Note 4 - Common Stock

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

4. Common Stock. The shareholders have authorized 100,000,000 shares of voting common shares for issuance. On September 30, 2016, a total of 25,714,017 shares of common stock were either outstanding (21,394,810) or reserved for issuance upon exercise of options (8,568) or conversion of convertible debt to stock (4,310,639).

On March 10, 2016, the Board of Directors approved the Company to enter into private placements for the sale of up to 5,000,000 shares of the Company’s common stock (Private Placement 2016-2) at a price of $.1875 per share (aggregate offering amount of $937,500).

During the second quarter of 2016, the Company received $421,875 from four (4) individual, outside investors for the purchase of a total of 2,250,000 shares of common stock through the 2016-2 Security Offering which contemplates the sale of a maximum of 5,000,000 shares at a cost of $.1875 per share. The required SEC Form D was filed on May 6, 2016. On July 11, 2016, 1,250,000 shares were issued to three of the four investors. The remaining 1,000,000 shares for the fourth investor will be issued when the executed Private Placement Memorandum documents are received.

On September 30, 2016, the Board of Directors approved the Company to amend the previously authorized Private Placement 2016-2 offer, sale, and issuance of unregistered securities. The Private Placement 2016-2 was amended to offer up to 10,000,000 shares of the Company’s commons stock at a price of $.1875 per share for an aggregate offering amount of $1,875,000. The offering is to be completed within one (1) year of the date of approval. No stock has been sold during the third quarter of 2016, and no stock has been sold subsequent to the balance sheet date of September 30, 2016, through the issue date of this report.