7. COMMON STOCK

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 and December 31, 2015, there were 57,740,446 and 57,240,446 common shares issued and outstanding.

During the three months ended March 31, 2016, the Company issued 500,000 shares of common stock to an investor for $25,000 cash.

During the three months ended March 31, 2015, the Company issued 872,619 shares to investors for $52,500 cash. As more fully described in Note 7, one investor also received options to purchase shares of the Company’s restricted common stock in connection with his investment in the Company.