Note 9 - Stockholders' Equity

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

9

– STOCKHOLDERS’ EQUITY

Preferred Stock

The Company is authorized to issue

10,000,000

shares of noncumulative, non-voting, nonconvertible preferred stock,

$0.001

par value per share. At

December 31,

2017

and

2016,

no

shares of preferred stock were outstanding.

Common Stock

On

December

7,

2017,

stockholders of the Company approved to increase the authorized shares of common stock from

250,000,000

to

400,000,000

shares,

$0.001

par value per share. At

December 31, 2017

and

2016,

140,763,549

and

108,613,549

shares were issued and outstanding, respectively.

2017

During

2017,

the Company issued: (i)

250,000

shares of common stock, valued at

$9,000,

to directors; (ii)

26,500,000

units, (

one

unit consisting of

one

share of common stock and

one

warrant to purchase

0.25

shares of common stock) for total proceeds of

$1,060,000;

(iii)

2,275,000

units, valued at

$91,000,

as payment for fees associated with a private placement of stock and (iv)

3,1250,000

shares of common stock for proceeds of

$125,000

upon the exercise of warrants to purchase common stock.

2016

During

2016,

the Company issued: (i)

10,933,333

units (

one

unit consisting of

one

share of common stock and

one

warrant to purchase

0.3

shares of common stock) for total proceeds of

$1,640,000

and (ii) a total of

203,980

shares of common stock valued at

$53,914

to directors as payment for fees.