Note 11 - Warrants to Purchase Common Stock

12 Months Ended

Dec. 31, 2014

Note 11 - Warrants To Purchase Common Stock

Note 11 - Warrants to Purchase Common Stock

Note 11 – Warrants to Purchase Common Stock

During the twelve months ended December 31, 2014 and 2013, the Company issued, in connection with restructuring of debentures and private placement offerings for the sale of common stock, warrants to purchase 7,146,089 and 9,887,169, respectively, shares of the Company’s common stock at exercise prices of $0.15 TO $1.00 per share. All warrants outstanding as of December 31, 2014 are scheduled to expire at various dates through 2019. A summary of warrants issued, exercised and expired for the years ended December 31, 2014 and 2013 is as follows:

	Shares			Weighted- Average Exercise Price ($)		Weighted-Average Remaining Contractual Term
Outstanding at December 31, 2012		661,947			.80		1.31
Granted		9,887,169			1.00		1.36
Exercised		--			--		--
Expired		(63,050)			3.00		--
Outstanding at December 31, 2013		10,486,066		$	1.00		1.36
Granted		6,891,543			0.31		4.60
Exercised		—			—		—
Expired		(323,897	)		3.00		—
Outstanding at December 31, 2014		17,053,712		$	0.71		2.08
Exercisable at December 31, 2014		17,053,712		$	0.71		2.08