7. COMMON STOCK

6 Months Ended

Jun. 30, 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 June 30, 2016 and December 31, 2015, there were 58,240,446 and 57,240,446 common shares issued and outstanding.

During the six months ended June 30, 2016, the Company issued 1,000,000 shares of common stock to an investor for $50,000 cash.

During the six months ended June 30, 2015, the Company issued 1,685,119 shares of common stock to investors for $105,000 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.