory note) will be valued at the time of the closing of the Sale Transaction (without regard to any restrictions on transferability) as follows: (i) if such securities are traded on a stock exchange, the securities will be valued at the average last sale or closing price for the ten trading days immediately prior to the closing of the Sale Transaction; (ii) if such securities are traded primarily in over-the-counter transactions, the securities will be valued at weighted average of the mean of the closing bid and asked quotations over a ten trading day period immediately prior to the closing of the Sale Transaction with the weighting based on the number of shares actually traded each day over such ten trading day period; and (iii) if such securities have not been traded in the public market prior to the closing of the Sale Transaction, the securities will be valued at the fair market value thereof as of the day prior to the closing of the Sale Transaction, as such fair market value shall be mutually agreed by [Subscriber] and the Company acting in good faith. The value of any purchase money or other promissory notes, installment sales contracts or other deferred non-contingent consideration shall be deemed to be the face amount thereof, and shall be included as part of the Total Consideration for the purpose of determining the number of Volume Warrants issued to [Subscriber]. In the event the Transaction Value includes any Contingent Payments, the Company and [Subscriber] will negotiate in good faith to agree on the value of such Contingent Payments for the purpose of calculating that the Transaction Value and the number of Volume Warrants issued to [Subscriber]. If the parties cannot reach such an agreement, an additional number of Volume Warrants will be issued to [Subscriber], if applicable based on the Transaction Value, in the same proportions and at the same times as the Contingent Payments are paid or received. Any other non-cash consideration shall be valued at the fair market value thereof as of the day prior to the closing of the Sale Transaction, as such fair market value shall be mutually agreed by [Subscriber] and the Company acting in good faith.

Transaction Value means the total value of the Sale Transaction calculated as if 100% of the equity interests of the Company on a fully diluted basis had been sold by dividing the Total Consideration by the percentage of ownership which is sold. The Transaction Value shall include the aggregate principal amount of any debt, pension liabilities, guarantees and any other liabilities or obligations of the Company or any of its affiliates or security holders (i) retired, refinanced, restructured, redeemed, decreased, repaid or extinguished in connection with or anticipation of a Sale Transaction or (ii) assumed in an acquisition of assets or which remain outstanding at the time of closing in all other cases. If any cash or other assets of the Company and/or any of its subsidiaries or affiliates are sold or otherwise transferred to another party after the date hereof (including, without limitation, any dividends, distributions or other amounts paid to option or other security holders, amounts paid to repurchase any securities, or transaction-related bonus payments made to employees), or are retained after the consummation of the Sale Transaction, the Transaction Value will be increased to reflect the fair market value of any such assets. Any part of the Total Consideration held pursuant to an escrow account established before or in connection with the consummation of a Sale Transaction shall be deemed paid or received and not contingent. For purposes of this provision, the Transaction Value shall exclude cash or cash equivalents remaining on the Company’s financial statements at closing of a Transaction.

EX-31.1 3 sfql10q051616ex31_1.htm

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, I, John P. Campi, certify that:

I have reviewed this report on Form 10-Q of Safety Quick Lighting & Fans Corp., for the period ended March 31, 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: May 16, 2016

/s/ John P. Campi

John P. Campi

Chief Executive Officer

Principle Executive Officer

EX-31.2 4 sfql10q051616ex31_2.htm

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, I, John P. Campi certify that:

1. I have reviewed this report on Form 10-Q of Safety Quick Lighting & Fans Corp., for the period ended March 31, 2016;

2. 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;

3. 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;

4. 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

5. 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: May 16, 2016

/s/ John P. Campi

John P. Campi

Principal Financial Officer

EX-32.1 5 sfql10q051616ex32_1.htm

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 Safety Quick Lighting & Fans Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John P. Campi, 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:

(1)

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

(2)

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

/s/ John P. Campi

John P. Campi

Chief Executive Officer

and Principal Executive Officer

May 16, 2016

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 6 sfql10q051616ex32_2.htm

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 Safety Quick Lighting & Fans Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John P. Campi, principal financial 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:

(1)

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

(2)

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

/s/ John P. Campi

John P. Campi

Principal Financial Officer

May 16, 2016

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Note 1 Organization and Nature of Operations   Safety Quick Lighting & Fans Corp., a Florida corporation (the Company), was originally organized in May 2004 as a limited liability company under the name of Safety Quick Light, LLC. The Company was converted to corporation on November 6, 2012. The Company holds a number of worldwide patents, and has received a variety of final electrical code approvals, including ULListing and CSA approval (for the United States and Canadian Markets), and CE (for the European market). The Company maintains an office in Foshan, Peoples Republic of China with five staff consisting of four engineers and/or quality control inspectors/engineers.   The Company is engaged in the business of developing proprietary technology that enables a quick and safe installation of electrical fixtures, such as light fixtures and ceiling fans, by the use of a power plug installed in ceiling and wall electrical junction boxes. The Companys main technology consists of a weight bearing, fixable socket and a revolving plug for conducting electric power and supporting an electrical appliance attached to a wall or ceiling. The socket is comprised of a nonconductive body that houses conductive rings connectable to an electric power supply through terminals in its side exterior.   The plug is also comprised of a non-conductive body that houses corresponding conductive rings, attaches to the socket via a male post and is capable of feeding electric power to an appliance. The plug also includes a second structural element allowing it to revolve and a releasable latching which, when engaged, provides a retention force between the socket and the plug to prevent disengagement. The socket and plug can be detached by releasing the latch, disengaging the electric power from the plug. The socket is designed to replace the support bar incorporated in electric junction boxes, and the plug can be installed in light fixtures, ceiling fans and wall sconce fixtures.   The Company markets consumer friendly, energy saving plug-in ceiling fans and light fixtures under the General Electric (GE) brand as well as conventional ceiling lights and fans carrying the GE brand. The Company also owns 98.8% of SQL Lighting& Fans LLC (the Subsidiary). The Subsidiary was formed in Florida on April 27, 2011, and is in the business of manufacturing the patented device that the Company owns. The Subsidiary had no activity during the periods presented.   The Companys fiscal year end is December 31.

Note 2 Summary of Significant Accounting Policies   Basis of Presentation   The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) under the accrual basis of accounting.   Use of Estimates   The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.   Such estimates and assumptions impact both assets and liabilities, including but not limited to: net realizable value of accounts receivable and inventory, estimated useful lives and potential impairment of property and equipment, the valuation of intangible assets, estimate of fair value of share based payments and derivative liabilities, estimates of fair value of warrants issued and recorded as debt discount, estimates of tax liabilities and estimates of the probability and potential magnitude of contingent liabilities.   Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-conforming events. Accordingly, actual results could differ significantly from estimates.    Risks and Uncertainties   The Companys operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential risk of business failure.   The Company has experienced, and in the future expects to continue to experience, variability in its sales and earnings. The factors expected to contribute to this variability include, among others, (i) the uncertainty associated with the commercialization and ultimate success of the product, (ii) competition inherent at large national retail chains where product is expected to be sold (iii) general economic conditions and (iv) the related volatility of prices pertaining to the cost of sales.   Principles of Consolidation   The consolidated financial statements include the accounts of Safety Quick Lighting & Fans Corp and the Subsidiary, SQL Lighting & Fans LLC. All inter-company accounts and transactions have been eliminated in consolidation.   Non-controlling Interest   In May 2012, in connection with the sale of the Companys membership units in the Subsidiary, the Companys ownership percentage in the Subsidiary decreased from 98.8% to 94.35%. The Company then reacquired these membership units in June 2013, increasing the ownership percentage from 94.35% back to 98.8%. During 2014, there was no activity in the Subsidiary. Its pro rata share of the Companys 2014 and 2015 loss from operations is recognized in the financial statements.   Cash and Cash Equivalents   Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions, and all highly liquid investments with an original maturity of three months or less. The Company had $12,502 and $450,868 in money market as of March 31, 2016 and December 31, 2015, respectively.   Accounts Receivable and Allowance for Doubtful Accounts   Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts.   The Company recognizes an allowance for losses on accounts receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current receivables aging, and expected future bad debts, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible.   The Companys net balance of accounts receivable for three months ended March 31, 2016 and for the year ended December 31, 2015:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2016 (Unaudited)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </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: White"> <td style="width: 56%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt"> Accounts Receivable</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">994,822</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">234,309</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"> Allowance for Doubtful Accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"> Net Accounts Receivable</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">994,822</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">234,309</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>   All amounts are deemed collectible at March 31, 2016 and December 31, 2015 and accordingly, the Company has not incurred any bad debt expense at March 31, 2016 and March 31, 2015.   Inventory   Inventory consists of finished goods purchased, which are valued at the lower of cost or market value, with cost being determined on the first-in, first-out method. The Company periodically reviews historical sales activity to determine potentially obsolete items and also evaluates the impact of any anticipated changes in future demand.   At March 31, 2016 and December 31, 2015, the Company had $199,486 and $263,871 in inventory, respectively. The Company will maintain an allowance based on specific inventory items that have shown no activity over a 24 month period. The Company tracks inventory as it is disposed, scrapped or sold at below cost to determine whether additional items on hand should be reduced in value through an allowance method. As of March 31, 2016 and December 31, 2015, the Company has determined that no allowance is required.   Valuation of Long-lived Assets and Identifiable Intangible Assets   The Company reviews for impairment of long-lived assets and certain identifiable intangible assets whenever events or changes in circumstances indicate that the carrying amount of any asset may not be recoverable. In the event of impairment, the asset is written down to its fair market value. The Company determined no impairment adjustment was necessary for the periods presented.   Property and Equipment   Property and equipment is stated at cost, less accumulated depreciation, and is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.   Depreciation of property and equipment is provided utilizing the straight-line method over the estimated useful lives, ranging from 5-7 years of the respective assets. Expenditures for maintenance and repairs are charged to expense as incurred.   Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations.   Intangible Asset - Patent   The Company developed a patent for an installation device used in light fixtures and ceiling fans. Costs incurred for submitting the applications to the United States Patent and Trademark Office for these patents have been capitalized. Patent costs are being amortized using the straight-line method over the related 15 year lives. The Company begins amortizing patent costs once a filing receipt is received stating the patent serial number and filing date from the Patent Office.   The Company incurs certain legal and related costs in connection with patent applications. The Company capitalizes such costs to be amortized over the expected life of the patent to the extent that an economic benefit is anticipated from the resulting patent or alternative future use is available to the Company. The Company also capitalizes legal costs incurred in the defense of the Companys patents when it is believed that the future economic benefit of the patent will be maintained or increased and a successful defense is probable. Capitalized patent defense costs are amortized over the remaining expected life of the related patent. The Companys assessment of future economic benefit or a successful defense of its patents involves considerable management judgment, and an unfavorable outcome of litigation could result in a material impairment charge up to the carrying value of these assets.   GE Trademark Licensing Agreement   The Company entered into a Trademark License Agreement with General Electric on June, 2011 (the License Agreement) allowing the Company to utilize the GE trademark on products which meet the stringent manufacturing and quality requirements of General Electric (the GE Trademark License). As described further in Note 5 to these financial statements, the Company and General Electric amended the License Agreement in August 2014. As a result of that amendment, the Company is required to pay a minimum trademark licensing fee (the Royalty Obligation) to General Electric of $12,000,000. The repayment schedule is based on a percent of sales, with any unpaid balance due in November 2018. Under SFAS 142 Accounting for Certain Intangible Assets the Company has recorded the value of the Licensing Agreement and will amortize it over the life of the License Agreement, which is 60 months.    Fair Value of Financial Instruments   The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.   The following are the hierarchical levels of inputs to measure fair value:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Level 1 Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Level 3 Unobservable inputs reflecting the Companys assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.</td></tr> </table>   The carrying amounts of the Companys financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain notes payable and notes payable related party, approximate their fair values because of the short maturity of these instruments.   The Company accounts for its derivative liabilities, at fair value, on a recurring basis under Level 3. See Note 8.   Embedded Conversion Features   The Company evaluates embedded conversion features within convertible debt under ASC 815 Derivatives and Hedging to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 Debt with Conversion and Other Options for consideration of any beneficial conversion features.   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.   Beneficial Conversion Feature   For conventional convertible debt where the rate of conversion is below market value, the Company records a beneficial conversion feature (BCF) and related debt discount.   When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument (offset to additional paid in capital) and amortized to interest expense over the life of the debt.   Debt Issue Costs and Debt Discount   The Company may record debt issue costs and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid in the form of cash, or equity (such as warrants). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.   Original Issue Discount   For certain convertible debt issued, the Company may provide the debt holder with an original issue discount. The original issue discount would be recorded to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.   Extinguishments of Liabilities   The Company accounts for extinguishments of liabilities in accordance with ASC 860-10 (formerly SFAS 140) Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities. When the conditions are met for extinguishment accounting, the liabilities are derecognized and the gain or loss on the sale is recognized.   Stock Based Compensation Employees   The Company accounts for its stock based compensation in which the Company obtains employee services in share based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.   The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.   If the Company is a newly formed corporation or shares of the Company are thinly traded, the use of share prices established in the Companys most recent private placement memorandum (based on sales to third parties), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.   The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option pricing valuation model. The ranges of assumptions for inputs are as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding. Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees expected exercise and post vesting employment termination behavior into the fair value (or calculated value) of the instruments. Pursuant to paragraph 718-10-S99-1, it may be appropriate to use the simplified method, i.e., expected term = ((vesting term + original contractual term) / 2), if (i) A company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded; (ii) A company significantly changes the terms of its share option grants or the types of employees that receive share option grants such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term; or (iii) A company has or expects to have significant structural changes in its business such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Expected volatility of the entitys shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f) (2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index thati t has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted average expected dividends. The expected dividend yield is based on the Companys current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments.</td></tr> </table>   Generally, all forms of share based payments, including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on the awards grant date, based on estimated number of awards that are ultimately expected to vest.   The expense resulting from share based payments is recorded in general and administrative expense in the statements of operations.   Stock Based Compensation Non Employees   Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services   The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (Sub-topic 505-50).   Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Companys most recent private placement memorandum, or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.   The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holders expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holders expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Expected volatility of the entitys shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f) (2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatilityc alculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted average expected dividends. The expected dividend yield is based on the Companys current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; text-align: right; line-height: 107%"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; text-align: justify; line-height: 107%">Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments.</td></tr> </table>   Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, non-forfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra equity by the grantor of the equity instruments.   The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.   Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised.   Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded.   Revenue Recognition   The Company derives revenues from the sale of GE branded fans and lighting fixtures to large retailers through retail and online sales.   Revenue is recorded when all of the following have occurred: (1) persuasive evidence of an arrangement exists, (2) asset is transferred to the customer without further obligation, (3) the sales price to the customer is fixed or determinable, and (4) collectability is reasonably assured.   Cost of Sales   Cost of sales represents costs directly related to the production and third party manufacturing of the Companys products.   Product sold is typically shipped directly to the customer from the third party manufacturer; costs associated with shipping and handling is shown as a component of cost of sales.   Earnings (Loss) Per Share   Basic net earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.   The Company uses the treasury stock method to determine whether there is a dilutive effect of outstanding convertible debt, option and warrant contracts. For the three months ended March 31, 2016 and 2015, the Company reflected net loss and a dilutive net loss, and the effect of considering any common stock equivalents would have been anti-dilutive for the period. Therefore, separate computation of diluted earnings (loss) per share is not presented for the periods presented.   The Company has the following common stock equivalents at March 31, 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="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> March 31, 2016 (Unaudited)</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Convertible Debt  (Exercise price $0.25/share)</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">16,696,935</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 4%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">18,056,935</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt; line-height: 107%">Stock Warrants (Exercise price $0.001 $0.375/share)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,728,984</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%">9,728,984</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt; line-height: 107%; padding-bottom: 1pt">Stock Options (Exercise price $0.375- $1.80/share)</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="text-align: right; line-height: 107%; border-bottom: Black 1pt solid">200,000</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="text-align: right; line-height: 107%; border-bottom: Black 1pt solid">200,000</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt; line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">26,625,919</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">27,985,919</td> <td style="line-height: 107%"> </td></tr> </table>    Related Parties   The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.   Pursuant to Section 850-10-20 the related parties include (a) Affiliates of the Company; (b) Entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 8251015, to be accounted for by the equity method by the investing entity; (c) Trusts for the benefit of employees, such as pension and profit sharing trusts that are managed by or under the trusteeship of management; (d) Principal owners of the Company; (e) Management of the Company; (f) Other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.   The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a). the nature of the relationship(s) involved; (b). a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c). the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d). amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.   Contingencies   The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.   If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Companys financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.   Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. However, there is no assurance that such matters will not materially and adversely affect the Companys business, consolidated financial position, and consolidated results of operations or consolidated cash flows.   Subsequent Events   The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements are issued.   Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.   Recently Issued Accounting Pronouncements   In April 2015, the FASB issued Accounting Standards Update No. 2015-03, InterestImputation of Interest (Topic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-03. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, the Company will reclassify debt issuance costs from prepaid expenses and other current assets and other assets as a reduction to debt in the condensed consolidated balance sheets. The Company is not planning to early adopt ASU 2015-03 and does not anticipate that the adoption of ASU 2015-03will materially impact its condensed consolidated financial statements.   In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 201511, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which applies guidance on the subsequent measurement of inventory. ASU 2015-11 states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The guidance excludes inventory measured using last-in, firstout or the retail inventory method. ASU 2015-11 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is not planning to early adopt ASU 2015-11 and is currently evaluating ASU 2015-11 to determine the potential impact to its condensed consolidated financial statements and related disclosures.   Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the Companys financial position, results of operations or cash flows.

Note 3 Furniture and Equipment   Property and equipment consisted of the following at March 31, 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" style="border-bottom: black 1pt solid"> March 31, 2016 (Unaudited)</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; 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: white"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Office Equipment</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">144,931</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 4%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">136,611</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Furniture and Fixtures</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%">30,561</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%">30,561</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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%">175,492</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%">167,172</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; 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%">(46,064</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%">(39,651</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Property and Equipment - net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">129,428</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">127,521</td> <td style="line-height: 107%"> </td></tr> </table>

Note 4 Intangible Assets   Intangible assets (patents) consisted of the following at March 31, 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" style="border-bottom: black 1pt solid"> March 31, 2016 (Unaudited)</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; 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: white"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Patents</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">110,387</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 4%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">103,792</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less: Impairment Charges</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: white"> <td style="padding-left: 5.4pt; line-height: 107%">Less: Accumulated Amortization</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%">(22,395</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%">(20,618</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Patents - net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">87,992</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">83,174</td> <td style="line-height: 107%"> </td></tr> </table>   Amortization expense associated with patents amounted to $1,777 for the three months ended March 31, 2016 and $1,015 for the three months ended March 31, 2015.   At March 31, 2016, future amortization of intangible assets was as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">Year Ending December 31</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 43%; text-align: center; line-height: 107%">2016</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 10%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 43%; text-align: right; line-height: 107%">5,496</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">7,359</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">7,359</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2019</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">7,359</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2020</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">7,359</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2021 and Thereafter</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">53,040</td> <td style="vertical-align: bottom; 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="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">87,992</td> <td style="line-height: 107%"> </td></tr> </table>   Actual amortization expense in future periods could differ from these estimates as a result of future acquisitions, divestitures, impairments and other factors.

Note 5 GE Trademark License Agreement   The Company entered into an amended License Agreement with General Electric regarding the trademarking of its products. The License Agreement is amortized through its expiration in November 2018.    <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" style="border-bottom: black 1pt solid"> March 31, 2016 (Unaudited)</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">GE Trademark License</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">12,000,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 4%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">12,000,000</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Less: Impairment Charges</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="padding-left: 5.4pt; line-height: 107%">Less: Accumulated Amortization</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%">(5,484,950</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%">(4,876,254</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Patents net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,515,050</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">7,123,746</td> <td style="line-height: 107%"> </td></tr> </table>   Amortization expense associated with the GE Trademark Licenses amounted to $608,896 and $602,006 for the three months ended March 31, 2016 and 2015, respectively.   At March 31, 2016, future amortization of intangible assets is as follows for the remaining:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td colspan="7" style="line-height: 107%; text-indent: 70pt">Year Ending December 31</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 43%; text-align: center; line-height: 107%">2016</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 10%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 43%; text-align: right; line-height: 107%">1,839,465</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">2,441,472</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">2,234,113</td> <td style="vertical-align: bottom; 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="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,515,050</td> <td style="line-height: 107%"> </td></tr> </table>

Note 6 Note Payable to Bank   At March 31, 2016 and December 31, 2015 the Company had a note payable to a bank in the amount of $274,672 and $301,744, respectively. The note, dated May 2007, is due in monthly payments of $10,000 and carries interest at 4.75%. The note is secured by the assets of the Company and personal guarantees by a shareholder and an officer of the Company, and is due August 2018.   Principal payments due under the terms of this note are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="7" style="line-height: 107%; text-indent: 60pt">Principal Due in Next 12 months</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 43%; text-align: center; line-height: 107%">2016</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 10%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 43%; text-align: right; line-height: 107%">109,252</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">114,555</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">39,410</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2019</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">11,455</td> <td style="vertical-align: bottom; 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="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">274,672</td> <td style="line-height: 107%"> </td></tr> </table>

Note 9 Debt Discount   The Company recorded the debt discount to the extent of the gross proceeds raised, and expensed immediately the remaining fair value of the derivative liability, as it exceeded the gross proceeds of the note.   Accumulated amortization of derivative discount amounted to $4,205,443 as of March 31, 2016 and $4,153,611 for the year ended December 31, 2015.   The Company recorded a change in the value of embedded derivative liabilities income/ (expense) of ($1,996,836) and $462,174 for the three ended March 31, 2016 and 2015, respectively. Note 10 Debt Issue Costs    <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">March 31, 2016</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">December 31, 2015</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">(Unaudited)</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">(Audited)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 59%; padding-left: 5.4pt; line-height: 107%">Debt Issuance Costs</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="width: 11%; border-bottom: black 1pt solid; text-align: right; line-height: 107%">316,797</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 3%; line-height: 107%"> </td> <td style="width: 5%; border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="width: 11%; border-bottom: black 1pt solid; text-align: right; line-height: 107%">316,797</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">316,797</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">316,797</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less: Accumulated Amortization</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(310,761</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(302,192</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Debt Issuance Costs- net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,036</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">14,605</td> <td style="line-height: 107%"> </td></tr> </table>   The Company recorded amortization expense of $8,569 and $38,612 for the three months ended March 31, 2016 and 2015, respectively.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="7" style="text-decoration: underline; line-height: 107%; text-align: center">Remaining in the following years ended December 31,</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="width: 61%; line-height: 107%">2016</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 20%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,036</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> </table>   Note 11 GE Royalty Obligation   In 2011, the Company executed a Trademark Licensing Agreement with General Electric, which allows the Company the right to market certain ceiling light and fan fixtures displaying the GE brand. The License Agreement imposes certain manufacturing and quality control conditions that the Company must maintain in order to continue to use the GE brand.   The License Agreement is non-transferable and cannot be sub-licensed. Various termination clauses are applicable, however, none were applicable as of March 31, 2016 and December 31, 2015.   In August 2014, the Company entered into a second amendment to the License Agreement pertaining to its royalty obligations. Under the terms of the amendment, the Company agreed to pay a total of $12,000,000 by November 2018 for the rights assigned in the original contract. In case the Company does not pay GE a total of at least $12,000,000 in cumulative royalties over the term of the License Agreement, the difference between $12,000,000 and the amount of royalties actually paid to GE is owed in December 2018.   Payments are due quarterly based upon the prior quarters sales. The Company made payments of $92,913 and $75,130, for the three months ended March 31, 2016 and 2015, respectively.   The License Agreement obligation will be paid from sales of GE branded product subject to the following repayment schedule:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"></td> <td style="line-height: 107%">Net Sales in Contract Year</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">Percentage of the Contract Year Net Sales owed to GE</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="width: 43%; line-height: 107%">$0 - $50,000,000</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 3%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 50%; text-align: right; line-height: 107%">7</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%">$50,000,001 - $100,000,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">6</td> <td style="vertical-align: bottom; line-height: 107%">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%">$100,000,001+</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">5</td> <td style="vertical-align: bottom; line-height: 107%">%</td></tr> </table>   The Company has limited operating history and does not have the ability to estimate the sales of GE branded product, the liability is classified as long-term. As sales are recognized, the Company will estimate the portion it expects to pay in the current year and classify as current.

Note 13 Commitments   (A) Operating Lease   In January 2014, the Company executed a 39 month lease for a corporate headquarters. The Company paid a security deposit of $27,020.   In October, 2014, the Company executed a 53 month lease for a new corporate headquarters with a base rent of $97,266 escalating annually through 2019. The Company paid a security deposit of $1,914.   In October, 2014, the Company entered into a sublease agreement to sublease its previous office space through March 2017. In connection with the sublease, the Company collected $34,981as a security deposit.   The minimum rent obligations are approximately as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">Minimum</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">Sublease</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">Net</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Year</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Obligation</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Rentals</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Obligation</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 20%; text-align: center; line-height: 107%">2016</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 5%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 19%; text-align: right; line-height: 107%">54,876</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 5%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 19%; text-align: right; line-height: 107%">43,398</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 5%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 19%; text-align: right; line-height: 107%">11,478</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">46,568</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">22,263</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">24,305</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">25,154</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">25,154</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2019</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">8,615</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">8,615</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">Total</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">135,213</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">65,661</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">69,552</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> </table>   (B)  Employment Agreement Chief Executive Officer   In November 2014, the Company entered into an employment agreement with its new Chief Executive Officer. In addition to salary, the agreement provided for the issuance of 750,000 restricted shares to him, vesting as follows: 250,000 after the first 6 months of employment and 500,000 additional shares at December 31, 2015. Under terms of the agreement the executive would receive additional compensation in the form of stock options to purchase shares of Company stock equal to one half of one percent (0.5%) of quarterly net income. The strike price of the options will be established at the time of the grant. The options will vest in twelve months and expire after sixty months. In addition to the stock options compensation, the executive will receive cash compensation equal to one half of one percent (0.5%) of annual sales up to $20 million and one quarter of one percent (0.25%) for annual sales $20 million and 3% of annual net income. For the three months ended March 31, 2016 and 2015, the Executive earned $8,740 and $7,096, respectively, under this agreement. No stock or options have been issued.   (C) Consulting Agreement   The Company has a 3 year consulting agreement with a director which expires in November 2016, and carries an annual payment of $150,000 cash, stock or 5 year options equal to one half of one percent (0.5%) of the Companys annual net sales. For the three months ended March 31, 2016 and 2015, the Executive earned $8,740 and $7,096, respectively, under this agreement. No stock or options have been issued.   (D) Advances from Related Party   A shareholder of the Company provided a 120 non-interest bearing advance of $500,000 during the three months ended March 31, 2016. The amount was to be repaid through subsequent equity offerings.

Note 14 Going Concern   As reflected in the accompanying financial statements, the Company had net income of $387,060 and net cash used in operations of $(1,053,901) for the three months ended March 31, 2016; and a working capital deficit and stockholders deficit of $(31,787,382) at March 31, 2016. These factors raise substantial doubt about the Companys ability to continue as a going concern.   The ability of the Company to continue its operations is dependent on managements plans, which include the raising of capital through debt and/or equity markets with some additional funding from other traditional financing sources, including convertible debt and/or other term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur liabilities with certain related parties to sustain the Companys existence.   The Company may require additional funding to finance the growth of its current and expected future operations as well as to achieve its strategic objectives. The Companys currently available cash along with anticipated revenues may not be sufficient to meet its cash needs for the near future. There can be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all.   The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Basis of Presentation   The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) under the accrual basis of accounting.

Use of Estimates   The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.   Such estimates and assumptions impact both assets and liabilities, including but not limited to: net realizable value of accounts receivable and inventory, estimated useful lives and potential impairment of property and equipment, the valuation of intangible assets, estimate of fair value of share based payments and derivative liabilities, estimates of fair value of warrants issued and recorded as debt discount, estimates of tax liabilities and estimates of the probability and potential magnitude of contingent liabilities.   Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-conforming events. Accordingly, actual results could differ significantly from estimates.

Risks and Uncertainties   The Companys operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential risk of business failure.   The Company has experienced, and in the future expects to continue to experience, variability in its sales and earnings. The factors expected to contribute to this variability include, among others, (i) the uncertainty associated with the commercialization and ultimate success of the product, (ii) competition inherent at large national retail chains where product is expected to be sold (iii) general economic conditions and (iv) the related volatility of prices pertaining to the cost of sales.

Principles of Consolidation   The consolidated financial statements include the accounts of Safety Quick Lighting & Fans Corp and the Subsidiary, SQL Lighting & Fans LLC. All inter-company accounts and transactions have been eliminated in consolidation.

Non-controlling Interest   In May 2012, in connection with the sale of the Companys membership units in the Subsidiary, the Companys ownership percentage in the Subsidiary decreased from 98.8% to 94.35%. The Company then reacquired these membership units in June 2013, increasing the ownership percentage from 94.35% back to 98.8%. During 2014, there was no activity in the Subsidiary. Its pro rata share of the Companys 2014 and 2015 loss from operations is recognized in the financial statements.

Cash and Cash Equivalents   Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions, and all highly liquid investments with an original maturity of three months or less. The Company had $12,502 and $450,868 in money market as of March 31, 2016 and December 31, 2015, respectively.

Valuation of Long-lived Assets and Identifiable Intangible Assets   The Company reviews for impairment of long-lived assets and certain identifiable intangible assets whenever events or changes in circumstances indicate that the carrying amount of any asset may not be recoverable. In the event of impairment, the asset is written down to its fair market value. The Company determined no impairment adjustment was necessary for the periods presented.

Property and Equipment   Property and equipment is stated at cost, less accumulated depreciation, and is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.   Depreciation of property and equipment is provided utilizing the straight-line method over the estimated useful lives, ranging from 5-7 years of the respective assets. Expenditures for maintenance and repairs are charged to expense as incurred.   Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations.

Intangible Asset - Patent   The Company developed a patent for an installation device used in light fixtures and ceiling fans. Costs incurred for submitting the applications to the United States Patent and Trademark Office for these patents have been capitalized. Patent costs are being amortized using the straight-line method over the related 15 year lives. The Company begins amortizing patent costs once a filing receipt is received stating the patent serial number and filing date from the Patent Office.   The Company incurs certain legal and related costs in connection with patent applications. The Company capitalizes such costs to be amortized over the expected life of the patent to the extent that an economic benefit is anticipated from the resulting patent or alternative future use is available to the Company. The Company also capitalizes legal costs incurred in the defense of the Companys patents when it is believed that the future economic benefit of the patent will be maintained or increased and a successful defense is probable. Capitalized patent defense costs are amortized over the remaining expected life of the related patent. The Companys assessment of future economic benefit or a successful defense of its patents involves considerable management judgment, and an unfavorable outcome of litigation could result in a material impairment charge up to the carrying value of these assets.

GE Trademark Licensing Agreement   The Company entered into a Trademark License Agreement with General Electric on June, 2011 (the License Agreement) allowing the Company to utilize the GE trademark on products which meet the stringent manufacturing and quality requirements of General Electric (the GE Trademark License). As described further in Note 5 to these financial statements, the Company and General Electric amended the License Agreement in August 2014. As a result of that amendment, the Company is required to pay a minimum trademark licensing fee (the Royalty Obligation) to General Electric of $12,000,000. The repayment schedule is based on a percent of sales, with any unpaid balance due in November 2018. Under SFAS 142 Accounting for Certain Intangible Assets the Company has recorded the value of the Licensing Agreement and will amortize it over the life of the License Agreement, which is 60 months.

Fair Value of Financial Instruments   The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.   The following are the hierarchical levels of inputs to measure fair value:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Level 1 Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Level 3 Unobservable inputs reflecting the Companys assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.</td></tr> </table>   The carrying amounts of the Companys financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain notes payable and notes payable related party, approximate their fair values because of the short maturity of these instruments.   The Company accounts for its derivative liabilities, at fair value, on a recurring basis under Level 3. See Note 8.

Embedded Conversion Features   The Company evaluates embedded conversion features within convertible debt under ASC 815 Derivatives and Hedging to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 Debt with Conversion and Other Options for consideration of any beneficial conversion features.

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.

Beneficial Conversion Feature   For conventional convertible debt where the rate of conversion is below market value, the Company records a beneficial conversion feature (BCF) and related debt discount.   When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument (offset to additional paid in capital) and amortized to interest expense over the life of the debt.

Debt Issue Costs and Debt Discount   The Company may record debt issue costs and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid in the form of cash, or equity (such as warrants). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.

Original Issue Discount   For certain convertible debt issued, the Company may provide the debt holder with an original issue discount. The original issue discount would be recorded to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.

Extinguishments of Liabilities   The Company accounts for extinguishments of liabilities in accordance with ASC 860-10 (formerly SFAS 140) Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities. When the conditions are met for extinguishment accounting, the liabilities are derecognized and the gain or loss on the sale is recognized.

Stock Based Compensation Employees   The Company accounts for its stock based compensation in which the Company obtains employee services in share based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.   The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.   If the Company is a newly formed corporation or shares of the Company are thinly traded, the use of share prices established in the Companys most recent private placement memorandum (based on sales to third parties), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.   The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option pricing valuation model. The ranges of assumptions for inputs are as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding. Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees expected exercise and post vesting employment termination behavior into the fair value (or calculated value) of the instruments. Pursuant to paragraph 718-10-S99-1, it may be appropriate to use the simplified method, i.e., expected term = ((vesting term + original contractual term) / 2), if (i) A company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded; (ii) A company significantly changes the terms of its share option grants or the types of employees that receive share option grants such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term; or (iii) A company has or expects to have significant structural changes in its business such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Expected volatility of the entitys shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f) (2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index thati t has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted average expected dividends. The expected dividend yield is based on the Companys current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments.</td></tr> </table>   Generally, all forms of share based payments, including stock option grants, warrants and restricted stock grants and stock appreciation rights are measured at their fair value on the awards grant date, based on estimated number of awards that are ultimately expected to vest.   The expense resulting from share based payments is recorded in general and administrative expense in the statements of operations.

Stock Based Compensation Non Employees   Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services   The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (Sub-topic 505-50).   Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Companys most recent private placement memorandum, or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.   The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holders expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holders expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Expected volatility of the entitys shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f) (2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatilityc alculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted average expected dividends. The expected dividend yield is based on the Companys current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"></td> <td style="width: 10px"> </td> <td style="padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments.</td></tr> </table>   Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, non-forfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra equity by the grantor of the equity instruments.   The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.   Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised.   Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded.

Revenue Recognition   The Company derives revenues from the sale of GE branded fans and lighting fixtures to large retailers through retail and online sales.   Revenue is recorded when all of the following have occurred: (1) persuasive evidence of an arrangement exists, (2) asset is transferred to the customer without further obligation, (3) the sales price to the customer is fixed or determinable, and (4) collectability is reasonably assured.

Cost of Sales   Cost of sales represents costs directly related to the production and third party manufacturing of the Companys products.   Product sold is typically shipped directly to the customer from the third party manufacturer; costs associated with shipping and handling is shown as a component of cost of sales.

Related Parties   The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.   Pursuant to Section 850-10-20 the related parties include (a) Affiliates of the Company; (b) Entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 8251015, to be accounted for by the equity method by the investing entity; (c) Trusts for the benefit of employees, such as pension and profit sharing trusts that are managed by or under the trusteeship of management; (d) Principal owners of the Company; (e) Management of the Company; (f) Other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.   The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a). the nature of the relationship(s) involved; (b). a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c). the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d). amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

Contingencies   The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.   If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Companys financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.   Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. However, there is no assurance that such matters will not materially and adversely affect the Companys business, consolidated financial position, and consolidated results of operations or consolidated cash flows.

Subsequent Events   The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements are issued.   Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td colspan="7" style="line-height: 107%; text-indent: 60pt">Year Ending December 31</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 43%; text-align: center; line-height: 107%">2016</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 10%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 43%; text-align: right; line-height: 107%">1,839,465</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">2,441,472</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">2,234,113</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,515,050</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 style="vertical-align: bottom"> <td colspan="7" style="line-height: 107%; text-indent: 60pt">Principal Due in Next 12 months</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 43%; text-align: center; line-height: 107%">2016</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 10%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">$</td> <td style="vertical-align: bottom; width: 43%; text-align: right; line-height: 107%">109,252</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2017</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">114,555</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2018</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">39,410</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; text-align: center; line-height: 107%">2019</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">11,455</td> <td style="vertical-align: bottom; 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="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">274,672</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 style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> March 31, 2016 Unaudited</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%"> Fair value at the commitment date - convertible debt</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">4,892,234</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 3%; line-height: 107%"> </td> <td style="width: 6%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">4,892,234</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> Fair value at the commitment date - warrants</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">677,214</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%">677,214</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> Reclassification of derivative liabilities to additional paid in capital related to warrants exercised that ceased being a  derivative liability</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(404,382</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%">(404,382</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Extinguishment of Derivative Liability - Conversion of Interest to Shares</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(209,604</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%">(209,604</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> Fair value mark to market adjustment - stock options</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">105,624 </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%">108,548</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> Fair value mark to market adjustment - convertible debt</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">16,676,856</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%">18,661,058</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> Fair value mark to market adjustment - warrants</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%">423,032</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%">432,770</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> Totals</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">22,160,974</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">24,157,838</td> <td style="line-height: 107%"> </td></tr></table>

Net Sales in Contract Year Percentage of the Contract Year Net Sales owed to GE <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="width: 43%; line-height: 107%">$0 - $50,000,000</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 10%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 43%; text-align: right; line-height: 107%">7</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%">$50,000,001 - $100,000,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">6</td> <td style="vertical-align: bottom; line-height: 107%">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%">$100,000,001+</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">5</td> <td style="vertical-align: bottom; line-height: 107%">%</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="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Transaction Type</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="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Quantity</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Valuation</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Range of Value per Share</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">2015 Equity Transactions</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> <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: white"> <td style="padding-left: 5.4pt; 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> <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: 44%; padding-left: 5.4pt; line-height: 107%">Common stock issued per Waiver and Conversion Agreement</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 10%; text-align: right; line-height: 107%">(1</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">1,718,585</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">429,646</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">0.25</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common stock issued per Employment Agreement of CEO</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(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%">750,000</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%">173,688</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%">0.25</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common stock issued per Stock Rights Offering</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(3</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%">3,782,666</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%">2,210,032</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%">0.60</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common stock issued per Stock Rights Offering</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(4</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%">500,000</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%">500,000</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%">1.00</td> <td style="line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">December 31 2015</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,751,251</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">3,313,366</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.25-1.00</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">2016 Equity Transactions</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> <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: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common Stock issued Board of Directors Compensation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(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%">62,000</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%">42,000</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%">0.60-1.00</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common stock issued pursuant to the Notes or Agreements to Convert</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(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%">790,092</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%">197,523</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%">0.25</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common Stock offering</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(7</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%">300,000</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%">300,000</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%">1.00</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </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%"> </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%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">March 31, 2016</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,152,092</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">539,523</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.25-1.00</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> </table>   The following is a more detailed description of the Companys stock issuance from the table above:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; padding-bottom: 0.15pt; line-height: 107%">(1)</td> <td style="padding-right: 0.65pt; padding-bottom: 0.15pt; text-align: justify; line-height: 107%">Agreement and Waiver and Agreement to Convert</td></tr> </table>   The Company issued 1,718,585 shares at $0.25 per share, representing $429,646 in penalties and interest, in connection with the Agreement and Waiver and the Agreement to Convert. For a complete description of the Agreement and Waiver and the Agreement to Convert, see Note 7 above.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(2)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued to Chief Executive Officer</td></tr> </table>   In November 2014, the Company entered into an Employment Agreement with its current Chief Executive Officer, which provided for stock based compensation equal to 750,000 of restricted shares, of which 250,000 shares vested in May 2015 and 500,000 shares vested in December 2015. These shares were issued at $0.25 per share and were issued subsequent to December 31, 2015.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(3)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued in Connection with Stock Offering</td></tr> </table>   In May 2015, the Company offered to existing shareholders a maximum of 6,666,667 shares of common stock at an issuance cost of $0.60 per share for a total of $4,000,000 (the May Stock Offering). The May Stock Offering concluded on November 15, 2015 the Company will issue 3,782,666 shares in connection with three closings.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(4)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued in Connection with Stock Offering</td></tr> </table>   In November 2015, the Company offered to new and existing shareholders a maximum of 2,000,000 shares of common stock at an issuance cost of $1 per share for a total of $2,000,000 (the November Stock Offering). On December 24, 2015, the Company closed subscriptions for 500,000 shares of common stock pursuant to the November Stock Offering, and on January 4, 2016, the stock certificates representing those shares were issued.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; padding-bottom: 0.15pt; line-height: 107%">(5)</td> <td style="padding-right: 0.65pt; padding-bottom: 0.15pt; text-align: justify; line-height: 107%">Shares Issued in Board of Directors Compensation</td></tr> </table>   The Company added a new Director in November 2015. The Company issued the Director 50,000 shares of Common Stock at $.60 per share as compensation in February 2016. In addition, this Director agreed to serve as the Companys Audit Committee Chair, and received 12,000 shares of Common Stock at $1.00 per share as compensation for these additional responsibilities.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(6)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued in Connection with the Notes or Agreements to Convert</td></tr> </table>   In connection with the Agreement and Waiver and Agreement to Convert, in February 2016, the Company issued an additional 624,606 shares of its common stock as payment for Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages, representing payment to Investors of $156,152.   In February 2016, the Company issued 165,486 shares of its common stock upon full conversion of a Note by a 2013 Investor. In total, $229,998 was paid to Investors in February 2016 in cash or shares of common stock.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(7)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued in Connection with Offering</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 colspan="3" style="text-align: justify; 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="text-align: center; line-height: 107%">Weighted Average</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">Remaining Contractual Life</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">Intrinsic</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Exercise Price</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">(In Years)</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Value</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 20%; line-height: 107%">Balance- December 31, 2014</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 16%; text-align: right; line-height: 107%">200,000</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 16%; text-align: right; line-height: 107%">0.375</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; line-height: 107%">3.67</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Exercised</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Granted</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Forfeited/Cancelled</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Balance- December 31, 2015</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">200,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.375</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2.42</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Exercised</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Granted</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">1,150,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">0.835</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">1.30</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Forfeited/Cancelled</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Balance- March 31, 2016</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,350,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.835</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.30</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </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; background-color: #CCEEFF"> <td style="width: 71%; line-height: 107%">Exercise price</td> <td style="width: 10%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 17%; text-align: right; line-height: 107%">0.375</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expected dividends</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Expected volatility</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">150</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Risk free interest rate</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.76</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Expected term</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5 years</td> <td style="line-height: 107%"> </td></tr> </table>

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387060

Accounts Receivable and Allowance for Doubtful Accounts   Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts.   The Company recognizes an allowance for losses on accounts receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current receivables aging, and expected future bad debts, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible.   The Companys net balance of accounts receivable for three months ended March 31, 2016 and for the year ended December 31, 2015:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2016 (Unaudited)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </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: White"> <td style="width: 56%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt"> Accounts Receivable</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">994,822</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">234,309</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"> Allowance for Doubtful Accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"> Net Accounts Receivable</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">994,822</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">234,309</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>   All amounts are deemed collectible at March 31, 2016 and December 31, 2015 and accordingly, the Company has not incurred any bad debt expense at March 31, 2016 and March 31, 2015.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2016 (Unaudited)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </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: White"> <td style="width: 56%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt"> Accounts Receivable</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">994,822</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">234,309</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"> Allowance for Doubtful Accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"> Net Accounts Receivable</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">994,822</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">234,309</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

Earnings (Loss) Per Share   Basic net earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.   The Company uses the treasury stock method to determine whether there is a dilutive effect of outstanding convertible debt, option and warrant contracts. For the three months ended March 31, 2016 and 2015, the Company reflected net loss and a dilutive net loss, and the effect of considering any common stock equivalents would have been anti-dilutive for the period. Therefore, separate computation of diluted earnings (loss) per share is not presented for the periods presented.   The Company has the following common stock equivalents at March 31, 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="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> March 31, 2016 (Unaudited)</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Convertible Debt  (Exercise price $0.25/share)</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">16,696,935</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 4%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">18,056,935</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt; line-height: 107%">Stock Warrants (Exercise price $0.001 $0.375/share)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,728,984</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%">9,728,984</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt; line-height: 107%; padding-bottom: 1pt">Stock Options (Exercise price $0.375- $1.80/share)</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="text-align: right; line-height: 107%; border-bottom: Black 1pt solid">200,000</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="text-align: right; line-height: 107%; border-bottom: Black 1pt solid">200,000</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt; line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">26,625,919</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">27,985,919</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 style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> March 31, 2016 (Unaudited)</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Convertible Debt  (Exercise price $0.25/share)</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">16,696,935</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 4%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">18,056,935</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt; line-height: 107%">Stock Warrants (Exercise price $0.001 $0.375/share)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,728,984</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%">9,728,984</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt; line-height: 107%; padding-bottom: 1pt">Stock Options (Exercise price $0.375- $1.80/share)</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="text-align: right; line-height: 107%; border-bottom: Black 1pt solid">200,000</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="line-height: 107%; padding-bottom: 1pt"> </td> <td style="text-align: right; line-height: 107%; border-bottom: Black 1pt solid">200,000</td> <td style="line-height: 107%; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt; line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">26,625,919</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">27,985,919</td> <td style="line-height: 107%"> </td></tr> </table>

Recently Issued Accounting Pronouncements   In April 2015, the FASB issued Accounting Standards Update No. 2015-03, InterestImputation of Interest (Topic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by ASU 2015-03. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption, the Company will reclassify debt issuance costs from prepaid expenses and other current assets and other assets as a reduction to debt in the condensed consolidated balance sheets. The Company is not planning to early adopt ASU 2015-03 and does not anticipate that the adoption of ASU 2015-03will materially impact its condensed consolidated financial statements.   In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 201511, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which applies guidance on the subsequent measurement of inventory. ASU 2015-11 states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The guidance excludes inventory measured using last-in, firstout or the retail inventory method. ASU 2015-11 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is not planning to early adopt ASU 2015-11 and is currently evaluating ASU 2015-11 to determine the potential impact to its condensed consolidated financial statements and related disclosures.   Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the Companys financial position, results of operations or cash flows.

<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" style="border-bottom: black 1pt solid"> March 31, 2016 (Unaudited)</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2015 (Audited) </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: center; 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: white"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Office Equipment</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">144,931</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 4%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">136,611</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Furniture and Fixtures</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%">30,561</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%">30,561</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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%">175,492</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%">167,172</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; 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%">(46,064</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%">(39,651</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Property and Equipment - net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">129,428</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">127,521</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 style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Third Party</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Related Party</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Totals</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; padding-left: 5.4pt; line-height: 107%"> Balance December 31, 2014</td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">1,911,995</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">26,999</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: 11%; text-align: right; line-height: 107%">1,938,994</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Add: Amortization of Debt Discount</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%">2,077,955</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%">23,001</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%">2,100,956</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Balance December 31, 2015</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,989,950</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%">4,039,950</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Add: Amortization of Debt Discount</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">276,952</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%">276,952</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less Repayments</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%">(340,000</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%">  </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%">(340,000</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Balance March 31, 2016 (unaudited)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,926,902</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%">3,976,902</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less Current portion</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%">(3,926,902</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%">(50,000</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%">(3,976,902</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Long-Term Convertible Debt</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td></tr> </table>

-209604 -209604

423032

432770

16676856

18661058

105624

108548

22160974

24157838

Inventory   Inventory consists of finished goods purchased, which are valued at the lower of cost or market value, with cost being determined on the first-in, first-out method. The Company periodically reviews historical sales activity to determine potentially obsolete items and also evaluates the impact of any anticipated changes in future demand.   At March 31, 2016 and December 31, 2015, the Company had $199,486 and $263,871 in inventory, respectively. The Company will maintain an allowance based on specific inventory items that have shown no activity over a 24 month period. The Company tracks inventory as it is disposed, scrapped or sold at below cost to determine whether additional items on hand should be reduced in value through an allowance method. As of March 31, 2016 and December 31, 2015, the Company has determined that no allowance is required.

Note 7 Convertible Debt - Net   The Company has recorded derivative liabilities associated with convertible debt instruments, as more fully discussed at Note 8.   <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" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Third Party</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Related Party</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Totals</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; padding-left: 5.4pt; line-height: 107%"> Balance December 31, 2014</td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">1,911,995</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">26,999</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: 11%; text-align: right; line-height: 107%">1,938,994</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Add: Amortization of Debt Discount</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%">2,077,955</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%">23,001</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%">2,100,956</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Balance December 31, 2015</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,989,950</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%">4,039,950</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Add: Amortization of Debt Discount</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">276,952</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%">276,952</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less Repayments</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%">(340,000</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%">  </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%">(340,000</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Balance March 31, 2016 (unaudited)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,926,902</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%">3,976,902</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less Current portion</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%">(3,926,902</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%">(50,000</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%">(3,976,902</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Long-Term Convertible Debt</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">  </td> <td style="line-height: 107%"> </td></tr> </table>   In connection with the May 8, 2014 and June 25, 2014 closings of the Notes Offering (defined below), the Company issued 5,390,100 detachable warrants. The notes and warrants were treated as derivative liabilities.   On November 26, 2013, May 8, 2014 and June 25, 2014 the Company completed closings in connection with its offering (the Notes Offering) of its 12% Secured Convertible Promissory Notes (the 12% Notes) in the aggregate principal amount of $4,240,100 and/or its 15% Secured Convertible Promissory Notes in the aggregate principal amount of $30,000 (the 15% Notes, and together with the 12% Notes, each a Note and collectively, the Notes), as applicable, with certain accredited investors (the Investors), as defined under Regulation D, Rule 501 of the Securities Act. The entire aggregate principal amount of the Notes of $4,270,100 was outstanding as of December 31, 2015, such amount being exclusive of securities converted into the Notes separate from the Notes Offering. Pursuant to the Notes Offering, the Company received $1,752,803, $1,400,000 and $800,500 in net proceeds on November 26, 2013, May 8, 2014 and June 25, 2014, respectively.   In addition to the terms customarily included in such instruments, the Notes began accruing interest on the date that each Investor submitted the principal balance of such Investors Note, with the interest thereon becoming due and payable on the one year anniversary, and quarterly thereafter. Upon a default of the Notes, the interest rate will increase by 2% for each 30 day period until cured. The principal balance of each Note and all unpaid interest became or will become due and payable twenty-four (24) months after the date of issuance. The Notes may be prepaid with or without a penalty depending on the date of the prepayment. The principal and interest under the Notes are convertible into shares of the Companys common stock at $0.25 per share and are secured by a first priority lien (subject only to an existing note with Signature Bank of Georgia on the Companys intellectual property and all substitutes, replacements and proceeds of such intellectual property) pursuant to the terms of a Security Purchase Agreement, dated as of November 26, 2013, May 8, 2014 and June 25, 2014, as applicable, by and between the Company and each Investor.   Pursuant to the Notes Offering, each Investor also received five (5) year common stock warrants to purchase the Companys common stock at $0.375 per share (each a Warrant and collectively, the Warrants). Investors of the 12% Notes received Warrants with 25% coverage based on a pre-determined valuation of the Company. Investors of the 15% Notes received Warrants with 15% coverage based on the pre-determined valuation of the Company. Investors with a principal investment amount equal to or greater than $250,000 received Warrants with a bonus 40% coverage (Bonus Coverage); however, if an Investor previously invested $250,000 or more in the Notes Offering, such Investor received Bonus Coverage if such Investor subsequently invested $100,000 or more in the Notes Offering. In addition to the terms customarily included in such instruments, the Warrants may be exercised by the Investors by providing to the Company a notice of exercise, payment and surrender of the Warrant.   In connection with the Notes Offering, the Company entered into Registration Rights Agreements, each dated as of November 26, 2013, May 8, 2014 and June 25, 2014, and each by and between the Company and each of the Investors (collectively, the Registration Rights Agreements), whereby the Company agreed to prepare and file a registration statement with the SEC within sixty (60) days after execution of the applicable Registration Rights Agreement and to have the registration statement declared effective by the SEC within ninety (90) days thereafter.   Because the Company was unable to file a registration statement pursuant to the terms of each Registration Rights Agreements dated as of November 26, 2013 or May 8, 2014, the Company was in default under such Registration Rights Agreements (the Filing Default Damages). Pursuant to the Registration Rights Agreement, the Filing Default Damages mandate that the Company shall pay to the Investors, for each thirty (30) day period of such failure and until the filing date of the registration statement and/or the common stock may be sold pursuant to Rule 144, an amount in cash, as partial liquidated damages and not as a penalty, equal to 2% percent of the aggregate gross proceeds paid by the Investors for the Notes. If the Company fails to pay any partial liquidated damages in full within five (5) days of the date payable, which is the Note maturity date, the Company shall pay interest thereon at a rate of 18% per annum until such amounts, plus all such interest thereon, are paid in full.   In addition, because the Company was unable to have a registration statement declared effective pursuant to the terms of the Registration Rights Agreements dated as of November 26, 2013, the Company was in default under such Registration Rights Agreements (the Effectiveness Default Damages). Pursuant to the Registration Rights Agreement, the Effectiveness Default Damages mandated that the interest rate due under the Note corresponding to such Registration Rights Agreement will increase 2% above the then effective interest rate of such Note, and shall continue to increase by 2% every 30 days until a registration statement is declared effective. The Companys registration statement covering its common stock, into which the Notes may be converted, was first filed on August 1, 2014, and was declared effective by the SEC on October 22, 2014. The Filing Default Damages stopped accruing on the date such registration statement was filed, and the Effectiveness Default Damages stopped accruing on the date it was declared effective.   On December 11, 2014, the Company sent a letter to the Investors holding Notes dated November 26, 2013 (the 2013 Investors) concerning the first interest payment that was scheduled to be paid pursuant to the Notes dated November 26, 2013 on the one year anniversary of the date that each 2013 Investor submitted payment for their Note (the First Interest Payments). The Company invited the 2013 Investors to convert the First Interest Payments into shares of the Companys common stock to further this purpose. The Company also asked each 2013 Investor to execute an Agreement and Waiver (the Agreement and Waiver), which granted the Company a grace period, deferring the Companys obligation to make payment of the First Interest Payment and interest that was due under the Note through November 26, 2014 (the Interest Due) until February 24, 2015 (the Extension), during which time such deferment would not be considered an Event of Default under the 2013 Investors Note. In return for granting the Extension, the Company offered to capitalize the Interest Due at a rate of 12% (the Additional Interest), which was convertible into shares of the Companys common stock at the conversion price of $0.25 per share as of February 24, 2014, unless the 2013 Investor requested to receive the Additional Interest in cash 15 days prior to the end of the Extension.   On January 23, 2015, the Company sent a letter agreement to the Investors holding Notes dated November 26, 2013 and May 8, 2014, which constituted all Investors with Filing Default Damages or Effectiveness Default Damages due to them pursuant to the Registration Rights Agreements dated as of November 26, 2013 or May 8, 2014 (the Agreement to Convert). The Company invited the Investors, as applicable, to elect to convert the Interest Due and/or the Filing Default Damages and Effectiveness Default Damages into shares of the Companys common stock at a price of $0.25 per share, and asked each Investor, as applicable, to make such election by acknowledging and returning the Agreement to Convert to the Company. In connection with the Agreement and Waiver and Agreement to Convert, the Company issued 1,718,585 shares of its common stock representing $429,646 in Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages during the year ended December 31, 2015. The total accrued unpaid Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages as of December 31, 2015 amounted to $410,633.   In February 2016, the Company issued an additional 624,606 shares of its common stock as payment for Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages, representing payment to Investors of $156,152. Through March 31, 2016, the Company has issued in total 2,343,191 shares of its common stock representing $585,798 in Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages in connection with the Agreement and Waiver and Agreement to Convert.   During 2015, five Investors requested that the Company withhold payments of interest due under their Notes and allow the interest to accumulate without penalty, so that such Investors could convert said interest upon maturity of their Note.   In November 2015, the Company invited the 2013 Investors, with respect to outstanding principal and interest due under their respective Notes, to (i) receive payment in cash, (ii) convert their Notes into shares of the Companys common stock, or (iii) forbear an election for three months, or until February 26, 2016, pursuant to a forbearance agreement, during such time interest under their respective Notes would continue to accrue. In February 2016, the Company invited the November 2013 Investors to extend their forbearance period to make an election to convert or redeem their Notes for an additional three months, or until May 26, 2016, under the same terms as the first forbearance agreements. All but five of the November 2013 Investors elected to forbear for the additional period.   In February 2016, the Company issued 165,486 shares of its common stock upon full conversion of a Note by a 2013 Investor. In total, $229,998 was paid to Investors in February 2016 in cash or shares of common stock. Also in February 2016, the Company paid $250,000 in principal of Notes, plus unpaid interest.   (B)  Terms of Debt   The debt carries interest between 12% and 15%, and was or is due in November 2015 (as extended to May 2016 pursuant to certain forbearance agreements), May 2016 and June 2016.   All Notes and Warrants issued in connection with the Notes Offering are convertible at $0.25 and $0.375/share, respectively, subject to the existence of a ratchet feature, which allows for a lower offering price if the Company offers shares to the public at a lower price.   (C) Future Commitments   At March 31, 2016, the Company has outstanding convertible debt of $3,926,902, which is payable within the next twelve months.

Note 8 Derivative Liabilities   The Company identified conversion features embedded within convertible debt and warrants issued in 2013 and 2014. The Company has determined that the features associated with the embedded conversion option, in the form a ratchet provision, 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.   As a result of the application of ASC No. 815, the fair value of the ratchet feature related to convertible debt and warrants is summarized as follow:   The fair value at the commitment and re-measurement dates for the Companys derivative liabilities were based upon the following management assumptions as March 31, 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="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> March 31, 2016 Unaudited</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2015 (Audited)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%"> Fair value at the commitment date - convertible debt</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 18%; text-align: right; line-height: 107%">4,892,234</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 18%; text-align: right; line-height: 107%">4,892,234</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> Fair value at the commitment date - warrants</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">677,214</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%">677,214</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> Reclassification of derivative liabilities to additional paid in capital related to warrants exercised that ceased being a  derivative liability</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(404,382</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%">(404,382</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Extinguishment of Derivative Liability - Conversion of Interest to Shares</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(209,604</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%">(209,604</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> Fair value mark to market adjustment - stock options</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">105,624</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%">108,548</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> Fair value mark to market adjustment - convertible debt</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">16,676,856</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%">18,661,058</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> Fair value mark to market adjustment - warrants</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%">423,032</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%">432,770</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> Totals</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">22,160,974</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">24,157,838</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 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%">Commitment Date</td> <td style="line-height: 107%"></td> <td colspan="3" style="text-align: center; line-height: 107%">Re-measurement Date</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; padding-left: 5.4pt; line-height: 107%"> Expected dividends</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 15%; text-align: right; line-height: 107%">0</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 15%; text-align: right; line-height: 107%">0</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> Expected volatility</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">150</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%">150</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> Expected term</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2 5 years</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%">0.00 3.24 years</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> Risk free interest rate</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.29% 1.68</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%">0.21% 1.21%</td> <td style="line-height: 107%">%</td></tr> </table>

Note 12 Stockholders Deficit   (A) Common Stock   For the three months ended March 31, 2016 and year ended December, 31 2015, the Company issued the following common stock:    <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Transaction Type</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="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Quantity</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Valuation</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Range of Value per Share</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">2015 Equity Transactions</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> <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: white"> <td style="padding-left: 5.4pt; 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> <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: 44%; padding-left: 5.4pt; line-height: 107%">Common stock issued per Waiver and Conversion Agreement</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 10%; text-align: right; line-height: 107%">(1</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">1,718,585</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">429,646</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 10%; text-align: right; line-height: 107%">0.25</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common stock issued per Employment Agreement of CEO</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(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%">750,000</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%">173,688</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%">0.25</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common stock issued per Stock Rights Offering</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(3</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%">3,782,666</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%">2,210,032</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%">0.60</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common stock issued per Stock Rights Offering</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(4</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%">500,000</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%">500,000</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%">1.00</td> <td style="line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">December 31 2015</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,751,251</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">3,313,366</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.25-1.00</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">2016 Equity Transactions</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> <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: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common Stock issued Board of Directors Compensation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(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%">62,000</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%">42,000</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%">0.60-1.00</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common stock issued pursuant to the Notes or Agreements to Convert</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(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%">790,092</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%">197,523</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%">0.25</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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> <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="padding-left: 5.4pt; line-height: 107%">Common Stock offering</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(7</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%">300,000</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%">300,000</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%">1.00</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; 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="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </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%"> </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%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">March 31, 2016</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,152,092</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">539,523</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.25-1.00</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> </table>   The following is a more detailed description of the Companys stock issuance from the table above:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; padding-bottom: 0.15pt; line-height: 107%">(1)</td> <td style="padding-right: 0.65pt; padding-bottom: 0.15pt; text-align: justify; line-height: 107%">Agreement and Waiver and Agreement to Convert</td></tr> </table>   The Company issued 1,718,585 shares at $0.25 per share, representing $429,646 in penalties and interest, in connection with the Agreement and Waiver and the Agreement to Convert. For a complete description of the Agreement and Waiver and the Agreement to Convert, see Note 7 above.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(2)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued to Chief Executive Officer</td></tr> </table>   In November 2014, the Company entered into an Employment Agreement with its current Chief Executive Officer, which provided for stock based compensation equal to 750,000 of restricted shares, of which 250,000 shares vested in May 2015 and 500,000 shares vested in December 2015. These shares were issued at $0.25 per share and were issued subsequent to December 31, 2015.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(3)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued in Connection with Stock Offering</td></tr> </table>   In May 2015, the Company offered to existing shareholders a maximum of 6,666,667 shares of common stock at an issuance cost of $0.60 per share for a total of $4,000,000 (the May Stock Offering). The May Stock Offering concluded on November 15, 2015 the Company will issue 3,782,666 shares in connection with three closings.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(4)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued in Connection with Stock Offering</td></tr> </table>   In November 2015, the Company offered to new and existing shareholders a maximum of 2,000,000 shares of common stock at an issuance cost of $1.00 per share for a total of $2,000,000 (the November Stock Offering). On December 24, 2015, the Company closed subscriptions for 500,000 shares of common stock pursuant to the November Stock Offering, and on January 4, 2016, the stock certificates representing those shares were issued.     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; padding-bottom: 0.15pt; line-height: 107%">(5)</td> <td style="padding-right: 0.65pt; padding-bottom: 0.15pt; text-align: justify; line-height: 107%">Shares Issued in Board of Directors Compensation</td></tr> </table>   The Company added a new Director in November 2015. The Company issued the Director 50,000 shares of Common Stock at $.60 per share as compensation in February 2016. In addition, this Director agreed to serve as the Companys Audit Committee Chair, and received 12,000 shares of Common Stock at $1.00 per share as compensation for these additional responsibilities.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(6)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued in Connection with the Notes or Agreements to Convert</td></tr> </table>   In connection with the Agreement and Waiver and Agreement to Convert, in February 2016, the Company issued an additional 624,606 shares of its common stock as payment for Additional Interest, Interest Due, Filing Default Damages and Effectiveness Default Damages, representing payment to Investors of $156,152.   In February 2016, the Company issued 165,486 shares of its common stock upon full conversion of a Note by a 2013 Investor. In total, $229,998 was paid to Investors in February 2016 in cash or shares of common stock.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 29px; line-height: 107%">(7)</td> <td style="padding-right: 0.65pt; text-align: justify; line-height: 107%">Shares Issued in Connection with Offering</td></tr> </table>   On February 19, 2016, the Company completed a second closing of the November Stock Offering representing aggregate gross proceeds to the Company of $300,000, and thereafter issued 300,000 shares of its common stock.   (B) Stock Options   The following is a summary of the Companys stock option activity:   <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: justify; 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="text-align: center; line-height: 107%">Weighted Average</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">Remaining Contractual Life</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%">Intrinsic</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Options</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Exercise Price</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">(In Years)</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Value</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 20%; line-height: 107%">Balance- December 31, 2014</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 16%; text-align: right; line-height: 107%">200,000</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 16%; text-align: right; line-height: 107%">0.375</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; line-height: 107%">3.67</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Exercised</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Granted</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Forfeited/Cancelled</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Balance- December 31, 2015</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">200,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.375</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2.42</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Exercised</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Granted</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">1,150,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">0.835</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">1.30</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Forfeited/Cancelled</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Balance- March 31, 2016</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,350,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.835</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.30</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> </table>     During 2016 the Company issued 150,000 vested options at $0.60 to a member of the Board of Directors in connection with his appointment to the Board of Directors and to Chairman of its Audit Committee, which cannot be exercised until a majority of shareholders approve the Companys 2015 Stock Incentive Plan.   During 2016, the Company issued 500,000 options to an employee, which cannot be exercised until a majority of shareholders approve the Companys 2015 Stock Incentive Plan. The options vest as follows: 200,000 at $0.60 immediately, 150,000 options at $1.20 on November 15, 2016, and 150,000 options at $1.80 on November 15, 2017.   During 2016, the Company issued 500,000 options to an advisor, which cannot be exercised until a majority of shareholders approve the Companys 2015 Stock Incentive Plan. The options vest as follows: 300,000 at $0.60 immediately and 200,000 options on November 15, 2016 at $0.60.   (C) Stock Warrants   All warrants issued during the year ended December 31, 2014 were accounted for as derivative liabilities, as the warrants contained a ratchet feature. See Note 8. No warrants were issued subsequent to 2014.   As part of the Notes Offering, during 2014, the Company issued 5,390,100 warrants to purchase shares of the Company's common stock with an exercise price of $0.375 per share. The warrants expire 5 years from issuance on various dates during 2019. Of the total warrants to purchase shares of the Company's common stock granted, 4,740,100 were granted to third parties, while 650,000 were granted to related parties, consisting of the Companys former Chief Executive Officer.   The Black-Scholes assumptions used in the computation of derivative expense for year ended December 31, 2015 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; line-height: 107%">Exercise price</td> <td style="width: 10%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 17%; text-align: right; line-height: 107%">0.375</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expected dividends</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Expected volatility</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">150</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Risk free interest rate</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.76</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Expected term</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5 years</td> <td style="line-height: 107%"> </td></tr> </table>   The following is a summary of the Companys warrant activity:    <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="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Number of Warrants</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Weighted Average Exercise Price</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Weighted Average Remaining Contractual Life (in Years)</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%"> </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="background-color: white"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: top; width: 20%; line-height: 107%">Balance, December 31, 2014</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 5%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 19%; text-align: right; line-height: 107%">9,728,984</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 5%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 19%; text-align: right; line-height: 107%">0.375</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 5%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 19%; text-align: right; line-height: 107%">3.9</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Exercised</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Cancelled/Forfeited</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Balance, December 31, 2015</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">9,728,984</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.375</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">3.2</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Exercised</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td 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; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Cancelled/Forfeited</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%">  </td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: top; line-height: 107%">Balance, March 31, 2016 </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">9,728,984</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.375</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2.7</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> </table>     (D) 2015 Stock Incentive Plan   On April 27, 2015, the Board approved the Companys 2015 Stock Incentive Plan (the Incentive Plan). Under the Incentive Plan, the Board has the sole authority to implement, interpret, and/or administer the Incentive Plan unless the Board delegates (i) all or any portion of its authority to implement, interpret, and/or administer the Incentive Plan to a committee of the Board, or (ii) the authority to grant and administer awards under the Incentive Plan to an officer of the Company. The Incentive Plan relates to the issuance of up to 5,000,000 shares of the Companys common stock, subject to adjustment, and shall be effective for ten (10) years, unless earlier terminated. Certain options to be granted to employees under the Incentive Plan are intended to qualify as Incentive Stock Options (ISOs) pursuant to Section 422 of the Internal Revenue Code of 1986, as amended, while other options granted under the Incentive Plan will be nonqualified options not intended to qualify as Incentive Stock Options ISOs (Nonqualified Options), either or both as provided in the agreements evidencing the options described.   The Incentive Plan further provides that awards granted under the Incentive Plan cannot be exercised until a majority of the Companys shareholders have approved the Incentive Plan. As of March 31, 2016, a majority of the Companys shareholders had not yet approved the Incentive Plan.   The full terms of the Companys Incentive Plan are described in Part II, Item 5 of the Companys Annual Report on Form 10K for the period ended December 31, 2015.

Note 15 Subsequent Events On  November  15,  2015,  the  Board  authorized  the  Company  to  grant  certain  securities  under  the  Incentive  Plan,  in  the aggregate  amount  of  up  to  3,810,000  options  to  purchase  shares  of  our  common  stock,  vesting  in  part  immediately  and entirely over the next two years, and up to 75,000 shares of our common stock, vesting immediately.  As of May 12, 2016, the Company has entered into option award agreements with three grantees, consisting of up to 1,150,000 options to purchase shares of our common stock, of which options to purchase up to 650,000 shares of common stock vest immediately, options to purchase up to 350,000 shares of common stock will vest on November 15, 2016 and options to purchase up to 150,000 shares of common stock will vest on November 15, 2017. Also as of May 12, 2016, the Company has entered into a stock award agreements to issue 25,000 shares of its common stock, vesting immediately, which remains outstanding. The exercise of such awards is contingent upon attainment of majority shareholder approval of the Incentive Plan.   On April 4, 2016, the Company entered into a securities subscription agreement with an accredited investor, pursuant to which the Company sold 2,000,000 shares of our common stock at a purchase price of $2.50 per share, along with a one-year common stock purchase warrant to purchase up to 1,666,667 shares of our common stock at an exercise price of $3.00 per share, resulting in aggregate gross proceeds to the Company of $5,000,000.   On May 10, 2016, the Company entered into a securities subscription agreement with an accredited investor, pursuant to which the Company sold 675,000 shares of its common stock at a purchase price of $2.60 per share, a three year warrant to purchase up to 1,350,000 shares of our common stock at an exercise price ranging between $3.00 and $3.50 per share (depending on the date of exercise), and a right to subsequently receive volume warrants to purchase up to 1,350,000 shares of its common stock at $3.00 per share the, which will become issuable upon (a) the Company meeting specified thresholds based on the Company generating earnings before interest, taxes, depreciation and amortization (EBITDA) ranging from $26.9 million to $76.9 million in a fiscal year during the warrant term, (b) completion of a private placement of a minimum of $15,000,000 at pre-money valuation thresholds ranging from $350,000,000 to $1,000,000,000, or (c) the sale of at least fifty percent (50%) of its assets at pre-money valuation thresholds ranging from $350,000,000 to $1,000,000,000.    In May 2016, the Company paid $500,000 in principal of Notes, plus unpaid interest.

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"></td> <td style="line-height: 107%">Net Sales in Contract Year</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">Percentage of the Contract Year Net Sales owed to GE</td> <td style="vertical-align: bottom; line-height: 107%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="width: 43%; line-height: 107%">$0 - $50,000,000</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 1%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 3%; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 50%; text-align: right; line-height: 107%">7</td> <td style="vertical-align: bottom; width: 1%; line-height: 107%">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%">$50,000,001 - $100,000,000</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">6</td> <td style="vertical-align: bottom; line-height: 107%">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="line-height: 107%">$100,000,001+</td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; line-height: 107%"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 107%">5</td> <td style="vertical-align: bottom; line-height: 107%">%</td></tr> </table>

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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets: Cash Accounts recievable Inventory Prepaid expenses Other current assets Total current assets Furniture and Equipment - net Other assets: Patent - net Debt issue costs - net GE trademark license - net Other assets Total other assets Total assets Liabilities and Stockholders (Deficit) Liabilities Current liabilities: Accounts payable & accrued expenses Convertible debt - net of debt discount $197,331 and $474,283 at March 31, 2016 and December 31, 2015 respectively Convertible debt - related parties - net of discount $0 and $0 at March 31, 2016 and December 31, 2015 respectively Notes payable-current portion Advances from related party Derivative liabilities Other current liabilities Total current liabilities Long term liabilities: Convertible debt Notes payable GE royalty obligation Total long term liabilities Total liabilities Stockholders' deficit: Common stock: $0 par value, 500,000,000 shares authorized; 43,653,343 and 41,501,251 shares issued and outstanding at March 31, 2016 and December 31, 2015 respectively Common stock to be issued Additional paid-in capital Accumulated deficit Total Stockholders' deficit Noncontrolling interest Total Deficit Total liabilities and stockholders' deficit Common Stock Par Value Common Stock Authorized Common Stock Issued Common Stock Outstanding Convertible Debt, Currrent, Debt Discount Convertible Debt, Current, Related Party, Debt Discount Income Statement [Abstract] Sales Cost of sales Gross profit General and administrative expenses Loss from operations Other income (expense) Interest expense Change in fair value of embedded derivative liabilities Total other income (expense) - net Net income (loss) including noncontrolling interest Less: net loss attributable to noncontrolling interest Net income (loss) attributable to Safety Quick Lighting & Fans Corp. Net income (loss) per share - basic and diluted Weighted average number of common shares outstanding during the year - basic and diluted Statement of Cash Flows [Abstract] Cash flows from operating activities: Net loss attributable to Safety Quick Lighting & Fans Corp. Net loss attributable to noncontrolling interest Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense Amortization of debt issue costs Amortization of debt discount Amortization of patent Amortization of GE trademark license Change in fair value of derivative liabilities Stock issued for services - related party Change in operating assets and liabilities: Accounts receivable Prepaid expenses Inventory Royalty payable Other Accounts payable & accrued expenses Net cash used in operating activities Cash flows from investing activities: Purchase of property & equipment Payment of patent costs Net cash used in investing activities Cash flows from financing activities: Repayments of convertible notes Proceeds from related party advance Stock issued in exchange for interest Stock issued in exchange for principal Repayments of notes payable Proceeds from issuance of stock Net cash provided by financing activities (Decrease) Increase cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplementary disclosure of cash flow information Cash paid during the year for: Interest Organization, Consolidation and Presentation of Financial Statements [Abstract] 1. Organization and Nature of Operations Accounting Policies [Abstract] 2. Summary of Significant Accounting Policies Property, Plant and Equipment [Abstract] 3. Furniture and Equipment Goodwill and Intangible Assets Disclosure [Abstract] 4. Intangible Assets Notes to Financial Statements 5. GE Trademark License Debt Disclosure [Abstract] 6. Note Payable to Bank Convertible Debt - Net Convertible Debt - Net 8. Derivative Liabilities 9. Debt Discount 10. Debt Issue Costs 11. GE Royalty Obligation Equity [Abstract] 12. Stockholders Deficit Commitments and Contingencies Disclosure [Abstract] 13. Commitments 14. Going Concern Subsequent Events [Abstract] 15. Subsequent Events Basis of Presentation Use of Estimates Risks and Uncertainties Principles of Consolidation Non-Controlling Interest Cash and Cash Equivalents Accounts Receivable and Allowance for Doubtful Accounts Inventory Valuation of Long-Lived Assets and Identifiable Intangible Assets Property and Equipment Intangible Asset - Patent GE Trademark Licensing Agreement Fair Value of Financial Instruments EX-101.PRE 12 safe-20160331_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May. 12, 2016
Document And Entity Information
Entity Registrant Name	Safety Quick Lighting & Fans Corp.
Entity Central Index Key	0001598981
Document Type	10-Q
Document Period End Date	Mar. 31, 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?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		45,653,343
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2016

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Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash	$ 12,502	$ 450,868
Accounts recievable	994,822	234,309
Inventory	199,486	263,871
Prepaid expenses	43,810	35,770
Other current assets	210	210
Total current assets	1,250,830	985,028
Furniture and Equipment - net	129,428	127,521
Other assets:
Patent - net	87,992	83,174
Debt issue costs - net	6,036	14,605
GE trademark license - net	6,515,050	7,123,746
Other assets	65,714	65,714
Total other assets	6,674,792	7,287,239
Total assets	8,055,050	8,399,788
Current liabilities:
Accounts payable & accrued expenses	1,242,051	807,798
Convertible debt - net of debt discount $197,331 and $474,283 at March 31, 2016 and December 31, 2015 respectively	3,926,902	3,989,950
Convertible debt - related parties - net of discount $0 and $0 at March 31, 2016 and December 31, 2015 respectively	50,000	50,000
Notes payable-current portion	109,252	107,944
Advances from related party	500,000	0
Derivative liabilities	22,160,974	24,157,838
Other current liabilities	43,718	46,010
Total current liabilities	$ 28,032,897	$ 29,159,540
Long term liabilities:
Convertible debt
Notes payable	$ 165,420	$ 193,800
GE royalty obligation	11,679,557	11,795,855
Total long term liabilities	11,844,977	11,989,655
Total liabilities	39,877,874	41,149,195
Stockholders' deficit:
Common stock: $0 par value, 500,000,000 shares authorized; 43,653,343 and 41,501,251 shares issued and outstanding at March 31, 2016 and December 31, 2015 respectively	$ 4,056,601	2,892,078
Common stock to be issued		625,000
Additional paid-in capital	$ 6,472,427	6,472,427
Accumulated deficit	(42,316,410)	(42,703,470)
Total Stockholders' deficit	(31,787,382)	(32,713,965)
Noncontrolling interest	(35,442)	(35,442)
Total Deficit	(31,822,824)	(32,749,407)
Total liabilities and stockholders' deficit	$ 8,055,050	$ 8,399,788

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Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common Stock Par Value	$ 0	$ 0
Common Stock Authorized	500,000,000	500,000,000
Common Stock Issued	43,653,343	41,501,251
Common Stock Outstanding	43,653,343	41,501,251
Convertible Debt, Currrent, Debt Discount	$ 197,331	$ 474,283
Convertible Debt, Current, Related Party, Debt Discount	$ 0	$ 0

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Statements of Operations - USD ($)	3 Months Ended
Statements of Operations - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Sales	$ 1,748,061	$ 1,419,217
Cost of sales	(1,564,045)	(1,239,728)
Gross profit	184,016	179,489
General and administrative expenses	(1,427,779)	(1,247,373)
Loss from operations	(1,243,763)	(1,067,884)
Other income (expense)
Interest expense	(366,040)	(748,522)
Change in fair value of embedded derivative liabilities	1,996,863	462,174
Total other income (expense) - net	1,630,823	(286,348)
Net income (loss) including noncontrolling interest	$ 387,060	(1,354,230)
Less: net loss attributable to noncontrolling interest		(2)
Net income (loss) attributable to Safety Quick Lighting & Fans Corp.	$ 387,060	$ (1,354,230)
Net income (loss) per share - basic and diluted	$ .01	$ (0.04)
Weighted average number of common shares outstanding during the year - basic and diluted	35,946,332	33,887,925

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Statements of Cash Flows - USD ($)	3 Months Ended
Statements of Cash Flows - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss attributable to Safety Quick Lighting & Fans Corp.	$ 387,060	$ (1,354,230)
Net loss attributable to noncontrolling interest		(2)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	$ 6,413	5,404
Amortization of debt issue costs	8,569	38,612
Amortization of debt discount	276,951	536,402
Amortization of patent	1,777	1,015
Amortization of GE trademark license	608,696	602,006
Change in fair value of derivative liabilities	(1,996,863)	$ (462,174)
Stock issued for services - related party	42,000
Change in operating assets and liabilities:
Accounts receivable	(760,513)	$ (1,419,217)
Prepaid expenses	(8,041)	$ 13,729
Inventory	64,385
Royalty payable	(116,298)	$ (75,130)
Other	(2,292)	(5,334)
Accounts payable & accrued expenses	434,255	694,943
Net cash used in operating activities	(1,053,901)	(1,423,976)
Cash flows from investing activities:
Purchase of property & equipment	(8,320)	(1,490)
Payment of patent costs	(6,595)	(5,956)
Net cash used in investing activities	(14,915)	(7,446)
Cash flows from financing activities:
Repayments of convertible notes	(340,000)	0
Proceeds from related party advance	500,000	0
Stock issued in exchange for interest	157,523	$ 400,311
Stock issued in exchange for principal	40,000
Repayments of notes payable	(27,073)	$ (25,682)
Proceeds from issuance of stock	300,000
Net cash provided by financing activities	630,450	$ 374,629
(Decrease) Increase cash and cash equivalents	(438,366)	(1,056,793)
Cash and cash equivalents at beginning of year	450,868	1,241,487
Cash and cash equivalents at end of year	12,502	184,694
Cash paid during the year for:
Interest	$ 121,232	$ 4,964

XML 18 R6.htm IDEA: XBRL DOCUMENT

1. Organization and Nature of Operations

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. Organization and Nature of Operations

Note 1 Organization and Nature of Operations

The Company markets consumer friendly, energy saving “plug-in” ceiling fans and light fixtures under the General Electric

(“GE”) brand as well as “conventional” ceiling lights and fans carrying the GE brand. The Company also owns 98.8% of SQL Lighting& Fans LLC (the “Subsidiary”). The Subsidiary was formed in Florida on April 27, 2011, and is in the business of manufacturing the patented device that the Company owns. The Subsidiary had no activity during the periods presented.

The Company’s fiscal year end is December 31.

XML 19 R7.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

2. Summary of Significant Accounting Policies

Note 2 Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Risks and Uncertainties

The Company’s operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential risk of business failure.

Principles of Consolidation

Non-controlling Interest

Cash and Cash Equivalents

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s net balance of accounts receivable for three months ended March 31, 2016 and for the year ended December 31, 2015:

	March 31, 2016 (Unaudited)		December 31, 2015 (Audited)

Accounts Receivable	$	994,822	$	234,309
Allowance for Doubtful Accounts		—		—
Net Accounts Receivable	$	994,822	$	234,309

All amounts are deemed collectible at March 31, 2016 and December 31, 2015 and accordingly, the Company has not incurred any bad debt expense at March 31, 2016 and March 31, 2015.

Inventory

At March 31, 2016 and December 31, 2015, the Company had $199,486 and $263,871 in inventory, respectively. The Company will maintain an allowance based on specific inventory items that have shown no activity over a 24 month period. The Company tracks inventory as it is disposed, scrapped or sold at below cost to determine whether additional items on hand should be reduced in value through an allowance method. As of March 31, 2016 and December 31, 2015, the Company has determined that no allowance is required.

Valuation of Long-lived Assets and Identifiable Intangible Assets

Property and Equipment

Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations.

Intangible Asset - Patent

GE Trademark Licensing Agreement

Fair Value of Financial Instruments

The following are the hierarchical levels of inputs to measure fair value:

•

Level 1 – Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.

•

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under Level 3. See Note 8.

Embedded Conversion Features

Derivative Financial Instruments

Beneficial Conversion Feature

For conventional convertible debt where the rate of conversion is below market value, the Company records a “beneficial conversion feature” (“BCF”) and related debt discount.

Debt Issue Costs and Debt Discount

Original Issue Discount

Extinguishments of Liabilities

Stock Based Compensation – Employees

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option pricing valuation model. The ranges of assumptions for inputs are as follows:

•

The expense resulting from share based payments is recorded in general and administrative expense in the statements of operations.

Stock Based Compensation – Non Employees

Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows:

•

Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f) (2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatilityc alculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

•

Revenue Recognition

The Company derives revenues from the sale of GE branded fans and lighting fixtures to large retailers through retail and online sales.

Cost of Sales

Cost of sales represents costs directly related to the production and third party manufacturing of the Company’s products.

Product sold is typically shipped directly to the customer from the third party manufacturer; costs associated with shipping and handling is shown as a component of cost of sales.

Earnings (Loss) Per Share

The Company has the following common stock equivalents at March 31, 2016 and December 31, 2015:

	March 31, 2016 (Unaudited)		December 31, 2015 (Audited)
Convertible Debt (Exercise price $0.25/share)		16,696,935		18,056,935
Stock Warrants (Exercise price $0.001 $0.375/share)		9,728,984		9,728,984
Stock Options (Exercise price $0.375- $1.80/share)		200,000		200,000
Total		26,625,919		27,985,919

Related Parties

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

Contingencies

Subsequent Events

Recently Issued Accounting Pronouncements

XML 20 R8.htm IDEA: XBRL DOCUMENT

3. Furniture and Equipment

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

3. Furniture and Equipment

Note 3 Furniture and Equipment

Property and equipment consisted of the following at March 31, 2016 and December 31, 2015:

	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)

Office Equipment	$	144,931		$	136,611
Furniture and Fixtures		30,561			30,561
Total		175,492			167,172
Less: Accumulated Depreciation		(46,064	)		(39,651	)
Property and Equipment - net	$	129,428		$	127,521

XML 21 R9.htm IDEA: XBRL DOCUMENT

4. Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

4. Intangible Assets

Note 4 Intangible Assets

Intangible assets (patents) consisted of the following at March 31, 2016 and December 31, 2015:

	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)

Patents	$	110,387		$	103,792
Less: Impairment Charges		—			—
Less: Accumulated Amortization		(22,395	)		(20,618	)
Patents - net	$	87,992		$	83,174

Amortization expense associated with patents amounted to $1,777 for the three months ended March 31, 2016 and $1,015 for the three months ended March 31, 2015.

At March 31, 2016, future amortization of intangible assets was as follows:

Year Ending December 31
2016	$	5,496
2017		7,359
2018		7,359
2019		7,359
2020		7,359
2021 and Thereafter		53,040
	$	87,992

Actual amortization expense in future periods could differ from these estimates as a result of future acquisitions, divestitures, impairments and other factors.

XML 22 R10.htm IDEA: XBRL DOCUMENT

5. GE Trademark License

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

5. GE Trademark License

Note 5 GE Trademark License Agreement

The Company entered into an amended License Agreement with General Electric regarding the trademarking of its products. The License Agreement is amortized through its expiration in November 2018.

	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)
GE Trademark License	$	12,000,000		$	12,000,000
Less: Impairment Charges		—			—
Less: Accumulated Amortization		(5,484,950	)		(4,876,254	)
Patents – net	$	6,515,050		$	7,123,746

Amortization expense associated with the GE Trademark Licenses amounted to $608,896 and $602,006 for the three months ended March 31, 2016 and 2015, respectively.

At March 31, 2016, future amortization of intangible assets is as follows for the remaining:

XML 23 R11.htm IDEA: XBRL DOCUMENT

6. Note Payable to Bank

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

6. Note Payable to Bank

Note 6 Note Payable to Bank

Principal payments due under the terms of this note are as follows:

XML 24 R12.htm IDEA: XBRL DOCUMENT

7. Convertible Debt - Net

3 Months Ended

Mar. 31, 2016

Convertible Debt - Net

Convertible Debt - Net

Note 7 Convertible Debt - Net

The Company has recorded derivative liabilities associated with convertible debt instruments, as more fully discussed at Note 8.

	Third Party			Related Party			Totals
Balance December 31, 2014	$	1,911,995		$	26,999		$	1,938,994
Add: Amortization of Debt Discount		2,077,955			23,001			2,100,956
Balance December 31, 2015		3,989,950			50,000			4,039,950
Add: Amortization of Debt Discount		276,952			—			276,952
Less Repayments		(340,000	)		—			(340,000	)
Balance March 31, 2016 (unaudited)		3,926,902			50,000			3,976,902
Less Current portion		(3,926,902	)		(50,000	)		(3,976,902	)
Long-Term Convertible Debt	$	—		$	—		$	—

In addition, because the Company was unable to have a registration statement declared effective pursuant to the terms of the Registration Rights Agreements dated as of November 26, 2013, the Company was in default under such Registration Rights Agreements (the “Effectiveness Default Damages”). Pursuant to the Registration Rights Agreement, the Effectiveness Default Damages mandated that the interest rate due under the Note corresponding to such Registration Rights Agreement will increase 2% above the then effective interest rate of such Note, and shall continue to increase by 2% every 30 days until a registration statement is declared effective. The Company’s registration statement covering its common stock, into which the Notes may be converted, was first filed on August 1, 2014, and was declared effective by the SEC on October 22, 2014. The Filing Default Damages stopped accruing on the date such registration statement was filed, and the Effectiveness Default Damages stopped accruing on the date it was declared effective.

(B) Terms of Debt

The debt carries interest between 12% and 15%, and was or is due in November 2015 (as extended to May 2016 pursuant to certain forbearance agreements), May 2016 and June 2016.

(C) Future Commitments

At March 31, 2016, the Company has outstanding convertible debt of $3,926,902, which is payable within the next twelve months.

XML 25 R13.htm IDEA: XBRL DOCUMENT

8. Derivative Liabilities

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

8. Derivative Liabilities

Note 8 Derivative Liabilities

As a result of the application of ASC No. 815, the fair value of the ratchet feature related to convertible debt and warrants is summarized as follow:

The fair value at the commitment and re-measurement dates for the Company’s derivative liabilities were based upon the following management assumptions as March 31, 2016:

	March 31, 2016 Unaudited			December 31, 2015 (Audited)
Fair value at the commitment date - convertible debt	$	4,892,234		$	4,892,234
Fair value at the commitment date - warrants		677,214			677,214
Reclassification of derivative liabilities to additional paid in capital related to warrants exercised that ceased being a derivative liability		(404,382	)		(404,382	)
Extinguishment of Derivative Liability - Conversion of Interest to Shares		(209,604	)		(209,604	)
Fair value mark to market adjustment - stock options		105,624			108,548
Fair value mark to market adjustment - convertible debt		16,676,856			18,661,058
Fair value mark to market adjustment - warrants		423,032			432,770
Totals	$	22,160,974		$	24,157,838

	Commitment Date			Re-measurement Date
Expected dividends		0	%		0	%
Expected volatility		150	%		150	%
Expected term		2 5 years			0.00 – 3.24 years
Risk free interest rate		0.29% 1.68	%		0.21% 1.21%	%

XML 26 R14.htm IDEA: XBRL DOCUMENT

9. Debt Discount

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

9. Debt Discount

Note 9 Debt Discount

Accumulated amortization of derivative discount amounted to $4,205,443 as of March 31, 2016 and $4,153,611 for the year ended December 31, 2015.

The Company recorded a change in the value of embedded derivative liabilities income/ (expense) of ($1,996,836) and $462,174 for the three ended March 31, 2016 and 2015, respectively.

XML 27 R15.htm IDEA: XBRL DOCUMENT

10. Debt Issue Costs

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

10. Debt Issue Costs

Note 10 Debt Issue Costs

	March 31, 2016			December 31, 2015
	(Unaudited)			(Audited)
Debt Issuance Costs	$	316,797		$	316,797
Total		316,797			316,797
Less: Accumulated Amortization		(310,761	)		(302,192	)
Debt Issuance Costs- net	$	6,036		$	14,605

The Company recorded amortization expense of $8,569 and $38,612 for the three months ended March 31, 2016 and 2015, respectively.

Remaining in the following years ended December 31,
	2016			$	6,036

XML 28 R16.htm IDEA: XBRL DOCUMENT

11. GE Royalty Obligation

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

11. GE Royalty Obligation

Note 11 GE Royalty Obligation

The License Agreement is non-transferable and cannot be sub-licensed. Various termination clauses are applicable, however, none were applicable as of March 31, 2016 and December 31, 2015.

Payments are due quarterly based upon the prior quarters’ sales. The Company made payments of $92,913 and $75,130, for the three months ended March 31, 2016 and 2015, respectively.

The License Agreement obligation will be paid from sales of GE branded product subject to the following repayment schedule:

XML 29 R17.htm IDEA: XBRL DOCUMENT

12. Stockholders Deficit

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

12. Stockholders Deficit

Note 12 Stockholders Deficit

(A) Common Stock

For the three months ended March 31, 2016 and year ended December, 31 2015, the Company issued the following common stock:

Transaction Type			Quantity		Valuation		Range of Value per Share
2015 Equity Transactions

Common stock issued per Waiver and Conversion Agreement	(1	)	$	1,718,585	$	429,646	$	0.25

Common stock issued per Employment Agreement of CEO	(2	)		750,000		173,688		0.25

Common stock issued per Stock Rights Offering	(3	)		3,782,666		2,210,032		0.60

Common stock issued per Stock Rights Offering	(4	)		500,000		500,000		1.00
December 31 2015			$	6,751,251	$	3,313,366	$	0.25-1.00
2016 Equity Transactions

Common Stock issued Board of Directors Compensation	(5	)		62,000		42,000		0.60-1.00

Common stock issued pursuant to the Notes or Agreements to Convert	(6	)		790,092		197,523		0.25

Common Stock offering	(7	)		300,000		300,000		1.00

March 31, 2016			$	1,152,092	$	539,523	$	0.25-1.00

The following is a more detailed description of the Company’s stock issuance from the table above:

(1)

Agreement and Waiver and Agreement to Convert

(2)

Shares Issued to Chief Executive Officer

(3)

Shares Issued in Connection with Stock Offering

(4)

Shares Issued in Connection with Stock Offering

(5)

Shares Issued in Board of Directors Compensation

(6)

Shares Issued in Connection with the Notes or Agreements to Convert

(7)

Shares Issued in Connection with Offering

(B) Stock Options

The following is a summary of the Company’s stock option activity:

			Weighted Average		Remaining Contractual Life		Intrinsic
	Options		Exercise Price		(In Years)		Value
Balance- December 31, 2014		200,000		0.375		3.67		—
Exercised		—		—		—		—
Granted		—		—		—		—
Forfeited/Cancelled		—		—		—		—
Balance- December 31, 2015		200,000		0.375		2.42		—
Exercised		—		—		—		—
Granted		1,150,000		0.835		1.30
Forfeited/Cancelled		—		—		—		—
Balance- March 31, 2016		1,350,000		0.835		1.30

(C) Stock Warrants

The Black-Scholes assumptions used in the computation of derivative expense for year ended December 31, 2015 is as follows:

Exercise price	$	0.375
Expected dividends		0	%
Expected volatility		150	%
Risk free interest rate		1.76	%
Expected term		5 years

The following is a summary of the Company’s warrant activity:

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Balance, December 31, 2014		9,728,984		0.375		3.9
Exercised		—		—		—
Cancelled/Forfeited		—		—		—
Balance, December 31, 2015		9,728,984		0.375		3.2
Exercised		—		—		—
Cancelled/Forfeited		—		—		—
Balance, March 31, 2016		9,728,984		0.375		2.7

(D) 2015 Stock Incentive Plan

The full terms of the Company’s Incentive Plan are described in Part II, Item 5 of the Company’s Annual Report on Form 10K for the period ended December 31, 2015.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-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
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

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 30 R18.htm IDEA: XBRL DOCUMENT

13. Commitments

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

13. Commitments

Note 13 Commitments

(A) Operating Lease

In January 2014, the Company executed a 39 month lease for a corporate headquarters. The Company paid a security deposit of $27,020.

In October, 2014, the Company executed a 53 month lease for a new corporate headquarters with a base rent of $97,266 escalating annually through 2019. The Company paid a security deposit of $1,914.

The minimum rent obligations are approximately as follows:

		Minimum		Sublease		Net
Year		Obligation		Rentals		Obligation
	2016	$	54,876	$	43,398		11,478
	2017		46,568		22,263		24,305
	2018		25,154		—		25,154
	2019		8,615		—		8,615

	Total	$	135,213	$	65,661	$	69,552

(B) Employment Agreement – Chief Executive Officer

percent (0.25%) for annual sales $20 million and 3% of annual net income. For the three months ended March 31, 2016 and 2015, the Executive earned $8,740 and $7,096, respectively, under this agreement. No stock or options have been issued.

(C) Consulting Agreement

(D) Advances from Related Party

A shareholder of the Company provided a 120 non-interest bearing advance of $500,000 during the three months ended March 31, 2016. The amount was to be repaid through subsequent equity offerings.

XML 31 R19.htm IDEA: XBRL DOCUMENT

14. Going Concern

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

14. Going Concern

Note 14 Going Concern

XML 32 R20.htm IDEA: XBRL DOCUMENT

15. Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

15. Subsequent Events

Note 15 Subsequent Events

In May 2016, the Company paid $500,000 in principal of Notes, plus unpaid interest.

XML 33 R21.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Risks and Uncertainties

Risks and Uncertainties

The Company’s operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential risk of business failure.

Principles of Consolidation

Principles of Consolidation

Non-Controlling Interest

Non-controlling Interest

Cash and Cash Equivalents

Cash and Cash Equivalents

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s net balance of accounts receivable for three months ended March 31, 2016 and for the year ended December 31, 2015:

	March 31, 2016 (Unaudited)		December 31, 2015 (Audited)

Accounts Receivable	$	994,822	$	234,309
Allowance for Doubtful Accounts		—		—
Net Accounts Receivable	$	994,822	$	234,309

All amounts are deemed collectible at March 31, 2016 and December 31, 2015 and accordingly, the Company has not incurred any bad debt expense at March 31, 2016 and March 31, 2015.

Inventory

Inventory

At March 31, 2016 and December 31, 2015, the Company had $199,486 and $263,871 in inventory, respectively. The Company will maintain an allowance based on specific inventory items that have shown no activity over a 24 month period. The Company tracks inventory as it is disposed, scrapped or sold at below cost to determine whether additional items on hand should be reduced in value through an allowance method. As of March 31, 2016 and December 31, 2015, the Company has determined that no allowance is required.

Valuation of Long-Lived Assets and Identifiable Intangible Assets

Valuation of Long-lived Assets and Identifiable Intangible Assets

Property and Equipment

Property and Equipment

Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations.

Intangible Asset - Patent

Intangible Asset - Patent

GE Trademark Licensing Agreement

GE Trademark Licensing Agreement

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The following are the hierarchical levels of inputs to measure fair value:

•

Level 1 – Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.

•

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under Level 3. See Note 8.

Embedded Conversion Features

Embedded Conversion Features

Derivative Financial Instruments

Derivative Financial Instruments

Beneficial Conversion Feature

Beneficial Conversion Feature

For conventional convertible debt where the rate of conversion is below market value, the Company records a “beneficial conversion feature” (“BCF”) and related debt discount.

Debt Issue Costs and Debt Discount

Debt Issue Costs and Debt Discount

Original Issue Discount

Original Issue Discount

Extinguishments of Liabilities

Extinguishments of Liabilities

Stock-Based Compensation - Employees

Stock Based Compensation – Employees

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option pricing valuation model. The ranges of assumptions for inputs are as follows:

•

The expense resulting from share based payments is recorded in general and administrative expense in the statements of operations.

Stock-Based Compensation - Non Employees

Stock Based Compensation – Non Employees

Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services

The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows:

•

Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f) (2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatilityc alculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

•

Revenue Recognition

Revenue Recognition

The Company derives revenues from the sale of GE branded fans and lighting fixtures to large retailers through retail and online sales.

Cost of Sales

Cost of Sales

Cost of sales represents costs directly related to the production and third party manufacturing of the Company’s products.

Product sold is typically shipped directly to the customer from the third party manufacturer; costs associated with shipping and handling is shown as a component of cost of sales.

Earnings (Loss) Per Share

Earnings (Loss) Per Share

The Company has the following common stock equivalents at March 31, 2016 and December 31, 2015:

	March 31, 2016 (Unaudited)		December 31, 2015 (Audited)
Convertible Debt (Exercise price $0.25/share)		16,696,935		18,056,935
Stock Warrants (Exercise price $0.001 $0.375/share)		9,728,984		9,728,984
Stock Options (Exercise price $0.375- $1.80/share)		200,000		200,000
Total		26,625,919		27,985,919

Related Parties

Related Parties

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

Contingencies

Contingencies

Subsequent Events

Subsequent Events

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

XML 34 R22.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts

	March 31, 2016 (Unaudited)		December 31, 2015 (Audited)

Accounts Receivable	$	994,822	$	234,309
Allowance for Doubtful Accounts		—		—
Net Accounts Receivable	$	994,822	$	234,309

Earnings (Loss) Per Share

	March 31, 2016 (Unaudited)		December 31, 2015 (Audited)
Convertible Debt (Exercise price $0.25/share)		16,696,935		18,056,935
Stock Warrants (Exercise price $0.001 $0.375/share)		9,728,984		9,728,984
Stock Options (Exercise price $0.375- $1.80/share)		200,000		200,000
Total		26,625,919		27,985,919

XML 35 R23.htm IDEA: XBRL DOCUMENT

3. Furniture and Equipment (Tables)

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Furniture and Equipment

	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)

Office Equipment	$	144,931		$	136,611
Furniture and Fixtures		30,561			30,561
Total		175,492			167,172
Less: Accumulated Depreciation		(46,064	)		(39,651	)
Property and Equipment - net	$	129,428		$	127,521

XML 36 R24.htm IDEA: XBRL DOCUMENT

4. Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)

Patents	$	110,387		$	103,792
Less: Impairment Charges		—			—
Less: Accumulated Amortization		(22,395	)		(20,618	)
Patents - net	$	87,992		$	83,174

Intangible Assets - Future Amortization

Year Ending December 31
2016	$	5,496
2017		7,359
2018		7,359
2019		7,359
2020		7,359
2021 and Thereafter		53,040
	$	87,992

XML 37 R25.htm IDEA: XBRL DOCUMENT

5. GE Trademark License (Tables)

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

GE Trademark License

	March 31, 2016 (Unaudited)			December 31, 2015 (Audited)
GE Trademark License	$	12,000,000		$	12,000,000
Less: Impairment Charges		—			—
Less: Accumulated Amortization		(5,484,950	)		(4,876,254	)
Patents – net	$	6,515,050		$	7,123,746

GE Trademark License - Future Amortization

XML 38 R26.htm IDEA: XBRL DOCUMENT

6. Note Payable to Bank (Tables)

3 Months Ended

Mar. 31, 2016

Note Payable To Bank Tables

Future Commitments

XML 39 R27.htm IDEA: XBRL DOCUMENT

7. Convertible Debt - Net (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Convertible Debt - Net

	Third Party			Related Party			Totals
Balance December 31, 2014	$	1,911,995		$	26,999		$	1,938,994
Add: Amortization of Debt Discount		2,077,955			23,001			2,100,956
Balance December 31, 2015		3,989,950			50,000			4,039,950
Add: Amortization of Debt Discount		276,952			—			276,952
Less Repayments		(340,000	)		—			(340,000	)
Balance March 31, 2016 (unaudited)		3,926,902			50,000			3,976,902
Less Current portion		(3,926,902	)		(50,000	)		(3,976,902	)
Long-Term Convertible Debt	$	—		$	—		$	—

XML 40 R28.htm IDEA: XBRL DOCUMENT

8. Derivative Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Derivative Liabilities - Fair Value

	March 31, 2016 Unaudited			December 31, 2015 (Audited)
Fair value at the commitment date - convertible debt	$	4,892,234		$	4,892,234
Fair value at the commitment date - warrants		677,214			677,214
Reclassification of derivative liabilities to additional paid in capital related to warrants exercised that ceased being a derivative liability		(404,382	)		(404,382	)
Extinguishment of Derivative Liability - Conversion of Interest to Shares		(209,604	)		(209,604	)
Fair value mark to market adjustment - stock options		105,624			108,548
Fair value mark to market adjustment - convertible debt		16,676,856			18,661,058
Fair value mark to market adjustment - warrants		423,032			432,770
Totals	$	22,160,974		$	24,157,838

Derivative Liabilities - Assumptions Used

	Commitment Date			Re-measurement Date
Expected dividends		0	%		0	%
Expected volatility		150	%		150	%
Expected term		2 5 years			0.00 – 3.24 years
Risk free interest rate		0.29% 1.68	%		0.21% 1.21%	%

XML 41 R29.htm IDEA: XBRL DOCUMENT

10. Debt Issue Costs (Tables)

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Debt Issue Costs

XML 42 R30.htm IDEA: XBRL DOCUMENT

11. GE Royalty Obligation (Tables)

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

GE Royalty Obligation

Net Sales in Contract Year Percentage of the Contract Year Net Sales owed to GE

$0 - $50,000,000	7	%
$50,000,001 - $100,000,000	6	%
$100,000,001+	5	%

XML 43 R31.htm IDEA: XBRL DOCUMENT

12. Stockholders Deficit (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Common Stock

Transaction Type			Quantity		Valuation		Range of Value per Share
2015 Equity Transactions

Common stock issued per Waiver and Conversion Agreement	(1	)	$	1,718,585	$	429,646	$	0.25

Common stock issued per Employment Agreement of CEO	(2	)		750,000		173,688		0.25

Common stock issued per Stock Rights Offering	(3	)		3,782,666		2,210,032		0.60

Common stock issued per Stock Rights Offering	(4	)		500,000		500,000		1.00
December 31 2015			$	6,751,251	$	3,313,366	$	0.25-1.00
2016 Equity Transactions

Common Stock issued Board of Directors Compensation	(5	)		62,000		42,000		0.60-1.00

Common stock issued pursuant to the Notes or Agreements to Convert	(6	)		790,092		197,523		0.25

Common Stock offering	(7	)		300,000		300,000		1.00

March 31, 2016			$	1,152,092	$	539,523	$	0.25-1.00

The following is a more detailed description of the Company’s stock issuance from the table above:

(1)

Agreement and Waiver and Agreement to Convert

(2)

Shares Issued to Chief Executive Officer

(3)

Shares Issued in Connection with Stock Offering

(4)

Shares Issued in Connection with Stock Offering

In November 2015, the Company offered to new and existing shareholders a maximum of 2,000,000 shares of common stock at an issuance cost of $1 per share for a total of $2,000,000 (the “November Stock Offering”). On December 24, 2015, the Company closed subscriptions for 500,000 shares of common stock pursuant to the November Stock Offering, and on January 4, 2016, the stock certificates representing those shares were issued.

(5)

Shares Issued in Board of Directors Compensation

(6)

Shares Issued in Connection with the Notes or Agreements to Convert

(7)

Shares Issued in Connection with Offering

Stock Option Activity

			Weighted Average		Remaining Contractual Life		Intrinsic
	Options		Exercise Price		(In Years)		Value
Balance- December 31, 2014		200,000		0.375		3.67		—
Exercised		—		—		—		—
Granted		—		—		—		—
Forfeited/Cancelled		—		—		—		—
Balance- December 31, 2015		200,000		0.375		2.42		—
Exercised		—		—		—		—
Granted		1,150,000		0.835		1.30
Forfeited/Cancelled		—		—		—		—
Balance- March 31, 2016		1,350,000		0.835		1.30

Stock Warrants - Assumptions

Exercise price	$	0.375
Expected dividends		0	%
Expected volatility		150	%
Risk free interest rate		1.76	%
Expected term		5 years

Summary of Warrant Activity

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)

Balance, December 31, 2014		9,728,984		0.375		3.9
Exercised		—		—		—
Cancelled/Forfeited		—		—		—
Balance, December 31, 2015		9,728,984		0.375		3.2
Exercised		—		—		—
Cancelled/Forfeited		—		—		—
Balance, March 31, 2016		9,728,984		0.375		2.7

- 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 44 R32.htm IDEA: XBRL DOCUMENT

13. Commitments (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Minimum Rent Obligations

		Minimum		Sublease		Net
Year		Obligation		Rentals		Obligation
	2016	$	54,876	$	43,398		11,478
	2017		46,568		22,263		24,305
	2018		25,154		—		25,154
	2019		8,615		—		8,615

	Total	$	135,213	$	65,661	$	69,552

XML 45 R33.htm IDEA: XBRL DOCUMENT

1. Organization and Nature of Operations (Details Narrative)	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership Percentage of Subsidiary	98.80%

XML 46 R34.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Accounts Receivable	$ 994,822	$ 234,309
Allowance for Doubtful Accounts
Net Accounts Receivable	$ 994,822	$ 234,309

XML 47 R35.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Details 1) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Common Stock Equivalents	26,625,919	27,985,919
Convertible Debt
Common Stock Equivalents	16,696,935	18,056,935
Stock Warrant
Common Stock Equivalents	9,728,984	9,728,984
Stock Options
Common Stock Equivalents	200,000	200,000
Stock Issued to Consultant (Granted not exercisable)
Common Stock Equivalents

XML 48 R36.htm IDEA: XBRL DOCUMENT

3. Furniture and Equipment (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Property and Equipment - gross	$ 175,492	$ 167,172
Less: Accumulated Depreciation	(46,064)	(39,651)
Property and Equipment - net	129,428	127,521
Office Equipment
Property and Equipment - gross	144,931	136,611
Furniture and Fixtures
Property and Equipment - gross	$ 30,560	$ 30,561

XML 49 R37.htm IDEA: XBRL DOCUMENT

4. Intangible Assets (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 110,387	$ 103,792
Less: Impairment Charges
Less: Accumulated Amortization	$ (22,395)	$ (20,618)
Patents - net	$ 87,992	$ 83,174

XML 50 R38.htm IDEA: XBRL DOCUMENT

4. Intangible Assets (Details 1) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
2016	$ 5,496
2017	7,359
2018	7,359
2019	7,359
2020	7,359
2021 and Thereafter	53,040
Total	$ 87,992	$ 83,174

XML 51 R39.htm IDEA: XBRL DOCUMENT

5. GE Trademark License (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
GE Trademark License	$ 110,387	$ 103,792
Less: Impairment Charges
Less: Accumulated Amortization	$ (22,395)	$ (20,618)
Patents - net	87,992	83,174
GE Trademark
GE Trademark License	$ 12,000,000	$ 12,000,000
Less: Impairment Charges
Less: Accumulated Amortization	$ (5,484,950)	$ (4,876,254)
Patents - net	$ 6,515,050	$ 7,123,746

XML 52 R40.htm IDEA: XBRL DOCUMENT

5. GE Trademark License (Details 1) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
2016	$ 5,496
2017	7,359
2018	7,359
Total	87,992	$ 83,174
GE Trademark
2016	1,839,465
2017	2,441,472
2018	2,234,113
Total	$ 6,515,050	$ 7,123,746

XML 53 R41.htm IDEA: XBRL DOCUMENT

6. Notes Payable to Bank (Details)	Mar. 31, 2016 USD ($)
Debt Disclosure [Abstract]
2016	$ 109,252
2017	114,555
2018	39,410
2019	11,455
Total	$ 274,672

XML 54 R42.htm IDEA: XBRL DOCUMENT

7. Convertible Debt - Net (Details) - USD ($)	3 Months Ended	12 Months Ended
7. Convertible Debt - Net (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Beginning Balance, Convertible Debt	$ 4,039,950	$ 1,938,994
Repayments	(340,000)
Add: amortization of debt discount	276,952	2,100,956
Ending Balance, Convertible Debt	3,976,902	4,039,950
Less Current portion	(3,976,902)
Third Party
Beginning Balance, Convertible Debt	3,989,950	1,911,995
Repayments	(340,000)
Add: amortization of debt discount	276,952	2,077,955
Ending Balance, Convertible Debt	(3,926,902)	3,989,950
Less Current portion	(3,926,902)
Related Party
Beginning Balance, Convertible Debt	50,000	26,999
Add: amortization of debt discount		23,001
Ending Balance, Convertible Debt	50,000	50,000
Less Current portion	$ (50,000)	$ (50,000)

XML 55 R43.htm IDEA: XBRL DOCUMENT

8. Derivative Liabilities (Details) - USD ($)	3 Months Ended	12 Months Ended
8. Derivative Liabilities (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Notes to Financial Statements
Fair value at the commitment date - convertible debt	$ 4,892,234	$ 4,892,234
Fair value at the commitment date - warrants	677,214	677,214
Reclassification of derivative liabilities to additional paid in capital related to warrants exercised that ceased being a derivative liability	(404,382)	(404,382)
Extinguishment of Derivative Liability-Conversion of Interest to Shares	(209,604)	(209,604)
Fair value mark to market adjustment - stock options	105,624	108,548
Fair value mark to market adjustment - convertible debt	16,676,856	18,661,058
Fair value mark to market adjustment - warrants	423,032	432,770
Totals	$ 22,160,974	$ 24,157,838

XML 56 R44.htm IDEA: XBRL DOCUMENT

8. Derivative Liabilities - Assumptions Used (Details)	3 Months Ended
8. Derivative Liabilities - Assumptions Used (Details)	Mar. 31, 2016
Commitment Date \| Minimum
Expected dividends	0.00%
Expected volatility	150.00%
Expected term	2 years
Risk free interest rate	0.29%
Commitment Date \| Maximum
Expected term	5 years
Risk free interest rate	1.68%
Remeasurement Date \| Minimum
Expected dividends	0.00%
Expected volatility	150.00%
Expected term	0 years
Risk free interest rate	0.21%
Remeasurement Date \| Maximum
Expected term	3 years 2 months 27 days
Risk free interest rate	1.21%

XML 57 R45.htm IDEA: XBRL DOCUMENT

9. Debt Discount (Details Narrative) - USD ($)	3 Months Ended
9. Debt Discount (Details Narrative) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Notes to Financial Statements
Derivative Expense	$ 0	$ 0

XML 58 R46.htm IDEA: XBRL DOCUMENT

10. Debt Issue Costs (Details) - USD ($)	3 Months Ended	12 Months Ended
10. Debt Issue Costs (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Notes to Financial Statements
Debt issue costs, Beginning	$ 316,797	$ 316,797
Total	316,797	316,797
Amortization	(310,761)	(302,192)
Debt issue costs - net	$ 6,036	$ 14,605

XML 59 R47.htm IDEA: XBRL DOCUMENT

11. GE Royalty Obligation (Details)	3 Months Ended
11. GE Royalty Obligation (Details)	Mar. 31, 2016 USD ($)
Tier 1 \| Maximum
Net Sales in Contract Year	$ 0
Tier 1 \| Minimum
Net Sales in Contract Year	$ 50,000,000
Percentage of the Contract Year Net Sales owed to GE	7.00%
Tier 2 \| Maximum
Net Sales in Contract Year	$ 100,000,000
Tier 2 \| Minimum
Net Sales in Contract Year	$ 50,000,001
Percentage of the Contract Year Net Sales owed to GE	6.00%
Tier 3 \| Minimum
Net Sales in Contract Year	$ 100,000,001
Percentage of the Contract Year Net Sales owed to GE	5.00%

XML 60 R48.htm IDEA: XBRL DOCUMENT

12. Stockholders Deficit (Details) - $ / shares	3 Months Ended	12 Months Ended
12. Stockholders Deficit (Details) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Beginning Balance, Options	200,000	200,000
Beginning Balance, Weighted Average Exercise Price	$ 0.375	$ 0.375
Beginning Balance, Weighted Average Remaining Contractual Life (In Years)		3 years 8 months 2 days
Options Granted	1,150,000
Options Granted, Weighted Average Exercise Price	$ .835
Options Granted, Weighted Average Remaining Contract (In Years)	1 year 3 months 19 days
Ending Balance, Options Outstanding	1,350,000	200,000
Ending Balance, Weighted Average Exercise Price, Options Outstanding	$ 0.835	$ 0.375
Ending Balance, Weighted Average Remaining Contractual Life (In Years)	1 year 3 months 19 days	2 years 5 months 1 day

XML 61 R49.htm IDEA: XBRL DOCUMENT

12. Stockholders Deficit (Details 1)	3 Months Ended
12. Stockholders Deficit (Details 1)	Mar. 31, 2016 USD ($) $ / shares
Stockholders Deficit Details 1
Exercise price \| $ / shares	$ 0.375
Expected dividends \| $	$ 0
Expected volatility	150.00%
Risk free interest rate	1.76%
Expected term	5 years

XML 62 R50.htm IDEA: XBRL DOCUMENT

12. Stockholders Deficit (Details 2) - $ / shares	3 Months Ended	12 Months Ended
12. Stockholders Deficit (Details 2) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Beginning Balance, Warrants	9,728,984	9,728,984
Warrants Granted	0.375	0.375
Warrants Granted, Weighted Average Remaining Contractual Life (in Years)	3 years 2 months 12 days	3 years 10 months 25 days
Ending Balance, Warrants Outstanding	9,728,984	9,728,984
Ending Balance, Warrants, Weighted Average Exercise Price	$ 0.375	$ 0.375
Ending Balance, Warrants, Weighted Average Remaining Contractual Life (in Years)	2 years 8 months 12 days	3 years 2 months 12 days

XML 63 R51.htm IDEA: XBRL DOCUMENT

13. Commitments (Details)	Mar. 31, 2016 USD ($)
2016	$ 11,478
2017	24,305
2018	25,154
2019	8,615
Total	69,552
Minimum Obligation
2016	54,876
2017	46,568
2018	25,154
2019	8,615
Total	135,213
Sublease Rentals
2016	43,398
2017	$ 22,263
2018
2019
Total	$ 65,661

XML 64 R52.htm IDEA: XBRL DOCUMENT

14. Going Concern (Details Narrative)	3 Months Ended
14. Going Concern (Details Narrative)	Mar. 31, 2016 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Loss	$ 387,060
Net Cash Used in Operations	(1,053,901)
Working Capital Deficit	$ (31,787,382)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Year Ending December 31