7. COMMON STOCK

12 Months Ended

Dec. 31, 2015

STOCKHOLDERS' EQUITY (DEFICIT)

COMMON STOCK

In accordance with the Company’s bylaws, the Company has authorized a total of 250,000,000 shares of common stock, par value $0.01 per share. As of December 31, 2015 and December 31, 2014, there were 57,240,446 and 53,691,043 common shares issued and outstanding.

During the year ended December 31, 2015, the Company issued 3,549,403 shares of common stock to investors for $207,500 cash.

During the year ended December 31, 2014, the Company issued 1,750,000 shares of common stock to investors for $91,500 cash and 247,919 shares of common stock valued at $13,496 to consultants for services.