Note 7 - Common Stock

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

7.

Common Stock

The Company has

100,000,000

shares of voting common shares authorized for issuance. As of

December

31,

2016,

a total of

26,226,782

shares of common stock were either outstanding

(21,916,143)

or reserved for issuance upon exercise of options or convertible debt

(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

$234,375

from individual, outside investors for the purchase of a total of

1,250,000

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.

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. During the

fourth

quarter of

2016,

the Company sold

521,333

shares of common stock at

$.1875

per share for proceeds of

$97,750.