0001144204-16-133525.txt : 20161114 0001144204-16-133525.hdr.sgml : 20161111 20161114061128 ACCESSION NUMBER: 0001144204-16-133525 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161114 DATE AS OF CHANGE: 20161114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRANDPARENTS.COM, INC. CENTRAL INDEX KEY: 0001020475 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 931211114 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21537 FILM NUMBER: 161990111 BUSINESS ADDRESS: STREET 1: 589 EIGHTH AVENUE, 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 646-839-8800 MAIL ADDRESS: STREET 1: 589 EIGHTH AVENUE, 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: NorWesTech, Inc. DATE OF NAME CHANGE: 20110913 FORMER COMPANY: FORMER CONFORMED NAME: Pacific Biomarkers, Inc. DATE OF NAME CHANGE: 20100212 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC BIOMETRICS INC DATE OF NAME CHANGE: 19960813 10-Q 1 v452164_10q.htm 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2016

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ____________

 

Commission File Number: 0-21537

  

Grandparents.com, Inc.

 

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   93-1211114
(State or Other Jurisdiction of Incorporation
or Organization)		   (I.R.S. Employer Identification No.)
     
589 Eighth Avenue, 6th Floor
New York, New York		   10018
(Address of Principal Executive Offices)   (Zip Code)

 

(646) 839-8800
(Registrant’s Telephone Number, Including Area Code)

 

N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   x   No   ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 or Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes   x   No   ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ¨ Accelerated filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company) Smaller reporting company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   ¨   No   x

 

As of November 4, 2016, there were 202,268,582 shares of the registrant’s common stock, $.01 par value per share, outstanding.

  

  

 

 

  

GRANDPARENTS.COM, INC.

 

QUARTERLY REPORT ON FORM 10-Q

September 30, 2016

 

TABLE OF CONTENTS

 

    PAGE
Cautionary Note Regarding Forward-Looking Statements 3
     
PART I—FINANCIAL INFORMATION 4
     
Item 1. Financial Statements 4
  Condensed Consolidated Balance Sheets as of September 30, 2016 (unaudited) and December 31, 2015 4
  Condensed Consolidated Statements of Operations (unaudited) for the three- and nine- month periods ended September 30, 2016 and September 30, 2015 5
  Condensed Consolidated Statements of Cash Flows (unaudited) for the nine-month periods ended September 30, 2016 and September 30, 2015 6
  Condensed Consolidated Statement of Stockholders’ Deficit (unaudited) for the nine-month period ended September 30, 2016 7
  Notes to Condensed Consolidated Financial Statements (unaudited) 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17
Item 3. Quantitative and Qualitative Disclosures About Market Risk 26
Item 4. Controls and Procedures 26
     
PART II—OTHER INFORMATION 27
     
Item 1. Legal Proceedings 27
Item 1A. Risk Factors 27
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27
Item 3. Defaults Upon Senior Securities 27
Item 4. Mine Safety Disclosures 27
Item 5. Other Information 27
Item 6. Exhibits 27
     
SIGNATURES 29

 

 Page 2 of 29 

 

  

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain information included in this Quarterly Report on Form 10-Q (this “Report”) or in other materials we have filed or will file with the Securities and Exchange Commission (“SEC”) (as well as information included in oral statements or other written statements made or to be made by us) contains or may contain forward-looking statements. You can identify these statements by the fact that they do not relate to matters of strictly historical or factual nature and generally discuss or relate to estimates or other expectations regarding future events. In some cases, forward-looking statements may contain terms such as “anticipates,” “believes,” “seeks,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “will,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements. Such statements may include, but are not limited to, information related to: anticipated operating results; relationships with our marketing partners and members; demand for our website and changes in our membership ranks; financial resources and condition; changes in revenues; ability to create revenue; changes in profitability; changes in accounting treatment; cost of sales; selling, general and administrative expenses; interest expense; the ability to produce liquidity or enter into agreements to acquire the capital necessary to continue our operations and take advantage of opportunities; legal proceedings and claims. Forward-looking statements reflect our current views with respect to future events and are subject to known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the factors described in the section captioned “Risk Factors” contained in the Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the SEC on March 28, 2016. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

 

 Page 3 of 29 

 

  

PART I—FINANCIAL INFORMATION

 

Item 1.          Financial Statements.

 

GRANDPARENTS.COM, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30,   December 31, 
   2016   2015 
   (Unaudited)     
ASSETS          
Current assets:          
Cash  $1,306,607   $3,765,723 
Accounts receivable   67,845    96,874 
Prepaid expenses   41,179    351,346 
Total current assets   1,415,631    4,213,943 
           
Property and equipment, net   9,472    16,384 
           
Other Assets:          
Security deposits   86,500    92,800 
Intangibles, net   632,684    882,188 
Total other assets   719,184    974,988 
           
Total assets  $2,144,287   $5,205,315 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current liabilities:          
Accounts payable  $2,327,034   $1,952,247 
Accrued dividends   87,500    1,563 
Accrued expenses   209,362    205,340 
Deferred revenue   10,480    7,396 
Notes payable   999,957    999,957 
Total current liabilities   3,634,333    3,166,503 
           
Convertible loan, net   -    3,319,020 
Term loan, net   3,642,576    - 
Total long-term liabilities   3,642,576    3,319,020 
           
Total liabilities   7,276,909    6,485,523 
           
Commitments and contingencies          
           
Series C redeemable convertible preferred stock, 875,000 shares (liquidation preference $1,750,000) issued and outstanding at September 30, 2016 and December 31, 2015   221,261    216,912 
           
Stockholders’ deficit:          
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 875,000 shares of Series C preferred stock designated          
Common stock, $0.01 par value, 350,000,000 shares authorized; 202,268,582  shares issued and outstanding at September 30, 2016 and 132,268,582 at December 31, 2015   2,022,686    1,322,686 
Additional paid-in capital   48,645,734    46,610,937 
Accumulated deficit   (56,022,303)   (49,430,743)
Total stockholders’ deficit   (5,353,883)   (1,497,120)
           
Total liabilities and stockholders’ deficit  $2,144,287   $5,205,315 

  

See accompanying notes to condensed consolidated financial statements. 

  

 Page 4 of 29 

 

   

GRANDPARENTS.COM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2016   2015   2016   2015 
Revenue:                    
Commission revenue  $14,858   $160,000   $14,858   $260,000 
Advertising and other revenue   117,352    28,055    241,121    122,625 
Total revenue   132,210    188,055    255,979    382,625 
                     
Operating expenses:                    
Selling and marketing   902,822    86,313    1,036,838    215,482 
Salaries   452,649    494,613    1,357,094    1,585,944 
Rent   56,254    45,500    167,345    161,478 
Accounting, legal and filing fees   543,289    166,498    965,226    524,073 
Consulting   204,831    346,699    882,601    986,361 
Equity-based compensation   34,056    791,675    778,499    2,548,587 
Other general and administrative   209,957    200,584    627,885    578,190 
Depreciation and amortization   85,014    99,500    256,415    311,587 
Total operating expenses   2,488,872    2,231,382    6,071,903    6,911,702 
                     
Other income (expense):                    
Interest expense   (277,134)   (422,386)   (655,323)   (521,868)
Other income   -    72,427    -    72,427 
Total other income (expense)   (277,134)   (349,959)   (655,323)   (449,441)
                     
Net loss attributable to common and preferred shareholders   (2,633,796)   (2,393,286)   (6,471,247)   (6,978,518)
                     
Dividends and amortization of discount on preferred stock   33,990    -    124,662    - 
                     
Net loss attributable to common shareholders  $(2,667,786)  $(2,393,286)  $(6,595,909)  $(6,978,518)
                     
Net loss per share-basic and diluted  $(0.02)  $(0.02)  $(0.05)  $(0.05)
                     
Weighted average common shares outstanding, basic and diluted   143,681,625    132,675,929    136,100,699    132,199,959 

   

See accompanying notes to condensed consolidated financial statements.

  

 Page 5 of 29 

 

  

GRANDPARENTS.COM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Nine Months Ended September 30, 
   2016   2015 
Cash flows from operating activities:          
Net loss  $(6,471,247)  $(6,978,518)
           
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   256,415    311,587 
Equity-based compensation   639,145    1,751,508 
Stock issued for services   139,353    802,619 
Payment in kind interest added to loan balance   294,113    66,235 
Amortization of discount on loans and notes payable   129,443    330,296 
Gain on settlement of accounts payable   -    72,427 
Changes in operating assets and liabilities:          
Accounts receivable   29,029    43,036 
Prepaid expenses   177,114    817,309 
Accounts payable   371,664    (222,523)
Accrued expenses   2,459    (18,162)
Deferred officer salary   -    (226,875)
Deferred revenues   3,084    (999,810)
Net cash used in operating activities   (4,429,428)   (4,250,871)
           
Cash flows from investing activities:          
Capitalized website development costs   -    (52,080)
Net cash used in investing activities   -    (52,080)
           
Cash flows from financing activities:          
Repayments of loans and short-term advances   -    (600,000)
Proceeds from private placement   1,050,000    700,000 
Proceeds from loans and short-term advances, net   950,000    5,000,164 
Proceeds from sale of preferred stock, net   -    1,673,577 
Payments of dividends on preferred stock   (29,688)   - 
Net cash provided by financing activities   1,970,312    6,773,741 
           
Net (decrease) increase in cash   (2,459,116)   2,470,790 
Cash, beginning of period   3,765,723    126,600 
Cash, end of period  $1,306,607   $2,597,390 
           
Supplemental cash flow information:          
Equity discount on secured term loan  $1,050,000   $- 
Common stock to be issued as dividends on preferred stock  $87,500   $- 
Amortization of preferred stock discount  $4,349   $(21)
Fair value of warrants issued in exchange for services  $-   $836,119 
Warrant issued in connection with beneficial conversion on convertible loans and  notes  $-   $4,390,000 
Warrant issued in connection with beneficial conversion on preferred stock  $-   $1,458,639 
Settlement of liabilities through issuance of equity  $-   $5,541 
Cashless exercise of warrants to common stock  $-   $200 
Cash paid for interest  $133,176   $107,773 

  

See accompanying notes to condensed consolidated financial statements.

 

 Page 6 of 29 

 

   

GRANDPARENTS.COM, INC.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIT

(Unaudited)

 

           Additional       Total 
   Preferred Stock   Common Stock   Paid-In   Accumulated   Stockholder’s 
   Shares   Amount   Shares   Amount   Capital   Deficit   Deficit 
                             
Balance, December 31, 2015   -   $-    132,268,582   $1,322,686   $46,610,937   $(49,430,743)  $(1,497,120)
Equity based compensation   -    -    -    -    639,145    -    639,145 
Equity discount on secured term loan   -    -    -    -    1,050,000    -    1,050,000 
 Issuance of common shares   -    -    70,000,000    700,000    350,000    -    1,050,000 
Amortization of discount on preferred stock   -    -    -    -    (4,349)   -    (4,349)
Preferred dividends   -    -    -    -    -    (120,313)   (120,313)
Net loss for the period   -    -    -    -    -    (6,471,247)   (6,471,247)
Balance, September 30, 2016   -   $-    202,268,582   $2,022,686   $48,645,733   $(56,022,303)  $(5,353,884)

   

See accompanying notes to these condensed consolidated financial statements.

 

 Page 7 of 29 

 

   

GRANDPARENTS.COM, INC. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

1. Description of Business

 

Grandparents.com, Inc., together with its consolidated subsidiaries (the “Company”), is a digitized media and eCommerce company that through its website, www.grandparents.com, serves the age 50+ demographic market. The Company owns and operates the Grandparents.com website. As a membership organization and social media community, it connects grandparents, seniors, and boomers to differentiated, discounted products and services. Its services are geared to the approximately 72 million grandparents in the U.S., but its audience also includes “boomers” and seniors that are not grandparents. The Company’s website offers content on health, wellbeing, relationships and finances as well as other topics that appeal to its audience. The Company believes that its website is one of the leading online communities for its market and is one of the premier social media platforms targeting active, involved grandparents. The Company’s business model is to provide group discount benefits for a small membership fee. In addition to the website, the Company’s membership association, the American Grandparents Association (the “AGA”), was formed to unite grandparents, boomers and seniors. The AGA is a resource for those seeking advice, information and discussion of issues important to grandparents. Members of the AGA also enjoy access to its deals, discounts and products provided by third parties that the AGA endorses or recommends or makes available to its members.

 

2. Basis of Presentation

 

The condensed consolidated financial statements include the accounts of Grandparents.com, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

 

The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the results of operations for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full year or for any future periods.

 

The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses and the related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, the useful lives and impairment of long-lived assets including property and equipment and intangible assets, fair values, stock-based compensation, income taxes, and contingencies. The Company bases its estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. Actual results may differ from these estimates.

 

These condensed consolidated financial statements and the related notes should be read in conjunction with the December 31, 2015 financial statements and related notes included in the Company’s Annual Report on Form 10-K filed March 28, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with the instructions to Form 10-Q and the rules and regulations of the Securities and Exchange Commission. The condensed consolidated balance sheet as of December 31, 2015 was derived from the Company’s audited financial statements for the year ended December 31, 2015, but does not include all disclosures required by U.S. GAAP. 

 

3. Going Concern

 

The Company incurred a net loss of approximately $6.5 million during the nine months ended September 30, 2016. The Company has an accumulated deficit of $56.0 million and a stockholders’ deficit of $5.4 million at September 30, 2016. It has used approximately $4.4 million in cash for operating activities during the nine months ended September 30, 2016. Without additional capital from existing or outside investors or further financing, the Company’s ability to continue to operate will be limited. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 Page 8 of 29 

 

  

On September 15, 2016, the Company sold 70,000,000 shares of its common stock for $1,050,000 and received an additional loan from its secured lender in the amount of $950,000. The Company has an agreement to sell preferred stock for $1,000,000 and to receive additional loans from its secured lender up to $2,000,000 which is contingent upon certain events including obtaining stockholder approval to increase the number of authorized shares of common stock to provide for the conversion feature of the preferred stock.

 

Management plans to obtain resources for the Company through raising additional capital through sales of its equity or debt securities. In addition, management is seeking to expand its revenue streams and increase its endorsement opportunities. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

 

4. Intangible Assets

 

Intangible assets, all of which are finite-lived, consisted of the following at September 30, 2016 and December 31, 2015:  

  

   Estimated Useful  September 30,   December 31, 
   Lives (in Years)  2016   2015 
URL and trademarks  4  $1,000,000   $1,000,000 
Website and mobile application development  3   527,562    527,562 
       1,527,562    1,527,562 
Less: accumulated amortization      (894,878)   (645,374)
Intangible assets, net     $632,684   $882,188 

 

During the year ended December 31, 2015, additional costs of $52,080 were capitalized for further major enhancements of the website. 

 

Amortization expense related to intangible assets amounted to $82,702 and $97,060 for the three months ended September 30, 2016 and 2015, respectively, and $249,504 and $302,487 for the nine months ended September 30, 2016 and 2015, respectively. The future amortization expense for the remaining three months of 2016 and each of the four succeeding years related to intangible assets is estimated as follows:

 

For the Periods Ending December 31,  Amortization 
2016  $82,659 
2017   293,207 
2018   256,818 
2019   - 
2020   - 
   $632,684 

 

5. Notes Payable

 

Notes payable and long-term loans, consisted of the following at September 30, 2016 and December 31, 2015:

 

   September 30,   December 31, 
   2016   2015 
Notes payable assumed February 2012  $999,957   $999,957 
Convertible loan – July 2015 Convertible Loan, due 2025   -    8,130,970 
Term Secured loan – September 2016 Term Secured Loan, due 2031   9,375,083    - 
    10,375,040    9,130,927 
Less: debt discount and debt issue costs   (5,732,508)   (4,811,950)
Notes payable and long-term loans  $4,642,532   $4,318,977 

 

 Page 9 of 29 

 

  

Accrued interest expense included in accrued expenses at September 30, 2016 and December 31, 2015 was $202,746 and $185,687, respectively.

 

Convertible Secured Loan – July 2015 Convertible Secured Loan

 

On July 8, 2015, the Company and VB Funding, LLC (“VB Lender”) entered into a credit agreement (“Credit Agreement”) which provided for a multi-draw term loan credit facility (the “VB Loan”) in an aggregate amount not to exceed $8,000,000. The full amount of the VB Loan was advanced in two disbursements, with the initial amount of $5,000,000 (which includes the $1,000,000 amount previously funded on May 18, 2015 pursuant to a bridge loan from VB Lender disbursed by VB Lender at the time of closing of the Credit Agreement. The second disbursement was on December 31, 2015. The VB Loan was used to fund ongoing operations and to repay then outstanding indebtedness. The Credit Agreement was replaced by an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) on September 15, 2016.

  

Pursuant to the Credit Agreement, the Company was subject to certain customary limitations including the ability to incur additional debt, make certain investments and acquisitions, and make certain restricted payments, including stock repurchases and dividends. The Credit Agreement contained usual and customary events of default, the occurrence of which could have led to an acceleration of the Company’s obligations thereunder.

 

Outstanding indebtedness under the VB Loan could have been voluntarily prepaid at any time, in whole or in part, without premium or penalty. The indebtedness under the VB Loan was due July 8, 2025 with interest at an aggregate of 7.5% per annum, 2.5% of which was payable in cash and 5.0% was payable in-kind as additional principal. The VB Loan was secured by a security interest in the Company’s and certain of its subsidiaries’ assets and each such subsidiary guaranteed the repayment of the VB Loan. VB Lender had the right to convert the outstanding balance of the VB Loan into shares of common stock of the Company, at a conversion price per share equal to $0.20 which gave rise to a beneficial conversion feature having a relative fair market value of $1,950,000 as of July 8, 2015. This beneficial conversion feature value was recorded as a discount to the VB Loan and was amortized to interest expense over the life of the loan. In connection with the initial disbursement, VB Lender received a ten-year warrant to purchase 12.5 million shares of the Company’s common stock at an exercise price of $0.30 per share. As of July 8, 2015, the warrant had a relative fair market value of $1,700,000 and was recorded as a debt discount. In connection with the second disbursement, VB Lender received a ten-year warrant to purchase 7.5 million shares of the Company’s common stock at an exercise price of $0.30 per share. The warrant had a relative fair market value of $465,146 and was recorded as a debt discount. There was no beneficial conversion feature in connection with the second disbursement.

 

Term Secured Loan – September 2016 Term Secured Loan

 

On September 15, 2016, the Company and VB Lender entered into the Amended and Restated Credit Agreement, which amended and restated the Credit Agreement. The Amended and Restated Credit Agreement has a principal balance equal to the outstanding balance under the VB Loan and provided for two additional disbursements in an aggregate amount not to exceed $2,950,000 (collectively, the “New VB Loan”). The first disbursement was advanced on September 15, 2016 in the amount of $950,000 and a second disbursement may be made in the amount of $2,000,000 when certain conditions are satisfied.

 

Outstanding indebtedness under the New VB Loan may be voluntarily prepaid at any time, prior to the maturity date. The indebtedness under the New VB Loan matures on October 1, 2031 and bears interest at the following rates per annum, payable in cash on a quarterly basis: 1% for the first year of the New VB Loan, 2% for the second year, 3% for the third year, 12% for the fourth year and 15% thereafter. Interest is no longer payable in-kind as additional principal on the New VB Loan. At September 30, 2016, outstanding indebtedness under the New VB Loan was $9,375,083 plus accrued interest of $47,543.

 

 Page 10 of 29 

 

  

The New VB Loan is secured by a security interest in the Company’s and certain of its subsidiaries’ assets and the subsidiaries guaranteed the repayment of the New VB Loan. The Company is subject to certain customary limitations including the ability to incur additional debt, make certain investments and acquisitions, and make certain restricted payments, including stock repurchases and dividends. The Amended and Restated Credit Agreement contains usual and customary events of default, the occurrence of which can lead to an acceleration of the Company’s obligation thereunder.

 

The New VB Loan has no convertible feature so it is not convertible into shares of the Company’s common stock.

 

In accordance with ASC 470-60 this refinancing was considered a troubled debt restructuring with a modification of terms. As a result, the unamortized discount of $4,473,147 and unamortized debt issue costs of $275,885 from the VB Loan were carried forward to be amortized using the effective interest method for the New VB Loan. On September 15, 2016, the Company also sold to VB Lender 70,000,000 shares of the Company’s common stock at a price per share of $0.015, for an aggregate purchase price of $1,050,000. Because the fair value on the date of purchase was $2,100,000, the difference of $1,050,000 was recorded as an additional equity discount on the New VB Loan and will be amortized over the life of the loan using the effective interest rate method. Any new fees paid to third parties in connection with the New VB Loan were expensed as required.

 

The Company intends to use borrowings under the Amended and Restated Credit Agreement to fund the operations of the Company and to pay fees and expenses relating to the Amended and Restated Credit Agreement and related transactions.

 

The Company intends to use borrowings under the Amended and Restated Credit Agreement to fund the operations of the Company and to pay fees and expenses relating to the Amended and Restated Credit Agreement and related transactions.

 

Other Outstanding Indebtedness

 

In addition to the New VB Loan described above, we have certain unsecured indebtedness, primarily promissory notes outstanding in favor of Mr. Leber in the principal amount of $78,543 (the “Leber Note”), Meadows Capital, LLC, an entity controlled by Dr. Cohen, a member of the Company’s board of directors, in the principal amount of $308,914 (the “Meadows Note”) and BJ Squared, LLC, an entity controlled by Mr. Leber, in the principal amount of $612,500 (“BJ Squared Note”). Meadows Capital, LLC, has a 50% interest in the BJ Squared Note. These promissory notes reflect indebtedness assumed by us in connection with a merger in February 2012. The Meadows Note and the BJ Squared Note accrue interest at the rate of 5% per annum and mature upon the earlier of (i) the Company having EBITDA of at least $2,500,000 as reflected on its quarterly or annual financial statements filed with the SEC, or (ii) the Company closing a financing with gross proceeds to the Company of at least $10,000,000. On September 15, 2016, the Leber Note was modified so that no interest accrues on the Leber Note after September 1, 2016 and it matures upon the Company achieving fiscal year net income of at least $5,000,000. The Leber Note remains subordinate in right of payment to the Meadows Note and the New VB Loan.

  

Total interest expense charged to operations amounted to $655,323 and $521,868 for the nine-months ended September 30, 2016 and 2015, respectively.

 

6. Stockholders’ Equity

 

Common Stock

 

On September 15, 2016 the Company sold to VB Lender 70,000,000 shares of its common stock, at a price per share of $0.015, for an aggregate purchase price of $1,050,000. Because the fair value on the date of purchase was $2,100,000, the difference of $1,050,000 was recorded as equity discount on the New VB Loan and will be amortized over the life of the New VB Loan using the effective interest method.

 

Series C Redeemable Convertible 7.5% Preferred Stock

 

On September 29, 2015, the Company entered into a securities purchase agreement (the “Preferred Agreement”) with certain investors (the “Preferred Purchasers”) and raised gross proceeds of $1,750,000, including the conversion by Mel Harris, a member of the Company’s board of directors, security holder and advisor to the Company, of the $450,000 principal amount of his convertible promissory note. Under the terms of the Preferred Agreement, the Preferred Purchasers purchased an aggregate amount of 875,000 shares of Series C Preferred Stock at a $2.00 per share purchase price. Each share of Series C Preferred Stock has a stated value of $2.00 (the “Stated Value”) and is convertible, at any time at the option of the holder, into ten (10) shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $0.20 per share (the “Conversion Price”), subject to customary adjustments, which gave rise to a beneficial conversion feature.

 

In addition, the Preferred Purchasers received warrants (the “Preferred Warrants”) representing the right to acquire an aggregate of 4,375,000 shares of the Company’s common stock at an exercise price of $0.30 per share (the “Preferred Warrant Shares”), subject to customary adjustments, for a period of ten (10) years from the date of issuance. Under certain circumstances, the holder of the Preferred Warrant may elect to exercise the warrant through a cashless exercise.

 

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Under the Preferred Agreement, the Company shall prepare and file with the Securities and Exchange Commission a registration statement covering the resale of the Conversion Shares and Preferred Warrant Shares under certain conditions after notice from the Preferred Purchasers. 

 

Additionally, the Company granted piggyback registration rights to the Preferred Purchasers in connection with the Conversion Shares and Preferred Warrant Shares on subsequent registration statements filed by Company, subject to certain exceptions.  

 

Each share of Series C Preferred Stock earns dividends at the rate of 7.5% of the Stated Value, 2.5% of which dividend is payable in cash, and 5.0% will be payable in the form of Common Stock, on a quarterly basis, at $0.20 per share. Accrued dividends are recorded as a liability in the condensed consolidated balance sheets. As of September 30, 2016, cumulative unpaid dividends of $87,500 have been accrued for 437,500 shares of common stock at $0.20 per share. Accrued and unpaid dividends do not bear interest.

 

The Series C Preferred Stock has a liquidation preference over common stock and voting rights equal to the number determined by dividing the Stated Value by the Conversion Price then in effect. Holders of Series C Preferred Stock vote together with the holders of the Company’s common stock as a single class.

 

The Company may redeem the Series C Preferred Stock at any time, at a price equal to the Stated Value per share plus any unpaid dividends. Alternatively, upon the election of the holder, the Company will convert shares of the Series C Preferred Stock into shares of the Company’s common stock. In addition, the Company is required to redeem all remaining Series C Preferred Stock on September 29, 2025, the tenth anniversary of the original issue date.

 

The gross proceeds of $1,750,000 received were reduced by issuance costs incurred of $76,423 resulting in net proceeds of $1,673,577 for the Series C Preferred Stock.

 

In accordance with ASC 480-10, the Company classified the Series C Preferred Stock in temporary equity. The relative fair market value of the Preferred Warrants was $603,608 and the fair market value of the beneficial conversion feature was $855,031 totaling an aggregate discount of $1,458,639 which was recorded to additional paid-in capital. The issuance costs and discount are amortized using the effective interest rate method over 10 years.

 

Series D Convertible 12% Preferred Stock

 

Simultaneously with the entry into the Amended and Restated Credit Agreement, the Company and VB Lender also entered into a securities purchase agreement which provides VB Lender with the right to purchase a total of 1,500,000 shares of Series D Convertible 12% Preferred Stock (“Series D Preferred Stock”) for a total price of $1,000,000, convertible into an aggregate of 1,833,000,000 shares of common stock. The conditions to the closing of the sale of shares of Series D Preferred Stock include approval by the shareholders of an amendment to the certificate of incorporation to increase the number of authorized shares of common stock to 2,156,500,000 shares, and the filing of a Certificate of Designation, Preferences and Rights of Series D Preferred Stock (the “Certificate”). The Certificate specifies that from and after the date of the issuance of any shares of Series D Preferred Stock, dividends at the rate per annum of $0.08 per share (which represents 12% per annum) will accrue on such shares. Dividends will accrue from day to day and will be cumulative, provided, however, that except as provided for in certain circumstances, dividends will only be payable when, as, and if declared by the board of directors of the Company and the Company will be under no obligation to pay such accrued dividends.

 

As an additional condition to closing, VB Lender required that the holders of Series C Preferred Stock shall have the option to convert their shares of Series C Preferred Stock into shares of the Company's common stock at a discounted rate of $0.05 per share.  Additionally, VB Lender required as a condition to closing that all shares of Series C Preferred Stock held by directors, officers and executives of the Company be converted into shares of the Company's common stock at a discounted rate of $0.05 per common share.  The Series C Preferred Stock was issued in 2015 for $2.00 per preferred share, with an initial conversion price of $0.20 per common share.  This option to convert therefore represents a discount of $0.15 per common share from the original conversion price and shall take effect immediately following the effective date of the Certificate and the closing of the Series D Preferred Stock.

  

Net Earnings (Loss) Per Common Share

 

Basic earnings (loss) per common share are computed by dividing net earnings (loss) per common share by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per common share are computed by dividing net earnings (loss) by the sum of the weighted average number of shares of common stock and the dilutive effect of securities that can be converted into common stock.

 

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Reconciliations of the weighted average shares outstanding for basic and diluted earnings per common share are as follows:

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2016   2015   2016   2015 
Basic EPS Shares outstanding (weighted average common shares)   143,681,625    132,675,929    136,100,699    132,199,959 
Effect of Dilutive Securities   -    -    -    - 
Diluted EPS Shares outstanding   143,681,625    132,675,929    136,100,699    132,199,959 

 

Dilutive securities consist of unexercised stock options and warrants as well as the convertibility of the Series C Preferred Stock and accrued dividends. The inclusion of such dilutive securities in the computation of earnings per share would have been anti-dilutive and have therefore been excluded. For the three and nine months ended September 30, 2016 and 2015, the numbers of excluded dilutive securities were 114,677,086 and 102,581,823, respectively.

 

7. Stock Based Compensation

 

The Company adopted the Grandparents.com, Inc. 2012 Stock Incentive Plan (the “Plan”), which currently provides for 25,000,000 shares of the Company’s common stock to be eligible for issuance to employees, officers, directors, consultants, agents, advisors, and independent contractors who provide services to the Company under the Plan.

 

During the nine months ended September 30, 2016, the Company granted 2,000,000 options to purchase shares of common stock, which expire five or ten years from the date of grant, under the Plan to two employees. The options had an exercise price of $0.30 per share, which was greater than the stock price per share on the date of grant.

  

A summary of stock option activity for the nine months ended September 30, 2016 and the year ended December 31, 2015 is presented below:

 

   Number of
Shares		   Weighted
Average
Exercise Price		   Weighted
Average
Remaining
Contractual
Term (Years)		   Aggregate
Intrinsic
Value		 
Outstanding at January 1, 2015   24,385,000   $0.28    7.52   $445,000 
Granted   1,450,000    0.19           
Expired   (190,000)   0.27           
Forfeited   (5,312,500)   0.33           
Outstanding at December 31, 2015   20,332,500    0.26    7.25   $- 
Granted   2,000,000    0.30           
Expired   (620,000)   0.33           
Outstanding at September 30, 2016   21,712,500   $0.26    6.65   $- 
                     
Exercisable at September 30, 2016   19,683,876   $0.26    6.72   $- 

   

The compensation expense recognized for Plan and non-Plan options awarded for the three-months ended September 30, 2016 and 2015 was $98,283 and $438,172, respectively. The compensation expense recognized for Plan and non-Plan options awarded for the nine months ended September 30, 2016 and 2015 was $551,741 and $1,413,067 respectively. Total unrecognized compensation costs related to non-vested equity-based compensation arrangements was $188,066 as of September 30, 2016. That cost is expected to be recognized over the remaining vesting period of 27 months.

 

All options were excluded from diluted EPS since the Company is in a loss position.

 

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8. Warrants

 

During the nine months ended September 30, 2016, the Company granted warrants to purchase 600,000 shares of common stock in connection with services to the Company. The warrants had exercise prices of $0.30 per share and they expire five years from the date of grant. The exercise price per share was greater than the stock price per share on the date of grant. The aggregate fair market value of the warrants issued was $40,820 which was recorded as an expense in the statement of operations during the nine months ended September 30, 2016.

 

During the nine months ended September 30, 2016, 5,359,737 unvested warrants issued to Starr Indemnity & Liability Company were forfeited (see note 10).

 

During the nine months ended September 30, 2016, 500,000 fully vested warrants were voluntarily forfeited by the holder per written request to the Company.

 

A summary of warrant activity for the nine months ended September 30, 2016 and the year-ended December 31, 2015 is presented below:

 

   Warrants   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Term
(Years)		   Aggregate
Intrinsic Value		 
Outstanding at January 1, 2015   58,094,323   $0.20    3.48   $4,164,331 
Granted   27,575,000    0.30    -      
Exercised   (70,000)   0.14    -      
Cancelled   (500,000)   0.30    -      
Outstanding at December 31, 2015   85,099,323    0.23    4.74   $643,169 
Granted   600,000    0.30           
Forfeited   (5,859,737)   0.07           
Outstanding at September 30, 2016   79,839,586   $0.24    4. 18   $- 
                     
Exercisable at September 30, 2016   77,214,586   $0.24    4.01   $- 

 

All warrants were excluded from diluted EPS since the Company is in a loss position.

  

9. Income Taxes

 

ASC 740-10 “Accounting for Uncertainty in Income Taxes” (“ASC 740-10”) requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. Management evaluates Company tax positions at each reporting date and has determined that as of September 30, 2016, no accruals for uncertain tax positions are necessary.

 

The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate for the full fiscal year. Cumulative adjustments to the Company’s estimate are recorded in the interim period in which a change in the estimated annual effective rate is determined.

 

The difference between the federal statutory rate (34%) and the Company’s effective rate (0%) is primarily attributable to the change in valuation allowance on its deferred tax assets as it is more likely than not that the Company will not be able to utilize its NOL’s based on the Company’s current results and history of operating losses.

 

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Generally, the Company is no longer subject to U.S. federal examinations by tax authorities for fiscal years prior to 2012.

 

10. Commitments and Contingencies

 

Operating Leases

 

The Company leases an office in New York, NY under an operating lease which expires September 30, 2018. The future minimum lease payments required under the office lease as of September 30, 2016, are as follows:

 

For the Years Ending December 31,    
2016  $56,238 
2017   226,639 
2018   173,775 
Total  $456,652 

 

Rent expense recognized under operating leases was $56,254 and $45,500 for the three months ended September 30, 2016 and 2015, respectively, and $167,345 and $161,478 for the nine months ended September 30, 2016 and 2015.

 

Starr Agreement

 

On January 8, 2013, the Company entered into a Strategic Alliance Agreement (the “Starr Agreement”), with Starr Indemnity & Liability Company (“Starr”) under which Starr agreed to provide certain services to the Company, including developing strategic business and investment relationships for the Company and providing business consulting services to the Company. In exchange for the services, the Company agreed to pay Starr a monthly fee of $80,000 during the term of the Starr Agreement, which commenced on March 1, 2013, as well as fees to be agreed upon by the Company and Starr for Starr’s arranging agreements with insurance companies. On March 1, 2014 and on March 1, 2015, the Starr Agreement automatically renewed for one-year periods and was to automatically renew on March 1, 2016 unless either party terminated the agreement prior to the expiration of the then-current term. The Starr Agreement was amended in April 2013 at which time the Company committed to issuing Starr a warrant to acquire up to 21,438,954 shares of our common stock, subject to certain customary adjustments which was to vest one-fourth (1/4) of the warrant shares upon issuance and the remaining portion of the warrant shares in three equal annual installments on March 1, 2014, 2015 and 2016, provided, however, that the warrant shall automatically cease to vest upon termination or expiration of the Starr Agreement (see Note 8). On January 29, 2016, the Starr Agreement was amended to extend the renewal deadline to March 29, 2016. On March 29, 2016, the Company decided not to renew the Starr Agreement under its terms. As a result, the Starr Agreement is no longer in effect and the unvested warrants were forfeited.

  

Cegedim Agreement

 

Effective as of March 28, 2013, Grand Card, LLC, a wholly-owned subsidiary of the Company, entered into an Alliance Agreement (the “Cegedim Agreement”) with Cegedim Inc. (Opus Health Division) (“Cegedim”) pursuant to which the parties formed an exclusive strategic alliance (the “Alliance”) to develop member benefit programs (the “Programs”) that provide cash rebates and other rewards on the “Grand Card” debit card. The Cegedim Agreement provides that all costs for marketing and promoting the Programs will be borne by Grand Card LLC and that all other costs and funding of the Programs, subject to certain exceptions, shall be borne 75% by Grand Card LLC and 25% by Cegedim. The Cegedim Agreement further provides that revenues derived from the Alliance (after deduction for certain operating costs borne by the parties) shall be allocated 75% to Grand Card LLC and 25% to Cegedim. The term of the Cegedim Agreement commenced on March 28, 2013 and will continue for an initial term of four (4) years and will automatically renew for successive four-year terms unless fewer than 500,000 cards have been issued at the time of such renewal or either party provides written notice to the other party of its intent not to renew within 120 days of the end of the then-current term. On April 1, 2015, the Opus Health Division was sold by Cegedim Inc. to IMS Health Holdings, Inc.

 

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Vantiv Agreement

 

In November 2014, Grand Card LLC, a wholly-owned subsidiary of the Company and Vantiv, LLC (“Vantiv”) entered into a master services agreement, an Addendum and exhibits thereto (collectively, the “Vantiv Agreement”) pursuant to which Vantiv agreed to provide card issuing and payment processing products and services to Grand Card LLC. Pursuant to the Vantiv Agreement, Grand Card LLC has committed to, among other things, a card purchasing allotment valued at $775,000 over a twelve (12) month period and in the first quarter of 2015, the Company purchased the initial card commitment at an aggregate cost of $168,756 cards. The initial term of the Vantiv Agreement was three years. On November 11, 2015, Vantiv and Grand Card LLC entered into an amendment to the Vantiv Agreement extending the date on which a purchase order for the balance of the card allotment must be made to December 17, 2015. On December 18, 2015, Vantiv and Grand Card LLC entered into another amendment to the Vantiv Agreement extending the date on which a purchase order for the balance of the card allotment must be made to (i) a partial purchase order for one-third of the remaining balance to be made by December 22, 2015 and (ii) an additional purchase order for the remaining balance by March 31, 2016. On December 22, 2015, such order was placed and in January 2016, the Company purchased additional cards for an aggregate cost of $202,050. On May 10, 2016, Vantiv and Grand Card LLC entered into another amendment which was revised on May 17, 2016 to the Vantiv Agreement extending the schedule of card purchases from July 1 through the end of 2016, extending the term of the Vantiv Agreement for two years and providing for an additional 100,000 cards to be purchased for an aggregate cost of approximately $158,024. It is subject to standard termination provisions as well as customary representations and warranties. In the event of a default under the Vantiv Agreement by Grand Card LLC, Grand Card LLC may be responsible for liquidated damages in an amount based upon the monthly revenue earned by Vantiv for the balance of the term. The Company’s Grand Card venture is a cash rebate debit card that will enable cardholders to purchase pharmaceutical products and consumer goods and services from participating merchants. Prior to September 30, 2016 all costs incurred for purchasing cards from Vantiv in the amount of $794,243 had been fully capitalized as a prepaid expense with anticipated future benefits from generating Grand Card revenues. As of September 30, 2016, these prepaid expenses were expensed and recorded as a selling and marketing expense because the corresponding revenue has yet to be achieved.

 

The Company intends to issue the Grand Card through the AGA and other channels and earn various related fees including percentages of discounts and rebates.

 

HSNi Agreement

 

On March 19, 2015, the Company entered into an agreement (the “HSN Agreement”) with HSNi, LLC and its affiliates (“HSN”) whereby HSN produced and broadcast segments promoting the Company’s membership group, the American Grandparents Association, as well as certain products and services offered by third parties. The initial on air segments involved education regarding Medicare Supplemental, Medicare Advantage, and Cancer and Heart Attack or Stroke health insurance policies offered by Aetna and its affiliates. Under the HSN Agreement, the Company received a percentage of certain proceeds generated through the multimedia marketing campaign conducted by the parties. During the year ended December 31, 2015, the Company recorded $400,000 as commission revenue under the HSN Agreement. The HSN Agreement expired on December 31, 2015.

 

Other Commitments and Contingencies

 

On June 30, 2015, the Company entered into an agreement with a consultant who will provide sales-related services to the Company. In addition to fees for services, the Company will issue warrants following each calendar year of the three-year term if certain performance milestones are achieved by the consultant. No warrants were issued for products sold in 2015 or 2016 under this agreement. For every 10,000 Grandparent.com-endorsed products sold in years 2016 and 2017 of the three-year term as a result of the consultant’s efforts, the Company will grant warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.21 per share with a 5-year term.

 

On May 4, 2016, DMI Partners, Inc. instituted a suit against the Company in the Court of Common Pleas of Philadelphia County PA seeking damages of $158,677 plus interest of $137,842 and costs and fees. The suit is for a breach of contract claim alleging nonpayment for services rendered in connection with online marketing and sales lead generation. The Company has accrued the invoice amount of $158,677 in its accounts payable. The Company has filed an answer and intends to vigorously defend all claims.

 

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11. Concentrations

 

As of September 30, 2016, three customers represented all of the Company’s accounts receivable and four customers represented approximately 67% of the Company’s revenues earned during the nine months ended September 30, 2016. As of December 31, 2015, four customers represented approximately 80% of the Company’s accounts receivable and two customers represented approximately 75% of the Company’s revenues earned during the nine months ended September 30, 2015.

 

12. Subsequent Events

 

None.

 

  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

In this Report, the terms “Company,” “we,” “us” and “our” refer to Grandparents.com, Inc. and its subsidiaries, unless the context otherwise requires. In addition, the term “Annual Report” refers to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the SEC on March 28, 2016.

   

The following discussion and analysis is based on, should be read with, and is qualified in its entirety by, the accompanying unaudited condensed consolidated financial statements and related notes thereto included in this Report. The following discussion and analysis should also be read in conjunction with the disclosure under “Cautionary Note Regarding Forward-Looking Statements” and the risk factors contained in our Annual Report.

 

Overview

 

We own and operate the Grandparents.com website. As a membership organization and social media community, we connect grandparents, seniors, and boomers to differentiated, discounted products and services. Our services are geared to the approximately 72 million grandparents in the U.S., but our audience also includes “boomers” and seniors that are not grandparents. Our website offers content on health, wellbeing, relationships and finances as well as other topics that appeal to our audience. Our business model is to provide group discount benefits for a small membership fee. We believe that our website is one of the leading online communities for our market and is the premier social media platform targeting active, involved grandparents.

 

In addition to our website, our membership association, the American Grandparents Association (the “AGA”), was formed to unite grandparents, boomers and seniors. Members of the AGA have access to a range of benefits including discounts on products and services. Members pay $15 annually to the AGA to receive these benefits as well as products and services that are endorsed or recommended by the AGA.

 

To date, most of our revenue has been from advertising on our website. We have broadened our focus to create additional revenue streams by establishing additional products and services and entering into various partnerships and joint ventures. As these products, services and partnerships continue to be developed, implemented and marketed, we expect to generate additional revenue from these sources in the future.

 

Like most developing companies, we face substantial financial challenges particularly in regard to revenue generation, cost control and capital requirements. Revenue for the nine months ended September 30, 2016 was $255,979, which reflected a decrease of $126,646, or 33%, compared to revenue of $382,625 for the comparable period in 2015. The decrease is mostly due to reduced placement fees by one vendor. The Company decreased its total operating expenses by $839,799 or 12%, to $6,071,903 for the nine months ended September 30, 2016 compared to $6,911,702 for the comparable period in 2015 mainly as a result of a decrease in equity-based compensation expense offset by an increase in selling and marketing expense. The Company decreased its net loss attributable to common shareholders by $382,609, or 5%, to $6,595,909 for the nine months ended September 30, 2016 compared to $6,978,518 for the comparable period in 2015.

 

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The Company used $4,429,428 in cash for operating activities and received a net of $1,970,312 from financing activities during the nine months ended September 30, 2016. The Company had a working capital deficit of $2,218,702 as of September 30, 2016. It continues to seek additional capital and loans to fund ongoing operations. Going forward, the Company will need to raise significant capital in order to successfully implement its business plans. See “Liquidity and Capital Resources” below for additional information regarding our capital raising activities and use of cash.

 

On September 15, 2016, the Company sold 70,000,000 shares of its common stock for $1,050,000 and received an additional loan from its secured lender in the amount of $950,000. The Company has an agreement to sell preferred stock for $1,000,000 and to receive additional loans from its secured lender up to $2,000,000 which is contingent upon certain events including obtaining stockholder approval to increase the number of authorized shares of common stock to provide for the conversion feature of the preferred stock.

 

Without additional capital from existing or outside investors or further financing, our ability to continue to implement our business plan will be limited. These conditions raise substantial doubt about our ability to continue as a going concern and to execute on our business model.

 

Our Website

 

Our website offers content on health and wellbeing, relationships and finances as well as recipes, travel tips and recommended activities for grandparents, boomers and seniors. We believe that our website is one of the leading online communities for our market and is one of the premier social media platforms targeting active, involved grandparents.

 

American Grandparents Association

 

In addition to our website, our membership association, the AGA was formed to unite grandparents, boomers and seniors. Members of the AGA have access to a range of benefits including discounts on products and services. AGA members can access community features of the company’s offerings including discussions, blogs, games, and content as well as other products and services that are offered exclusively to AGA members. Members pay $15 annually to the AGA to receive these benefits as well as discounts on products and services that are endorsed or recommended by the AGA. There are approximately 1,830 members of the AGA and membership dues revenue of $15,144 was recorded in the condensed consolidated statement of operations.

 

Grand Giveaways and Premium Membership

 

Grand Giveaways offers free giveaways to registered users of the website. Grand Giveaways consist of consumer goods and services in the areas of entertainment, food and dining, health and wellness, children’s entertainment and education products. We offer our promotional partners exposure for their giveaways through various touch points: on our website, via our e-newsletter, and through social media channels.

  

Premium Membership benefits are typically discounted products and services provided by third parties appropriate for the 50+ demographic and their families. Premium Membership benefits include deals and discounts on gifts, jewelry, toys, eyewear, flowers, travel, entertainment (theaters), pet supplies, casinos, food and insurance. Many Premium Membership benefits providers have their promotions featured on our website. Premium Members receive Grand Giveaways and the Premium Membership benefits for an annual fee of $15 and there are approximately 1,830 Premium Members.

 

We seek to maintain direct relationships with our promotion providers and regularly have discussions about potential new giveaways, deals, and additional ways they can cross-promote the AGA. Each Grand Giveaway and Premium Membership benefit is subject to the terms provided by the promotion provider which may seek to change, retract, or cancel any giveaway or deal offered in Grand Giveaways and Premium Membership benefits or otherwise to registered users or AGA members.

 

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Royalty Arrangements

 

We derive revenue by endorsing or recommending products and services provided by third parties in return for royalty payments. We have an agreement (the “Aetna Royalty Agreement”) with Aetna, pursuant to which Aetna will offer a group Medicare Supplement insurance policy to AGA members. On June 4, 2015, Aetna added a Cancer, Heart Attack or Stroke policy as a product offered under the Aetna Royalty Agreement. In exchange for our endorsement, a license to use our intellectual property and access to the AGA membership, Aetna will pay a royalty to the Company. The Aetna Royalty Agreement requires Aetna to design, price and manage the insurance policies. We are not required to perform any insurance producer services under the Aetna Royalty Agreement. Aetna continues to file its policy forms with various state insurance departments. For the nine months ended September 30, 2016, a royalty of $7,624 was earned and recorded in the condensed consolidated statement of operations in advertising and other revenue.

 

There can be no guarantee that we will be able to earn additional revenue from the Aetna Royalty Agreement or enter into similar agreements or other royalty arrangements with other third parties, or, if we are, the terms of such arrangements will be on terms advantageous to us. To the extent we are able to enter into royalty arrangements, revenues, if any, from such arrangements may be limited in the near term. There can be no guarantee the Company will derive revenue from this or any other royalty program.

 

Commission Arrangements

 

On October 29, 2014, a subsidiary of the Company entered into an Aetna Marketing Agreement for Upline Agents and Agencies (the “MA Contract”) with Aetna to offer a Medicare Advantage insurance policy pursuant to which such subsidiary will receive a commission for each such policy sold. The MA Contract became effective January 1, 2015.

 

Effective on October 31, 2014, a subsidiary of the Company entered into an Aetna Marketing Agreement for Group Contracting Only (the “MS Contract”) with Aetna to offer a Medicare Supplement insurance policy pursuant to which such subsidiary will receive a commission for each such policy sold.

 

On August 26, 2016, a subsidiary of the Company, entered into an Aetna Marketing Agreement for Upline Licensed Agents and Agencies (the “2016 MA Contract”) with Aetna Life Insurance Company and certain affiliates (“Aetna”). Pursuant to the 2016 MA Contract, GIS will serve as a general agent and offer Medicare Advantage and Part D policies to certain target customers pursuant to which such subsidiary will receive a commission for each such policy sold.

 

For the nine months ended September 30, 2016, commissions pursuant to these arrangements and others of $12,888 was earned and recorded in the condensed consolidated statement of operations in commission revenue.

 

There can be no guarantee that we will be able to earn additional revenue from the MA Contract, the MS Contract or the 2016 MA Contract or enter into similar agreements or other commission arrangements with other third parties or, if we are, the terms of such arrangements will be on terms advantageous to us. To the extent we are able to enter into commission arrangements, revenues, if any, from such arrangements may be limited in the near term. There can be no guarantee the Company will derive revenue from this or any other commission program.

 

Grand Card®

 

The Company has established a debit card rewards program that bundles rebates and discounts on a debit card which are activated when cardholders purchase pharmaceutical products and consumer goods and services offered by participating merchants (the “Grand Card”). We have formed an alliance with Cegedim for the purposes of developing the Grand Card. Cegedim has developed proprietary processes and technologies which will be customized and adapted to the Grand Card for rebate programs.

  

 Page 19 of 29 

 

 

Development of the Grand Card has been ongoing; hence we have not generated any material revenue from this program as of the date of this report. We launched the Grand Card in the third quarter of 2016. The Company intends to issue the Grand Card through the AGA and other channels and earn various related fees including percentages of discounts and rebates. There can be no guarantee that we will be able to further develop this concept or, that if we are able to do so, that we will be able to generate revenue from it.

  

Strategic Partnerships

 

The Company has entered into several strategic partnerships which it believes will help generate future revenue. By entering into such arrangements, it seeks to leverage the marketing ability, distribution networks, and knowledge of its partners to help it develop its business.

 

In March 2013, the Company entered into an agreement with Cegedim, Inc. (Opus Health Division), the U.S. subsidiary of Cegedim, S.A., forming an alliance for the purpose of developing the Grand Card. On April 1, 2015, the Opus Health Division was sold by Cegedim Inc. to IMS Health Holdings, Inc. 

 

In November 2014, Grand Card LLC, a wholly-owned subsidiary of the Company and Vantiv entered into a master services agreement, an Addendum and exhibits thereto pursuant to which Vantiv agreed to provide card issuing and payment processing products and services to Grand Card. This agreement has been amended multiple times. The Company’s Grand Card venture is a cash rebate debit card that will enable cardholders to purchase pharmaceutical products and consumer goods and services from participating merchants.

 

In January 2013, the Company entered into a Strategic Alliance Agreement (the “Starr Agreement”) with Starr Indemnity & Liability Company (“Starr”), a wholly owned subsidiary of Starr International Company, Inc., under which Starr agreed to provide certain services to us, including developing strategic business and investment relationships and other business consulting services. On March 29, 2016, the Company decided not to renew the Starr Agreement under its terms.

  

On March 19, 2015, the Company entered into an agreement (the “HSN Agreement”) with HSN, LLC and its affiliates (“HSN”) whereby HSN produced and broadcast segments promoting the AGA, as well as certain products and services offered by third parties. The initial on air segments involved education regarding Medicare Supplemental, Medicare Advantage, and Cancer and Heart Attack or Stroke health insurance policies offered by Aetna and its affiliates. Under the HSN Agreement, the Company received a percentage of certain proceeds generated through the multimedia marketing campaign conducted by the parties. During 2015, the Company recorded $400,000 as commission revenue under the HSN Agreement. The HSN Agreement expired on December 31, 2015.

 

On April 7, 2016, the Company entered into an agreement with the Northeast Division of Marsh & McLennan Agency LLC (“Marsh”), pursuant to which Marsh will offer and sell certain Aetna Medicare products through Marsh’s insurance benefits portal in exchange for certain fees.

 

Critical Accounting Policies and Estimates

 

The discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates including, among others, those affecting revenue, the allowance for doubtful accounts, equity-based compensation, and the useful lives of tangible and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form our basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, or if management made different judgments or utilized different estimates.

 

 Page 20 of 29 

 

 

The Company has identified below some of its accounting policies that it considers critical to its business operations and the understanding of its results of operations. For detailed information and discussion on its critical accounting policies and estimates, see its financial statements and the accompanying notes included in this Report. Many of its estimates or judgments are based on anticipated future events or performance, and as such are forward-looking in nature, and are subject to many risks and uncertainties, including those discussed below and elsewhere in this Report. The Company does not undertake any obligation to update or revise this discussion to reflect any future events or circumstances. See “Cautionary Note Regarding Forward-Looking Statements” contained in this Report.

  

Included in its Annual Report, the Company identified four of our accounting policies that it considers critical to its business operations and an understanding of its results of operations:

  

  · revenue recognition;
  · fair value measurements;
  · equity-based compensation; and
  · impairment of long-lived assets.

 

The Company included in its Annual Report a brief discussion of some of the judgments, estimates and uncertainties that can impact the application of these policies and the specific dollar amounts reported on its financial statements. This is neither a complete list of all of its accounting policies, nor does it include all the details surrounding the accounting policies it identified, and there are other accounting policies that are significant to it. For detailed information and discussion on its critical accounting policies and estimates, see its financial statements and the accompanying notes included in this Report and in the Annual Report. Many of the Company’s estimates or judgments are based on anticipated future events or performance, and as such are forward-looking in nature, and are subject to many risks and uncertainties, including those discussed below and elsewhere in this Report and in our Annual Report. The Company does not undertake any obligation to update or revise this discussion to reflect any future events or circumstances. See “Cautionary Note Regarding Forward-Looking Statements” contained in this Report.

 

Results of Operations

 

Comparison of the Three Months Ended September 30, 2016 and 2015

 

Revenue

 

Revenue for the three months ended September 30, 2016 decreased by $55,845, or 30%, to $132,210 compared to $188,055 for the comparable period in 2015. The decrease is mostly due a decrease in commission revenue of $145,142 mostly from one customer offset by an increase in advertising revenue of $89,297, mostly from one customer, for the comparable period in 2015. 

 

Operating Expenses

 

Total operating expenses for the three months ended September 30, 2016 increased by $257,490, or 12%, to $2,488,872 compared to $2,231,382 for the comparable period in 2015 as explained below.

 

Selling and marketing. Selling and marketing expense for the three months ended September 30, 2016 increased by $816,509, or 946%, to $902,822 compared to $86,313 for the comparable period in 2015 due to an increase in Grand Card related costs of approximately $833,000.

 

Salaries. Salary expense for the three months ended September 30, 2016 decreased by $41,964, or 8%, to $452,649 compared to $494,613 for the comparable period in 2015 due to a decrease of $59,000 in executive salaries.

 

Rent. Rent expense for the three months ended September 30, 2016 increased by $10,754, or 24%, to $56,254 compared to $45,500 for the comparable period in 2015 due to an increase in office rent under a lease beginning October 1, 2015.

 

 Page 21 of 29 

 

 

Accounting, legal and filing fees. Accounting, legal and filing fees expense for the three months ended September 30, 2016 increased by $376,791, or 226%, to $543,289 compared to $166,498 for the comparable period in 2015. The increase was due to higher legal expenses of $284,000 and higher accounting expenses of $93,000 in the third quarter of 2016. The increase in legal expense is due to stock and debt issue costs incurred in the third quarter of 2016. The increase in accounting expense is due to the engagement of consultants to provide certain accounting services to the Company.

 

Consulting. Consulting expense for the three months ended September 30, 2016 decreased by $141,868, or 41%, to $204,831 compared to $346,699 for the comparable period in 2015. The decrease was primarily due to elimination of one consultant for a reduction of $240,000 partially offset by increases of approximately $76,000 from engagement of four new consultants in late 2015 and early 2016.

 

Equity-based compensation. Equity-based compensation for the three months ended September 30, 2016 decreased by $757,619, or 96%, to $34,056 compared to $791,675 for the comparable period in 2015. The decrease was due to a decrease for the Starr warrant expense of $210,000 plus decreases due to forfeitures of options and options or warrants becoming fully vested before the third quarter of 2016.

 

Other general and administrative. Other general and administrative expense for the three months ended September 30, 2016 increased by $9,373, or 5%, to $209,957 compared to $200,584 for the comparable period in 2015. The increase was primarily due to an increase in recruitment expense of $40,000 offset by commissions paid of $16,000. 

 

Depreciation and amortization. Depreciation and amortization for the three months ended September 30, 2016 decreased by $14,486, or 15%, to $85,014 compared to $99,500 for the comparable period in 2015 due to some items becoming fully amortized before the third quarter of 2016.

  

Other income (expense). Other income (expense) consisted mainly of interest expense for the three months ended September 30, 2016 and 2015. Interest expense decreased by $145,252 or 34% to $277,134 compared to $422,386 for the comparable period in 2015 primarily due to no interest in the third quarter of 2016 on loans paid off in the third quarter of 2015. 

 

Net loss attributable to common shareholder. Net loss attributable to common shareholders for the three months ended September 30, 2016 was $2,667,786, or $0.02 per basic and diluted common share, compared to $2,393,286, or $0.02 per basic and diluted common share, for the comparable period in 2015, an increase of $274,500, or 11%.

 

Comparison of the Nine Months Ended September 30, 2016 and 2015

 

Revenue

 

Revenue for the nine months ended September 30, 2016 decreased by $126,646, or 33%, to $255,979 compared to $382,625 for the comparable period in 2015. The decrease is mostly due a decrease in commission revenue of $246,769 mostly from one customer offset by an increase in advertising revenue of $120,123, mostly from one customer, for the comparable period in 2015.

 

Operating Expenses

 

Total operating expenses for the nine months ended September 30, 2016 decreased by $839,799, or 12%, to $6,071,903 compared to $6,911,702 for the comparable period in 2015 as explained below.

 

Selling and marketing. Selling and marketing expense for the nine months ended September 30, 2016 increased by $821,356, or 381%, to $1,036,838 compared to $215,482 for the comparable period in 2015 due to fully capitalizing and expensing Grand Card related costs of approximately $833,000.

 

Salaries. Salary expense for the nine months ended September 30, 2016 decreased by $228,850, or 14%, to $1,357,094 compared to $1,585,944 for the comparable period in 2015 due to decreases of $165,000 in executive salaries and $79,000 in staff salaries.

 

 Page 22 of 29 

 

 

Rent. Rent expense for the nine months ended September 30, 2016 increased by $5,867, or 4%, to $167,345 compared to $161,478 for the comparable period in due to an increase in office rent under a lease beginning October 1, 2015.

 

Accounting, legal and filing fees. Accounting, legal and filing fees expense for the nine months ended September 30, 2016 increased by $441,153, or 84%, to $965,226 compared to $524,073 for the comparable period in 2015. The increase was due to higher legal expenses of $265,000 and higher accounting expenses of $181,000 in the first nine months of 2016. The increase in legal expense is due to stock and debt issue costs incurred in the third quarter of 2016. The increase in accounting expense was due to the engagement of consultants to provide certain accounting services to the Company.

 

Consulting. Consulting expense for the nine months ended September 30, 2016 decreased by $103,760, or 11%, to $882,601 compared to $986,361 for the comparable period in 2015. The decrease was primarily due to elimination of one consultant for a reduction of $480,000 partially offset by increases of approximately $393,000 from engagement of six new consultants in late 2015 and early 2016.

 

Equity-based compensation. Equity-based compensation for the nine months ended September 30, 2016 decreased by $1,770,088, or 69%, to $778,499 compared to $2,458,587 for the comparable period in 2015. The decrease was due to a decrease for the Starr warrant expense of $658,000 plus decreases due to forfeitures of options or warrants becoming fully vested after the third quarter of 2015.

 

Other general and administrative. Other general and administrative expense for the nine months ended September 30, 2016 increased by $49,696, or 9%, to $627,885 compared to $578,190 for the comparable period in 2015. The increase was primarily due to an increase in recruitment expense of $70,000. 

 

Depreciation and amortization. Depreciation and amortization for the nine months ended September 30, 2016 decreased by $55,172, or 18%, to $256,415 compared to $311,587 for the comparable period in 2015. Depreciation and amortization decreased in 2016 due to some items becoming fully amortized versus 2015.

  

Other income (expense). Other income (expense) consisted mainly of interest expense for the nine months ended September 30, 2016 and 2015. Interest expense increased by $133,455 or 26% to $655,323 compared to $521,868 for the comparable period in 2015 primarily due to an increase the existence of interest on the credit facility for one quarter in 2015 versus three quarters in 2016. 

 

Net loss attributable to common shareholder. Net loss attributable to common shareholders for the nine months ended September 30, 2016 was $6,595,909, or $0.05 per basic and diluted common share, compared to $6,978,518, or $0.05 per basic and diluted common share, for the comparable period in 2015, a decrease of $382,609, or 5%.

 

Liquidity and Capital Resources

 

As of September 30, 2016, we had unrestricted cash of $1,306,607. We do not have enough resources to continue as a going concern for the next 12 months. We expect to finance our operations over the next twelve months primarily through our existing cash and offerings of our equity or debt securities or through bank financing. Our operations have not yet generated positive cash flows. To effectively implement our business plan, we will need to obtain additional financing. If we obtain financing, we would expect to accelerate our business plan and increase our advertising and marketing budget, hire additional staff members and increase our operations all of which we believe would result in the generation of additional revenue and development of our business. We cannot be certain that financing will be available at all or on acceptable terms. To the extent that we raise additional funds by issuing debt or equity securities or through bank financing, our stockholders may experience significant dilution. If we are unable to raise funds when required or on acceptable terms, we may have to significantly scale back, or discontinue, our operations. If we are unable to raise funds, the Company’s ability to continue to operate will be limited

 

 Page 23 of 29 

 

 

Capital Raising Efforts

 

On July 8, 2015, the Company and VB Funding, LLC (“VB Lender”) entered into a credit agreement (“Credit Agreement”) which provided for a multi-draw term loan credit facility (the “VB Loan”) in an aggregate amount not to exceed $8,000,000. The full amount of the VB Loan was advanced in two disbursements, with the initial amount of $5,000,000 (which includes the $1,000,000 amount previously funded on May 18, 2015 pursuant to a bridge loan from VB Lender disbursed by VB Lender at the time of closing of the Credit Agreement). The second disbursement was on December 31, 2015. The VB Loan was used to fund ongoing operations and to repay then outstanding indebtedness. The Credit Agreement was replaced by an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) on September 15, 2016.

 

Pursuant to the Credit Agreement, the Company was subject to certain customary limitations including the ability to incur additional debt, make certain investments and acquisitions, and make certain restricted payments, including stock repurchases and dividends. The Credit Agreement contained usual and customary events of default, the occurrence of which could have led to an acceleration of the Company’s obligations thereunder.

 

Outstanding indebtedness under the VB Loan could have been voluntarily prepaid at any time, in whole or in part, without premium or penalty. The indebtedness under the VB Loan was due July 8, 2025 with interest at an aggregate of 7.5% per annum, 2.5% of which was payable in cash and 5.0% was payable in-kind as additional principal. The VB Loan was secured by a security interest in the Company’s and certain of its subsidiaries’ assets and each such subsidiary guaranteed the repayment of the VB Loan. VB Lender had the right to convert the outstanding balance of the VB Loan into shares of common stock of the Company, at a conversion price per share equal to $0.20 which gave rise to a beneficial conversion feature having a relative fair market value of $1,950,000 as of July 8, 2015. This beneficial conversion feature value was recorded as a discount to the VB Loan and was amortized to interest expense over the life of the loan. In connection with the initial disbursement, VB Lender received a ten-year warrant to purchase 12.5 million shares of the Company’s common stock at an exercise price of $0.30 per share. As of July 8, 2015, the warrant had a relative fair market value of $1,700,000 and was recorded as a debt discount. In connection with the second disbursement, VB Lender received a ten-year warrant to purchase 7.5 million shares of the Company’s common stock at an exercise price of $0.30 per share. The warrant had a relative fair market value of $465,146 and was recorded as a debt discount. There was no beneficial conversion feature in connection with the second disbursement.

 

On September 15, 2015, the Company entered into a securities purchase agreement (the “Preferred Agreement”) with certain investors (the “Preferred Purchasers”) and raised gross proceeds of $1,750,000, including the conversion by Mel Harris, a member of the Company’s board of directors, security holder and advisor to the Company, of $450,000 principal amount of his convertible promissory note issued on August 20, 2015. Each share of Series C Redeemable Convertible 7.5% Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”) has a stated value of $2.00 (the “Stated Value”) and is convertible, at any time at the option of the holder, into ten (10) shares of the Company’s common stock at a conversion price of $0.20 per share, subject to customary adjustments. Each share of Series C Preferred Stock earns dividends at the rate of 7.5% of the Stated Value, 2.5% of which is payable in cash, and 5.0% is payable in the form of common stock, on a quarterly basis, at $0.20 per share. In connection with this Preferred Agreement, the Company issued a ten-year warrant to purchase an aggregate of 4,375,000 shares of common stock at an exercise price of $0.30 per share.

 

On September 15, 2016, the Company and VB Lender entered into the Amended and Restated Credit Agreement, which amended and restated the Credit Agreement. The Amended and Restated Credit Agreement has a principal balance equal to the outstanding balance under the VB Loan and provided for two additional disbursements in an aggregate amount not to exceed $2,950,000 (collectively, the “New VB Loan”). The first disbursement was advanced on September 15, 2016 in the amount of $950,000 and a second disbursement may be made in the amount of $2,000,000 when certain conditions are satisfied.

 

Outstanding indebtedness under the New VB Loan may be voluntarily prepaid at any time, prior to the maturity date. The indebtedness under the New VB Loan matures on October 1, 2031 and bears interest at the following rates per annum, payable in cash on a quarterly basis: 1% for the first year of the New VB Loan, 2% for the second year, 3% for the third year, 12% for the fourth year and 15% thereafter. Interest is no longer payable in-kind as additional principal on the New VB Loan. At September 30, 2016, outstanding indebtedness under the New VB Loan was $9,375,083 plus accrued interest of $47,543.

 

The New VB Loan is secured by a security interest in the Company’s and certain of its subsidiaries’ assets and the subsidiaries guaranteed the repayment of the New VB Loan. The Company is subject to certain customary limitations including the ability to incur additional debt, make certain investments and acquisitions, and make certain restricted payments, including stock repurchases and dividends. The Amended and Restated Credit Agreement contains usual and customary events of default, the occurrence of which can lead to an acceleration of the Company’s obligation thereunder.

 

The New VB Loan has no convertible feature so it is not convertible into shares of the Company’s common stock.

 

In accordance with ASC 470-60 this refinancing was considered a troubled debt restructuring with a modification of terms. As a result, the unamortized discount of $4,473,147 and unamortized debt issue costs of $275,885 from the VB Loan were carried forward to be amortized using the effective interest method for the New VB Loan. On September 15, 2016, the Company also sold to VB Lender 70,000,000 shares of the Company’s common stock at a price per share of $0.015, for an aggregate purchase price of $1,050,000. Because the fair value on the date of purchase was $2,100,000, the difference of $1,050,000 was recorded as an additional equity discount on the New VB Loan and will be amortized over the life of the loan using the effective interest rate method. Any new fees paid to third parties in connection with the New VB Loan were expensed as required.

 

The Company intends to use borrowings under the Amended and Restated Credit Agreement to fund the operations of the Company and to pay fees and expenses relating to the Amended and Restated Credit Agreement and related transactions.

 

 Page 24 of 29 

 

 

Simultaneously with the entry into the Amended and Restated Credit Agreement, the Company and VB Lender also entered into a securities purchase agreement which provides VB Lender with the right to purchase a total of 1,500,000 shares of Series D Convertible 12% Preferred Stock (“Series D Preferred Stock”) for a total price of $1,000,000, convertible into an aggregate of 1,833,000,000 shares of common stock. The conditions to the closing of the sale of shares of Series D Preferred Stock include approval by the shareholders of an amendment to the certificate of incorporation to increase the number of authorized shares of common stock to 2,156,500,000 shares and the filing of a Certificate of Designation, Preferences and Rights of Series D Preferred Stock (the “Certificate”). The Certificate specifies that from and after the date of the issuance of any shares of Series D Preferred Stock, dividends at the rate per annum of $0.08 per share (which represents 12% per annum) will accrue on such shares. Dividends will accrue from day to day and will be cumulative, provided, however, that except as provided for in certain circumstances, dividends will only be payable when, as, and if declared by the board of directors of the Company and the Company will be under no obligation to pay such accrued dividends.

 

As an additional condition to closing, VB Lender required that the holders of Series C Preferred Stock shall have the option to convert their shares of Series C Preferred Stock into shares of the Company's common stock at a discounted rate of $0.05 per share.  Additionally, VB Lender, required as a condition to closing that all shares of Series C Preferred Stock held by directors, officers and executives of the Company be converted into shares of the Company's common stock at a discounted rate of $0.05 per common share.  The Series C Preferred Stock was issued in 2015 for $2.00 per preferred share, with an initial conversion price of $0.20 per common share.  This option to convert therefore represents a discount of $0.15 per common share from the original conversion price and shall take effect immediately following the effective date of the Certificate and the closing of the Series D Preferred Stock.

 

The Company continues to seek capital in the form of equity or debt to fund its operations in the future.

  

Outstanding Indebtedness

 

In addition to the New VB Loan described above, we have certain unsecured indebtedness, primarily promissory notes outstanding in favor of Mr. Leber in the principal amount of $78,543 (the “Leber Note”), Meadows Capital, LLC, an entity controlled by Dr. Cohen, a member of the Company’s board of directors, in the principal amount of $308,914 (the “Meadows Note”) and BJ Squared, LLC, an entity controlled by Mr. Leber, in the principal amount of $612,500 (“BJ Squared Note”). Meadows Capital, LLC, has a 50% interest in the BJ Squared Note. These promissory notes reflect indebtedness assumed by us in connection with a merger in February 2012. The Meadows Note and the BJ Squared Note accrue interest at the rate of 5% per annum and mature upon the earlier of (i) the Company having EBITDA of at least $2,500,000 as reflected on its quarterly or annual financial statements filed with the SEC, or (ii) the Company closing a financing with gross proceeds to the Company of at least $10,000,000. On September 15, 2016, the Leber Note was modified so that no interest accrues on the Leber Note after September 1, 2016 and it matures upon the Company achieving fiscal year net income of at least $5,000,000. The Leber Note remains subordinate in right of payment to the Meadows Note and the New VB Loan.

 

Cash Flow

 

Net cash flow from operating, investing and financing activities for the periods below were as follows:

 

   Nine Months Ended September 30, 
   2016   2015 
Cash provided by (used in):          
Operating activities  $(4,429,428)  $(4,250,871)
Investing activities   -    (52,080)
Financing activities   1,970,312    6,773,741 
Net (decrease) increase in cash:  $(2,459,116)  $2,470,790 

 

Cash Used In Operating Activities

 

For the nine months ended September 30, 2016, net cash used in operating activities of $4,429,428 consisted of net loss of $6,471,247 offset by $1,458,469 in non-cash adjustments for depreciation, amortization, equity-based compensation, payment in kind interest and discount amortization, combined with $583,350 in cash used by changes in working capital and other activities.

 

For the nine months ended September 30, 2015, net cash used in operating activities of $4,250,871 consisted of our net loss of $6,978,518 offset by $3,334,672 in non-cash adjustments for depreciation, amortization, equity-based compensation, payment in kind interest, discount amortization and gains on settlement of accounts payable, offset by $607,025 in cash provided by changes in working capital and other activities.

 

 Page 25 of 29 

 

 

Cash Used In Investing Activities

 

For the nine months ended September 30, 2015, net cash used in investing activities of $52,080 was entirely for website development.

 

Cash Provided By Financing Activities

 

For the nine months ended September 30, 2016, net cash provided by financing activities of $1,970,312 consisted of $1,050,000 in proceeds from private placements, $950,000 in proceeds from loans and short-term advances offset by $29,688 in cash paid for dividends on preferred stock.

 

For the nine months ended September 30, 2015, net cash provided by financing activities of $6,773,741 consisted of $700,000 in proceeds from private placements, $5,000,164 in net proceeds from loans and short-term advances and $1,673,577 in net proceeds from sale of preferred stock offset by $600,000 in repayments of loans and short-term advances.

 

Off-Balance Sheet Arrangements

 

None.

 

Item 3.          Quantitative and Qualitative Disclosures About Market Risk.

 

Smaller reporting companies are not required to provide the information required by this item.

 

Item 4.          Controls and Procedures.

 

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to management, including our principal executive officers and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements because of error or fraud will not occur or that all control issues and instances of fraud, if any, within our Company have been detected. 

 

As of the end of the period covered by this Report, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. This evaluation was conducted under the supervision and with the participation of management, including our principal executive officer and principal financial officer. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this Report due to material weaknesses in our internal control over financial reporting. The material weaknesses primarily consisted of the following: (i) we do not have written documentation of our internal control policies and procedures; (ii) we do not have sufficient segregation of duties within accounting functions; (iii) we do not have adequate staff and supervision within our accounting function; and (iv) we lack a sufficient process for periodic financial reporting, including timely preparation and review of financial reports and statements.

 

A material weakness is a control deficiency, or combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

 

 Page 26 of 29 

 

 

As of the end of the period covered by this Report, we have taken additional substantive steps to remediate the material weaknesses, including engaging an experienced consultant who is both an accountant and lawyer and previously served as a divisional CFO with a major insurance company and various other companies, an experienced consultant with significant SEC experience, and an assistant controller with 20 years’ experience in accounting, accounts payable, and accounts receivable. None the less, we have not yet remedied the material weaknesses as of the time of this filing. We have begun the process of documenting our internal controls and procedures to ensure timely filing of our periodic financial reports filed with the SEC. However, due to our size and nature, segregation of duties within our internal control system may not always be possible or economically feasible.

  

During the period covered by this Report, there were no changes in our internal controls or in other factors that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.

 

PART II—OTHER INFORMATION

 

Item 1.          Legal Proceedings.

 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business.

 

Item 1A.       Risk Factors.

 

The risks described in Part I, Item 1A, “Risk Factors” in our Annual Report for the year ended December 31, 2015, could materially and adversely affect our business, financial condition and results of operations. These risk factors do not identify all risks that we face. Our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations.

  

Item 2.          Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3.          Defaults Upon Senior Securities.

 

None.

 

Item 4.          Mine Safety Disclosures.

 

Not applicable.

 

Item 5.          Other Information.

 

None.

 

Item 6.          Exhibits.

 

Certain of the agreements filed as exhibits to this Report contain representations and warranties by the parties to the agreements that have been made solely for the benefit of the parties to the agreement. These representations and warranties:

 

  · may have been qualified by disclosures that were made to the other parties in connection with the negotiation of the agreements, which disclosures are not necessarily reflected in the agreements;
  · may apply standards of materiality that differ from those of a reasonable investor; and
  · were made only as of specified dates contained in the agreements and are subject to subsequent developments and changed circumstances.

 

 Page 27 of 29 

 

 

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date that these representations and warranties were made or at any other time. Investors should not rely on them as statements of fact.

 

Exhibit
Number		   Description 
     
10.1*   Aetna Marketing Agreement for Upline Licensed Agent and Agencies by and between Grandparents Insurance Solutions, LLC and Aetna Life Insurance Company, effective June 30, 2016. (i)
     
10.2*   Agreement by and between Grandparents.com, Inc. and Northeast Division of Marsh & McLennan agency LLC, dated April 7, 2016.
     
10.3*   Consulting Agreement by and between Grandparents.com, Inc. and John Sweeney dated July 21, 2016.
     
31.1*   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1**   Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS*   XBRL Instance Document
     
101.SCH*   XBRL Taxonomy Schema
     
101.CAL*   XBRL Taxonomy Calculation Linkbase
     
101.DEF*   XBRL Taxonomy Definition Linkbase
     
101.LAB*   XBRL Taxonomy Label Linkbase
     
101.PRE*   XBRL Taxonomy Presentation Linkbase

 

(i)Portions of this exhibit containing confidential information have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Exchange Act. Confidential information has been omitted from the exhibit in places marked “[***]”and has been filed separately with the Commission.

 

  * Filed herewith.
  ** Furnished herewith in accordance with SEC Release 33-8238.

 

 Page 28 of 29 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: November 14, 2016 GRANDPARENTS.COM, INC.
   
  /s/ Steven E. Leber  
  Steven E. Leber  
  Chairman, Chief Executive Officer,
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)  

 

 Page 29 of 29 

 

 EX-10.1 2 v452164_ex10-1.htm EXHIBIT 10.1

 

Exhibit 10.1

 

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

AETNA MARKETING AGREEMENT
FOR UPLINE LICENSED AGENTS AND AGENCIES

 

GROUP MEDICARE ADVANTAGE PLANS, MEDICARE ADVANTAGE PLANS
WITH MEDICARE PRESCRIPTION DRUG COVERAGE AND
MEDICARE PRESCRIPTION DRUG PLANS

 

This Upline Marketing Agreement (this “Agreement”), is made between Aetna Life Insurance Company, a Connecticut corporation, on behalf of itself and its affiliates (“Aetna”), and the undersigned Upline (“Upline”) (individually, each a “Party,” and collectively, “Parties”). This Agreement shall become effective as of the Effective Date (as defined herein).

 

Whereas, Aetna desires to contract with Upline in order for Upline to provide certain Sales and Referral services as are defined in this Agreement for Medicare Advantage and Part D retiree only employer group waiver plans (hereinafter “EGWP Products”) to employers, labor organizations, and the trustees of a fund established by one or more employers or labor organizations (or combination thereof) (“Target Customers”);

 

Whereas, Upline desires to provide such Sales and Referral services in connection with Target Customers of EGWP Products through its Principal and other Licensed Agents;

 

Whereas, Upline will secure additional arrangements with downstream agencies consisting of at least one organization, all of whom shall be appropriately licensed to provide sales and referrals services consistent with this Agreement;

 

Now, therefore, the Parties agree as follows:

 

To signify they have read, fully understand, and agree to the terms and conditions of this Agreement set forth below, the Parties have signed below:

 

 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

AETNA LIFE INSURANCE COMPANY

 

By: /s/ Richard Frommeyer, Jr.  
  Name: Richard Frommeyer, Jr.  
  Title: Vice President, Group Medicare  
     
Date:    

 

Effective Date of Agreement: June 30, 2016

 

Aetna’s signature on this Agreement shall be deemed null and void if Aetna deems the following requirements not satisfied:

 

Upline’s (or if Upline is an entity, Principal’s) background check is satisfactory in Aetna’s sole discretion;

 

Upline (or if Upline is an entity, Principal) does not appear on the OIG List (defined herein) or Specially Designated Nationals and Blocked Persons list published by the Office of Foreign Assets Control of the U.S. Department of Treasury;

 

Upline (and if Upline is an entity, Principal) is properly licensed in the states in which Upline’s Licensed Agents intend to Sell;

 

Upline (and if Upline is an entity, Principal) is properly appointed, as required by state law;

 

nomoreforms™ contracting process is complete.

 

For purposes of Section 10.6 of this Agreement:

 

Postage Address:

 

Aetna
Broker Services Department
2222 Ewing Road
Moon Township, PA 15108
Telephone Number: (866) 714-9301
Fax: (724)741-7285
Email Address: BrokerSupport@aetna.com

 

The Producer Guide, which supplements this Agreement, is binding upon Upline and Licensed Agents. The Producer Guide and other information is available at:

 

UPLINE

(Type name of individual or entity entering into this Agreement)

Grandparents Insurance Solutions, LLC

 

By: /s/ Steven E. Leber  
     
Name of Signatory: /s/ Steven E. Leber  
     
Title:    

 

If entity, indicate entity type (corporation, limited liability company, etc.) and state of formation:

 

Limited Liability Company  
Florida  

 

Tax ID No.: 46-11407087____________

 

For purposes of Section 10.6 of this Agreement:

 

Name/Title of contact person:

__Steve Leber_____

Postage Address: __589 8th Avenue, New York, NY 10018 ______________

 

Telephone Number: _(646) 839-8810__

Facsimile: _(646) 654-6106__

Email Address: Steve@Grandparents.com

 

2 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

SECTION 1 - DEFINITIONS AND USAGE OF TERMS

 

For purposes of this Agreement, the following definitions will apply:

 

Agent: means a Designated Agent, Downline Agent, Designated Agent or Licensed Agent. The term Agent shall also include Principal unless otherwise indicated and who is ready to sell.

 

Annual Certification Process: means the mandatory training programs, as applicable to Upline, Principal, Designated Agents, Licensed Agents and Downline Agents, and related testing for the then current year as set forth in the Producer Guide.

 

Certified: means the status achieved based on successfully completing the Annual Certification Process.

CMS: means the Centers for Medicare and Medicaid Services, the agency within the Department of Health and Human Services that administers the Medicare program.

 

Complaint: means a review, investigation, proceeding, CTM, complaint or inquiry, made by any individual, federal or state governmental authority, court or other tribunal of competent jurisdiction regarding Upline, an Agent or Aetna, and with respect to an EGWP Product or any activities contemplated by this Agreement.

 

CTM: means a complaint identified in CMS’ complaint tracking module.

 

Designated Agents: means, for purposes of Sales, any licensed insurance agent or broker of any state or territory who (i) has been recruited by Downline Agent, and (ii) has entered into an agreement with Downline Agent or is an employee of Downline Agent and shall participate in Selling.

 

Downline Agents: means, for purposes of Sales, any Licensed Agent who (i) has been recruited by Upline, and (ii) has entered into an agreement with Upline to participate in Selling.

 

Effective Date: means the date specified on the signature page.

 

Enrollee means a retire of a Target Customer who has signed up for an EGWP Product offered by Aetna.

 

HIPAA: means the Health Insurance Portability and Accountability Act of 1996, as amended from time to time.

 

3 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

Laws: means any local, state, and federal laws, statutes, regulations, rules, codes, ordinances, orders, decisions, licensing requirement, regulatory guidance, pronouncements, and instructions, declarations, decrees, directives, legislative enactments, other binding restrictions or requirements of or by any governmental authority, any interpretation of any of the foregoing by a governmental authority having jurisdiction or authority over the Parties or any modified or supplemented version of the foregoing items, which applies to or affects the services provided or the other obligations of the Parties hereunder. “Laws” includes, but is not limited to HIPAA, the regulations, guidance, and instructions issued by CMS (including, but not limited to the MMG), the Medicare Improvement for Patients and Providers Act, the False Claims Act (31 U.S.C. §§ 3729 et seq.), the anti-kickback statute (42 U.S.C. § 1320a-7b(b)), and laws or regulations applicable to insurers, Licensed Agents and brokers.

 

Licensed Agent(s): means, for purposes of Sales, any licensed insurance agent or broker of any state or territory who (i) is an employee of Upline who is appropriately licensed to sell; or (ii) who has been recruited by Upline and has entered into an agreement with Upline to participate in Selling.

 

EGWP Product Enrollee: means an individual who is enrolled in an EGWP Product pursuant to this Agreement.

 

MMG: means the Medicare Marketing Guidelines as published annually by CMS.

 

Part D Plan(s): means those stand-alone Medicare Part D prescription drug plans offered by Aetna, approved by CMS and available for Selling or Referring under this Agreement to an eligible retiree of a Target Customer on a group basis.

 

Principal: means the individual who is an employee, owner, member or partner of Upline, and appointed by Upline to act on behalf of Upline. Upline has granted such individual authority to legally bind Upline to the terms and conditions of this Agreement. For purposes of this Agreement, Principal is Steve Leber, Upline’s Chief Executive Officer.

 

Producer Guide: means an online guide (as updated periodically) which contains Aetna’s rules and processes for Agents and Upline regarding Sales. The Producer Guide also includes sales support tools and sales and distribution policies to guide Agents on the process of contracting, certifying, and managing Sales. The Producer Guide is incorporated herein by reference.

 

Ready to Sell: means Upline, Principal or Agent, as applicable, satisfies all of the following requirements (i) has completed and maintains compliance with all Aetna and CMS requirements for Selling specified in the Producer Guide, (ii) is Certified, (iii) has been appointed by Aetna where required by Law, and (iv) has received a written confirmation from Aetna specifying that Upline, Agent, Downline Agent or Designated Agent as applicable, has completed all such requirements and may commence Selling a particular EGWP Product in a particular state, as specified therein.

 

Refer or Referral: means the transfer by a Licensed Agent to Aetna of a Target Customer who has expressed interest in purchasing an EGWP Product but with whom a Licensed Agent was unable to complete a Sale.

 

4 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

Sale(s): means a completed contract with a Target Customer relating to an EGWP Product for retirees or qualified individuals of a Target Customer that has been executed by Aetna as a direct result of Upline’s, Principal’s, a Licensed Agent’s or a Downline Agent’s actions in compliance with this Agreement and an individual’s completed enrollment in an EGWP Product and confirmation by CMS of such, or confirmation from CMS that the Medicare beneficiary has chosen to remain enrolled in his/her existing EGWP Product.

 

Sell or Selling: means marketing, soliciting, offering and/or presenting EGWP Products for a potential Sale to a Target Customer pursuant to this Agreement.

 

SECTION 2 - AUTHORIZATION

 

2.1Authorization of Upline. Subject to the terms and conditions of this Agreement, Aetna hereby appoints and authorizes Upline to: (a) Sell EGWP Products to Target Customers in the States set forth in Exhibit A through Agents; and (b) perform the duties described in this Agreement and in the Producer Guide, as applicable, in accordance with Laws and such reasonable rules and instructions as may be provided in writing by Aetna to Upline.

 

2.2Limit of Authorization. Upline, and its Licensed Agents, shall have no authority to: (a) make, alter, modify or discharge any policy or contract for Aetna; (b) extend any provision of a policy or contract; (c) reject or make any other determination on a Target Customer’s contract or prospective EGWP Product Enrollee’s enrollment application; (d) quote extra rates for special risks; (e) extend the time for making payments; (f) make endorsements; (g) incur any debts or expenses for which Aetna may be liable; (h) waive, alter or amend the performance, provisions, terms or conditions of any contract for Aetna; (i) accept or collect any applicable premiums for an EGWP Product or money from a Target Customer; (j) adjust or settle any claim or commit Aetna to pay any loss occurring under an EGWP Product; or (k) bind Aetna in any way. Except as permitted and/or required by this Agreement, Upline and Agents are not authorized to make any payment to any party in connection with this Agreement or any EGWP Products.

 

2.3Applicability of Agreement. This scope of this Agreement is limited to EGWP Products and associated Sales to and Referrals of Target Customers. Any other agreement between Aetna and Upline currently in effect or subsequently entered into shall be governed by its respective terms with respect to the subject matter therein.

 

5 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

SECTION 3 - OBLIGATIONS OF UPLINE

 

3.1Generally Applicable to Sales,

 

a.Compliance.

 

The following provisions apply to Upline and Agents, as applicable:

 

(i)Upline shall, and shall cause Agents to, adhere to Laws and all of Aetna’s written policies, rules, and field communications applicable to Sales and Referrals of EGWP Products (including those contained in the Producer Guide), any specific instructions provided by Aetna’s Vice President of Group Medicare or his designee regard the Selling of and enrollment in EGWP Products, and the terms and conditions of this Agreement (collectively referred to herein as “Aetna Requirements”).

 

(ii)Upline shall maintain appropriate licensure (including agency licenses, as applicable) in accordance with Laws in each state in which an Agent is Selling. In addition, Upline shall ensure that Agents are properly licensed in accordance with Laws in each state. Upline shall promptly notify Aetna within forty eight hours (48) hours if Upline’s or any Agent’s license expires or is suspended or revoked.

 

(iii)Upline shall perform those services which are identified in Exhibit C, which is attached hereto and incorporated herein by reference, and which services are further described in the Producer Guide for both its Licensed Agents and Downline Agents and their Designated Agents.

 

b.Obligations of Upline with respect to Sales.

 

The following obligations are applicable to Upline, Principal and Agents who are Selling or intend to Sell.

 

(i)In addition to other requirements set forth in this Agreement, in order to Sell and receive compensation under this Agreement for a Sale (including subsequent Renewals) or a Referral, Principal and any other Agent involved in the Sale or Referral must have and maintain Ready to Sell status.

 

(ii)Upline shall conduct periodic training programs on Selling for its Licensed Agents and other employees. Upline shall ensure that none of its Agents Sells on Aetna’s behalf unless such Agent is Ready to Sell.

 

(iii)Upline warrants it has at least three (3) Licensed Agents directly employed by Upline who are licensed insurance agents who are properly Certified and appointed in all fifty (50) States. During the Term of this Agreement, Upline shall continue to hire, recruit, and train Licensed Agents as needed for Sales, and require each additional Agent to comply with all of the requirements under this Agreement.

 

6 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(iv)Solely with respect to the Principal, Upline agrees that the Principal shall obtain a New York State insurance agent license to Sell the EGWP Products and shall obtain the appropriate non-resident insurance agent licensure in the other 49 states by September 30, 2016; provided that such deadline for Principal to secure all such licenses may be extended by one thirty (30) day extension. Upon receiving his New York health insurance agent license, Principal shall immediately pursue all of the applicable requirements and become Ready to Sell by no later than October 1, 2016. Principal shall not engage in Selling or Refer a Target Customer to Aetna, nor shall Principal be eligible for any compensation under this Agreement, until Principal is Ready to Sell.

 

(v)Upline shall obtain and maintain a copy of the following for each Downline Agent, as applicable: (A) state insurance agent license for each state in which the Agent intends to Sell; (B) a completed contract information sheet and hierarchy transmittal form; (C) a W-9 Request for Taxpayer ID Number; and (D) evidence that each Agent is Certified. In addition, Upline shall provide Aetna with a copy of an executed agreement with each Downline Agent (the “Downline Contract”). Upon request by Aetna, Upline shall submit copies of all of the foregoing documents to Aetna, in a manner established by Aetna.

 

(vi)Upline agrees to work with Aetna to set up appropriate processes for completion of any required documentation, including use of forms or the nomoreforms process for keeping track of Agents and payments, as solely determined by Aetna including to meet compliance requirements.

 

3.2Downline Agent and their Designated Agents. Upline warrants and represents that it is authorized to bind its Downline Agent(s) to comply with the terms and conditions of this Agreement applicable to such Downline Agent(s). Upon notice to Upline and as frequently as determined by Aetna, Aetna shall have the right to audit Upline’s payments to its Downline Agent(s) and their Designated Agents for Sales, as well as any charge backs assessed against them.

 

3.3Presentation of EGWP Products for Sales.

 

a.Upline shall assist Agents with Selling EGWP Products. Upline, in order to earn the Sales compensation under this Agreement, must be primarily responsible for the Sale as evidenced by Upline’s or Principal’s designation as the Agent of Record by the Target Customer. Upline shall, and shall require Agents, to:

 

(i)present EGWP Products to Target Customers in a factually accurate manner and in accordance with Aetna Requirements;

 

(ii)not present the EGWP Products to groups or entities that Upline and/or its Agent(s) know are not qualified for EGWP Products based upon CMS and/or Aetna criteria then in effect;

 

7 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(iii)not materially misrepresent Aetna, the EGWP Products or Aetna’s health care delivery system; and

 

(iv)utilize only Aetna authorized or approved Selling materials.

 

b.Sales Events. If Upline or an Agent intends to conduct a meeting or other event for a Target Customer, Upline shall provide advance written notice to Aetna’s Vice President of Group Medicare or his designee at least ten (10) days in advance of such meeting. Upline shall not attend, conduct or participate in such a meeting or event without providing Aetna with prior notice of any such meeting or event in accordance with Aetna Requirements and obtaining Aetna’s consent to such meeting or event. In addition, Upline agrees to coordinate with Aetna as instructed by Aetna’s Vice President of Group Medicare or his designee and comply with Aetna Requirements regarding the conduct of any meeting or event with a Target Customer. Upline shall comply with any instruction by Aetna’s Vice President of Group Medicare or his designee to discontinue or not initiate Selling with respect to a particular Target Customer for any reason including, but not limited to, Aetna is already (directly or indirectly) pursuing the sale of an EGWP Product to such Target Customer.

 

3.4Complaints. Upline shall promptly report to Aetna any Complaints of which Upline becomes aware, which shall include Complaints directed at Agents. Upline shall provide to Aetna a copy of any Complaint. Upline shall cooperate, and shall cause its Agents to cooperate, with Aetna in the investigation and resolution of any Complaint and in the implementation of any corrective action plan developed to respond thereto. Upon receipt of a request from Aetna for information with respect to a Complaint, Upline shall, or shall require Agent to, respond to such request no later than five (5) business days, or if required for Aetna to be in compliance with Laws, no later than forty-eight (48) hours. If a Complaint is addressed to Aetna or relates to an EGWP Product, Aetna shall be solely responsible for developing and submitting responses thereto. If a Complaint is addressed to Upline and pertains to Upline or an Agent’s sales practices or activities not contemplated by this Agreement, Upline shall be responsible for developing a response thereto, which Upline shall present to Aetna for its review approval before submission. Aetna shall be responsible for responding to any other Complaint. Upline shall reimburse Aetna for any fines or penalties imposed, awarded or assessed against Aetna as result of Upline’s or an Agent’s actions. Aetna may recoup such fines or penalties by offsetting such amounts against any compensation amounts due from Aetna to Upline or Agents under this Agreement or other compensation due from Aetna to Upline or Agents.

 

3.5Inform Licensed Agents. Upline shall regularly inform Agents through appropriate communications, including e-mails, mailings and seminars, of changes in Aetna Requirements. Upline shall provide to Aetna a copy of any written material prepared by Upline and provided to Agents, whether provided via e-mail, regular mail or in-person, for purposes of educating Agents on Aetna, EGWP Products and Aetna Requirements.

 

8 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

3.6Maintain Insurance. Upline shall maintain errors and omissions insurance reasonably sufficient to cover any liability, but no less than the amounts specified in the Producer Guide that shall also cover Agents. Such insurance policy must cover liability that Upline may incur as a result of Selling EGWP Products and liability for Upline’s actions or omissions related in any way to this Agreement. For any Agents not covered by Upline’s insurance, Upline shall require such Agents to maintain insurance in accordance with this Section.

 

3.7Maintenance of Records. Upline shall maintain, and provide access to, complete and accurate records as set forth in Exhibit D (including Schedule D-l thereto), which is attached hereto and incorporated herein by reference.

 

3.8Regulatory Provisions. Upline agrees that it will comply with, and that it will require its Agents to comply with, all the provisions set forth in Exhibit D (including Schedule D-l thereto). Upline shall place substantially similar provisions in its Downline Contracts.

 

3.9Appointment of Licensed Agents. Aetna and Upline agree that Aetna may require Upline or Agent to be responsible for any fees associated with the appointment of the Agent by Aetna, In its sole discretion, Aetna may refuse to appoint, refuse to grant Ready to Sell status, or discontinue or terminate the appointment of any Licensed Agent, or any Downline Agent and their Designated Agents at any time. In the case of termination, Aetna will comply with any written notice requirements of applicable state law.

 

3.10Upline and Agent Actions.

 

a.Upline shall notify Aetna within ten (10) calendar days upon becoming aware of any information about Upline, or an Agent as to items (i), (ii), (iii), (iv), (v), (viii) (ix) and (x) below. Further, upon notice from Aetna, Upline shall, as applicable, promptly cease, or prohibit such Agent from, Selling or Referring, if Aetna determines Upline or such Agent:

 

(i)Is or has been charged with criminal conduct;

 

(ii)Is excluded from the Medicare program or any other federal or state health care program;

 

(iii)Violated a law, regulation or CMS guidance regarding the marketing, offering or sale or distribution of Medicare plans or products;

 

(iv)Intentionally or recklessly misrepresented the provisions, benefits or any details in regards to an EGWP Product;

 

(v)Acted in a mannter that is materially detrimental to Aetna, as determined by Aetna in its sole discretion.

 

9 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(vi)Caused an unacceptable number of CTMs as determined by Aetna in Aetna’s sole discretion;

 

(vii)Has an unacceptable number of Rapid Disenrollments, Target Customer applicant cancellations of enrollments in EGWP Products prior to the effective date of coverage, and/or material number of disenrollments in EGWP Products by the EGWP Product Enrollee, as determined by Aetna, in Aetna’s sole discretion;

 

(viii)Failed to cooperate as determined solely by Aetna, in an investigation of a Complaint;

 

(ix)Appeared on the “Specially Designated Nationals” or “Blocked Persons List” published by the Office of Foreign Assets Control of the Department of Treasury; or

 

(x)Requested compensation for a Sale that Upline or Agent did not Sell.

 

SECTION 4 - OBLIGATIONS OF AETNA

 

4.1Duty to Pay. For Sales and Referrals that comply with the terms and conditions of this Agreement, Aetna shall make payment directly to Upline in accordance with Exhibit B.

 

4.2Monitoring by Aetna. Aetna shall monitor all responsibilities performed by Upline on an ongoing basis. Aetna is ultimately responsible to CMS for the performance of all services under this Agreement.

 

4.3Changes in EGWP Products. Aetna will provide written notice to Upline of any changes to EGWP Products either within fifteen (15) days of CMS approval of such changes or ten (10) days prior to the annual enrollment period.

 

4.4General Obligations of Aetna. Aetna shall be responsible for the following:

 

a.Creating and furnishing to Upline all marketing materials, which could include materials Upline has to print, for the EGWP Products and obtaining any required CMS approval for such marketing materials;

 

b.Completing the contract and close the Sale with a Target Customer from the Sales activity of Upline or Agents, including processing enrollment applications and submitting them to CMS, enrolling qualified applicants in EGWP Products upon verification from CMS, and issuing required policies, certificates, ID cards and correspondence;

 

c.Billing and collecting all premiums from Target Customers and/or EGWP Product Enrollees, as applicable, in accordance with CMS requirements; and

 

10 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

d.Notifying Upline of any Target Customers that Upline and/or its Agents should not target to Sell due to Aetna’s prior or current involvement including but not limited to other Aetna representatives or other agent/broker actions that have/are taking place or are in progress with respect to any such Target Customer.

 

4.5Aetna may also implement certain remedial actions from time-to-time to address inappropriate behavior by Upline, Principal, or any other Agent. These actions may include verbal warnings, written warnings, addition of Upline, its Agents of Upline to Aetna’s agent oversight watch list, focused education of Upline, Principal, Agent, direct oversight (e.g., ride-along assessment), re-training and re-testing on relevant criteria, commission holds and probationary periods in accordance with the terms of this Agreement. Aetna may also report Upline, Principal or Agent to CMS and/or the applicable state Departments of Insurance, as appropriate.

 

SECTION 5 - MEMBERSHIP

 

5.1No Rolling of Membership. Upline agrees that it will not induce, or attempt to induce for Upline’s own benefit any EGWP Product Enrollee to terminate its relationship with Aetna. This provision shall survive termination of this Agreement.

 

SECTION 6 - COMPENSATION

 

6.1Upline Compensation.

 

a.During the Term of this Agreement, Aetna will pay compensation for all completed Sales, as described herein and as further detailed in Exhibit B. With respect to completed Sales made by Downline Agent, Upline shall compensate the Downline Agent in accordance with the applicable Downline Contract. Upline agrees that if it retains any fees from the compensation due a Downline Agent as consideration for Upline’s administrative services, including for those services set forth on Exhibit C, Upline shall fairly compensate the Downline Agent and only retain an amount that is fair market value for Upline’s services. Aetna may recoup, by means of an offset or otherwise, any compensation paid to Upline that was not in accordance with the requirements of this Agreement or Aetna Requirements.

 

b.Downline Agent and Designated Agent Compensation. Upline acknowledges and agrees that Upline is solely responsible for compensating its Downline Agent(s) and their Designated Agents for any Sales. Upline agrees that such compensation is subject to and shall comply with Laws (including CMS requirements related to the compensation of agents/brokers). Upline hereby represents that it has the authority to receive and accept compensation payments on behalf of its Downline Agent(s) and their Designated Agents. Upline shall disclose to Aetna any compensation or performance based compensation based on Sales as needed by Aetna or as required by Law for Aetna’s reporting purposes. To the extent Aetna applies an offset, chargeback or reduction to compensation paid to Upline for a Sale by a Downline Agent, Upline shall apply the same offset, chargeback or reduction to the Downline Agent, as applicable.

 

11 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

c.Aetna will pay compensation for completed Renewals in accordance with the terms set forth in Exhibit B while this Agreement is in effect, and if the Agreement is terminated by a Party without cause. However, in order to receive compensation for a Renewal, Upline must comply with the requirements set forth in this Agreement, including all requirements in Exhibits B and C. In addition, if Upline or its Licensed Agents target (i) any of Aetna’s existing EGWP customer business, or (ii) target and move any of Aetna’s existing group business to another carrier or product, Aetna shall not pay any Renewals for any completed sales that are subject to completed Renewals. Further, as a penalty for Upline moving any business from Aetna, Upline shall owe Aetna three (3) years of fees as set forth in Exhibit B subsection A paragraph 2 for such customer based on the total number of EGWP Product Enrollees who were enrolled in such group customer’s product at the time it was terminated and moved. .

 

d.Following termination of this Agreement, if an EGWP Product Enrollee or Target Customer contacts Upline or one of its Agents seeking advice on EGWP Products, Upline or Agent shall direct such EGWP Product Enrollee or Target Customer to Aetna’s customer service. Should Upline or Agent fail to do so, Aetna may, in its sole discretion, terminate payment of compensation for Renewals applicable to such EGWP Product Enrollee.

 

e.Where Upline, Principal or Agent involved in a Sale ceases to be Ready to Sell for any period during which compensation would be payable with respect to a Renewal (“Lapsed Period”) compensation shall not be payable on such Renewal during the Lapsed Period. In the event Upline, Principal or Agent, as applicable, subsequently becomes Ready to Sell to, no retroactive compensation shall be payable by Aetna, but Upline, Principal or Agent, as applicable shall be eligible to earn compensation for Renewals again beginning the first day of the month following the end of the Lapsed Period, however no Initial Fee (as defined in Exhibit B) shall be payable for new enrollments received after the original effective date of a Target Customer’s group EGWP Product policy. -

 

6.2Electronic Payment. In general, all compensation due under this Agreement will be made by electronic fund transfer. Upline must execute all documents reasonably necessary for Aetna to effectuate electronic fund transfers into Upline’s bank account. Aetna may decline, in its sole discretion, to pay compensation to Upline until such documentation is fully and accurately completed and Upline’s bank accepts such fund transfers.

 

12 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

6.3Adjustment of Compensation. Aetna may adjust the compensation in Exhibit B upon thirty (30) days’ prior written notice to Upline, or sooner if there is a change in Laws affecting such compensation.

 

6.4Compensation Paid in Error.

 

6.4.1In the event Aetna pays compensation to Upline due to error, regardless of the Party responsible for the error, Aetna may collect such amount thereof directly from Upline, or offset any future compensation owed to Upline, within twenty four (24) months of discovering the erroneous payment. Aetna shall provide Upline with information supporting the amount of any offset taken pursuant to this provision.

 

6.4.2In the case of an underpayment, Aetna shall pay such amount due to Upline; provided, however, that: Aetna is not required to pay any amount due to Upline if (a) in the case of an underpayment or no payment, Upline does not notify Aetna of such underpayment within twenty four (24) months of the date of the underpayment or (b), for a missing payment, Upline does not notify Aetna of the missing payment within twenty four (24) months of the Target Customer’s EGWP Product Enrollee’s policy effective date. If Aetna has initiated a collection related to compensation overpayment within the twenty four (24) month period described in the preceding section, then there shall be no time limit, subject to State law, on Aetna’s ability to pursue collections. The twenty four (24) month limitation on Aetna’s ability to recoup or offset erroneous compensation (as described in 6.4.1 above) shall not apply, and there shall be no time limitation on Aetna’s ability to recoup or offset amounts (i) in cases of fraud or violation of Laws by Upline or its Licensed Agents or (ii) related to a determination by CMS that a person was improperly enrolled or not enrolled in an EGWP Product. In instances where Upline or Agent was paid compensation that was in violation of Laws or which involved fraud, Aenta also shall have the right, without time limitation, to offset any amounts due from Upline to Aetna under this Agreement against any amounts payable to Upline under this Agreement or otherwise. These rights are in addition to any other rights or remedies Aetna may have under this Agreement or otherwise.

 

6.5Termination of an EGWP Product. In accordance with Laws, Aetna may terminate EGWP Product policies then in effect, and Aetna shall have the sole right at all times to reject any applications for EGWP Products. Aetna shall recoup or offset any amounts owed to Aetna by Upline (including future compensation) with respect to the time periods during which the EGWP Product policy was not in effect. Notwithstanding the foregoing, retroactive terminations of an EGWP Product Enrollee’s coverage under any EGWP Product policy shall comply with Laws and the applicable terms and conditions of the coverage.

 

13 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

6.6Direct Sales. In no event will any compensation for an Initial EGWP Sale that is completed as defined in Exhibit B be paid to Upline on Sales made by anyone other than Upline or its Agents. No payment shall be made for an EGWP Sale if Upline (or its Principal or Licensed Agent) is not the Agent of Record.

 

6.7Rapid Disenrollment. Unless otherwise permitted by CMS guidance, if an EGWP Product Enrollee disenrolls or is disenrolled from an EGWP Product within three months of his or her enrollment in an EGWP Product (a “Rapid Disenrollment”), no compensation shall be paid by Aetna to Upline or for that Sale. If compensation is paid by Aetna for a Sale, and a Rapid Disenrollment thereafter occurs, then Upline shall refund such compensation paid by Aetna for each such enrollee. Aetna may deduct any compensation amounts paid to Upline for a Rapid Disenrollment from amounts Aetna otherwise owes to Upline. In order to not be a Rapid Disenrollment, the newly enrolled EGWP Product Enrollee must remain enrolled with Aetna into the fourth month, i.e., if the individual enrolled with Aetna on January 1, the individual must still be enrolled with Aetna on April 1 of the same calendar year. An enrollment that occurs during the fourth quarter of a calendar year is also not considered a Rapid Disenrollment if such individual remains enrolled through the end of the same calendar year. In addition, no recoupment, chargeback, refund or deduction shall be made if CMS guidance permits payment of compensation for such Rapid Disenrollment with respect to the period that the EGWP Product Enrollee was actually enrolled.

 

6.8EGWP Product Changes. In the event that an EGWP Product Enrollee changes Aetna plans, compensation shall be payable (or not payable) in accordance with Exhibit Bas a Renewal.

 

6.9Offsets. At any time, either before or after the termination of this Agreement, Aetna shall have the right to offset any amounts due from Upline to Aetna under this Agreement or otherwise against any amounts payable to Upline or its Agents. Aetna may utilize debt collection services and/or agent accreditation services for purposes of collecting debts of Agents or Upline, the costs of which shall be borne by Upline. These rights are in addition to any other rights or remedies Aetna may have under this Agreement or otherwise.

 

6.10Suspension of Payments. Aetna may suspend payments of any kind to Upline and its Agents if Upline fails to comply with the requirements of this Agreement, is the subject of or involved in any Complaint, or fails to cooperate in Aetna’s investigation of a Complaint. Aetna shall provide Upline and Agent with notice of such suspension and such suspension shall remain in effect until the resolution of the issue that caused the suspension. If this Agreement is terminated with cause by Aetna during a suspension of payments, Aetna will cease paying any unpaid and future compensation both for Initial EGWP Sales and Renewals.

 

14 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

6.11No Additional Payment. Upline’s only form of compensation for Sales to or Referrals of Target Customers for EGWP Products shall be the compensation set forth in Exhibit B. Upline and Agents are prohibited from charging any Target Customer or EGWP Product Enrollee any fee or charge whatsoever in connection with an EGWP Product under this Agreement.

 

SECTION 7 - MARKETING MATERIALS

 

7.1Promotional Material. Upline shall not broadcast, publish, advertise or otherwise distribute any material not originated by Aetna or referring to Aetna or the EGWP Products, or other insurance policies or products issued by Aetna or any of its affiliates, unless and until such material has been (a) submitted to Aetna for review and (b) approved by Aetna in writing. Aetna will approve or disapprove such promotional materials in writing within a reasonable time after submission (such time will include review and approval by CMS, where required).

 

7.2Upline Marketing and Printing. Upline shall pay all expenses of operating its distribution channels. Costs for EGWP Product marketing materials shall be allocated as follows:

 

7.2.1Aetna shall furnish to Upline and Licensed Agents, at Aetna’s expense, all standard EGWP Product forms, applications, and marketing materials that Aetna develops and utilizes for its own marketing of such products. Such materials shall be provided in reasonable amounts, as determined by Aetna in its sole discretion, upon a request by Upline or Licensed Agents.

 

7.2.2Any custom forms, applications, over-prints or marketing materials requested and submitted to Aetna by Upline or an Agent, and approved by Aetna pursuant to this Section 7, shall be printed and distributed at Upline’s or Agent’s expense, unless otherwise agreed to by Aetna.

 

7.3Ownership of Marks. The name, trade names, trademarks, graphics, trade devices, service marks, insignias, symbols, codes, logotypes, logos, and other brand elements (collectively, the “Marks”) and any advertising materials of a party are and at all times shall remain the property of the respective party (“Owning Party”). The non-Owning Party shall not use any such advertising materials or Marks without the prior written consent of the Owning Party, and shall otherwise use all such materials and Marks only in accordance with this Section 7. For the avoidance of doubt, neither Upline nor any affiliate of Upline may use Aetna’s names or Marks (including logos), or market or mention any Aetna Medicare Advantage plans or Aetna Part D plans or EGWP Products on any website or other online digital assets, without obtaining Aetna’s prior written consent through the appropriate process outlined in the Producer Guide.

 

15 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

7.4Co-Branding. In order to co-brand with Aetna, Upline must obtain Aetna’s prior written consent. To the extent that Upline engages in co-branding with Aetna, the following provisions shall apply:

 

a.Advertising and marketing campaigns, events and activities. The Parties may engage in various means of featuring Aetna’s products and/or services in print or other advertising/communications media, subject to the applicable filing and/or approval processes described in Section 7. Such advertising and marketing may also include permissible promotion of co-marketed educational and wellness programs. The Parties shall cooperate in the development of any campaign, event or activity designed to promote Aetna’s products in any way, directly or indirectly. This includes educational campaigns, events or activities designed to educate prospective or existing Aetna members. At all times, Upline shall obtain Aetna’s advance written approval for a campaign, event or activity. The Parties acknowledge and agree that it is in the best interest of Aetna and Upline for Aetna to be involved in the early stages of any campaign, event or activity development so that Aetna may conduct any analysis it deems necessary and approve or disapprove of a campaign, event or activity proposal before significant resources are expended by either Party in its development.

 

b.Regulatory Compliance. The Parties agree and acknowledge that all promotional and outreach activities undertaken under this Agreement shall comply with Laws (including, but not limited to, the MMG and HIPAA).

 

SECTION 8 - TERM AND TERMINATION

 

8.1Term and Without Cause Termination. This Agreement shall be effective as of the Effective Date for an initial term of one (1) years (“Initial Term”), thereafter, this Agreement shall automatically renew for additional one (1) year terms (“Renewal Term”)(collectively Initial Term and Renewal Term shall be referenced as ‘Term” and shall continue until terminated in accordance with the terms of this Agreement). After the Initial Term, this Agreement may be terminated by a Party with at least ninety (90) days advance written notice to the other Party at any time during the Term.

 

8.2Termination for Breach; Remedial Actions.

 

8.2.1Except for those defaults specified in Section 8.4 and 8.5 for which no cure period is provided, if either Party defaults in the performance of any of its duties or obligations under this Agreement, the non-breaching party may terminate this Agreement upon fifteen (15) days prior written notice to the breaching party; provided, however, that the breaching party shall have the opportunity during the fifteen (15) day notice period to cure such breach, or, if Aetna is the non-breaching party, at Aetna’s option, the breaching party shall have the opportunity to agree to a performance improvement plan which is designed to cure the breach to Aetna’s satisfaction (“Corrective Action Plan”). If the breaching party fails to cure the breach and the Parties do not agree to a Corrective Action Plan, this Agreement shall automatically terminate on the 16th day from the date of initial termination notice, without further action of either Party being required. If the implementation of the Corrective Action Plan fails to cure the breach within the time set forth in the Corrective Action Plan, Aetna may terminate this Agreement upon fifteen (15) days’ prior written notice to Upline without providing an additional opportunity to cure. Any notice of termination delivered by a non-breaching party under this Agreement shall specify the nature of the alleged default or breach underlying the termination.

 

16 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

8.2.2Agent Oversight. Aetna may terminate this Agreement in the event that Upline fails to have at least three (3) Licensed Agents, and/or if Upline fails to provide a minimum level of services and compliance oversight as required by Aetna and CMS over its Agents, as set forth in this Agreement and the Producer Guide and Upline is unable to cure such failure within thirty (30) days of receipt of written notice from Aetna, which time frame may be extended by Aetna, in its sole discretion.

 

8.2.3Aetna may terminate this Agreement upon thirty (30) days prior written notice in the event Principal fails to cure any violation of the requirements of Section 3.1(b)(iv), Obligations of Upline, with respect to Sales, prior to the expiration of such 30 day notice period.

 

8.2.4Aetna may terminate this Agreement if Upline fails to comply with any remedial actions or alter/remedy any behaviors, warnings, education or other action directed by Aetna within thirty (30) days of Upline receiving notice of same.

 

8.2.5If Upline, an Agent or Principal commits any of the actions set forth in 3.1, Aetna shall have the right to terminate this Agreement in accordance with Section 8.2.1 or Section 8.3, as applicable.

 

8.3Immediate Termination of this Agreement with Cause by Aetna. This Agreement may be terminated by Aetna immediately for cause upon the occurrence of any of the following:

 

8.3.1Upline’s exclusion from the Medicare Program or any other federal or state health benefit program;

 

8.3.2Upline’s or its Principal’s appropriate license being suspended, revoked, or not renewed in a state in which Upline is performing services under this Agreement on behalf of Aetna.

 

8.3.4.8.3.3     Any charges or indictments for an act of embezzlement, theft, fraud or dishonesty, and any felony charges or indictments of Upline or Principal that Aetna in its sole discretion determines would affect its reputation; An assignment of this Agreement by Upline in violation of Section 10.4 hereof;

 

17 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

8.3.5Upline’s material violation of any law, regulation or CMS guidance in the opinion of Aetna regarding the marketing or distribution of EGWP Products;

 

8.3.6Upline intentionally or recklessly misrepresents or induces any broker, agent or producer to intentionally misrepresent the provisions, benefits or premiums of any EGWP Product;

 

8.3.7Upline causes an unacceptable number of CTMs as determined by Aetna in its sole discretion;

 

8.3.8Upline appears on the Specially Designated Nationals or Blocked Persons List published by the Office of Foreign Assets Control of the Department of Treasury;

 

8.3.9If required by Aetna, Upline’s failure to timely provide an annual attestation concerning compliance with first tier, downstream, and related entities requirements; or

 

8.3.10Upline or its Agents made reckless, false, or misleading statements concerning Aetna, its EGWP Products, the amount of compensation for Sales, or there are actions with a Target Customer(s) which have the potential to cause Aetna either a compliance issue/action, the loss of good will, or other business with such Target Customer at Aetna’ sole discretion.

 

8.4Immediate Termination of the Agreement with Cause by Upline. This Agreement may be terminated by Upline immediately for cause upon the occurrence of any of the following:

 

8.4.1If Principal does not get his license by date set forth in Section 3.1(b)(iv).

 

8.4.2Aetna’s criminal conduct or exclusion from the Medicare Program or any other federal or state health benefit program;

 

8.4.3Aetna’s license being suspended, revoked or not renewed in a state in which Aetna is offering a EGWP Product;

 

8.4.4Any act of embezzlement, theft, fraud or dishonesty by Aetna or any affiliate of Aetna; or

 

8.4.5An assignment of this Agreement by Aetna in violation of Section 10.4 hereof.

 

8.5Automatic Termination. This Agreement shall automatically terminate upon the occurrence of (a) a Party’s inability to pay debts as they mature, making an assignment for the benefit of creditors, or becoming the subject of a bankruptcy, insolvency or similar proceeding; or (b) a Party dissolves or is disqualified to do business under applicable state or federal law.

 

18 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

8.6Termination of Contract with CMS. This Agreement shall automatically terminate as of the date Aetna’s last contract with CMS is terminated or non renewed (by either CMS or Aetna).

 

8.7Change of Control; Asset Transfer. For purpose of this Section 8.6, “Change of Control” means “an effective transfer of fifty percent (50%) or more ownership of Upline or any of Upline’s affiliates, where Upline and Upline’s affiliates, if any, are entities and not individuals.” For purposes of this Section 8.6, “Asset Transfer” shall mean “the effective sale or transfer of fifty percent (50%) or more of the assets of Upline or Upline’s affiliates.” Upon a Change of Control, Upline shall provide Aetna with written notice promptly following the public announcement of the Change of Control, which notice shall include sufficient evidence demonstrating such Change of Control or applicable state filings showing the effective date of the Change of Control. Upon receipt of such notice, Aetna, at its discretion, may either acknowledge the terms of the documentation provided by Upline or Upline’s affiliates, as applicable, evidencing the Change of Control or terminate this Agreement upon thirty (30) days written notice, or sooner at Aetna’s sole discretion. Notwithstanding the foregoing, Aetna shall determine, in its sole discretion, whether the evidence provided by Upline or Upline’s affiliate, as applicable, is sufficient documentation of a Change in Control for purposes of compliance with the notice requirements of this Section 8.7.

 

Upon an Asset Transfer, Upline shall provide Aetna with written notice promptly following the public announcement of the Asset Transfer. An Asset Transfer shall be subject to the restrictions on assignment contained in Section 10.4 of this Agreement.

 

8.8Notice of Insolvency, Bankruptcy or Reorganization. Each Party shall provide prompt notice to the other Party of any filing for insolvency, bankruptcy, reorganization, dissolution, liquidation or winding down, or the institution of such or similar proceedings by or against a Party.

 

SECTION 9 - CONFIDENTIALITY

 

9.1Confidential Information. In order for the parties to perform their respective obligations under this Agreement, it may be necessary or desirable for one party (“Disclosing Party”) to disclose Confidential Information (hereinafter defined) to the other party (“Receiving Party”). Receiving Party agrees that, except as required by Laws, neither it nor any of its employees or Licensed Agents will at any time, either during or subsequent to the term of this Agreement, disclose to others, use, copy or permit to be copied, without the express prior written consent of the Disclosing Party, Confidential Information of the Disclosing Party. Receiving Party agrees that any such Confidential Information disclosed to it, its employees, or Licensed Agents shall be used only in connection with the legitimate purposes of this Agreement (or a more limited purpose as specified in writing at the time of disclosure), shall be disclosed only to those who have a need to know it, and shall be safeguarded with the same care normally afforded such confidential information in the possession, custody or control of Receiving Party, provided, however, that such care shall be no less than reasonable care necessary to safeguard the Confidential Information. Each party shall retain full ownership rights to its respective Confidential Information and nothing herein shall be construed as granting a Receiving Party any rights or ownership interests in Confidential Information shared by a Disclosing Party.

 

19 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

“Confidential Information” shall mean the information of Disclosing Party that relates to Disclosing Party’s past, present or future research or development activities, business operations, technical information, products or financial condition, which is considered proprietary or confidential to Disclosing Party (whether or not such information is marked “proprietary” or “confidential”), or by its nature would be considered confidential, in any form disclosed. For the avoidance of doubt, Confidential Information shall include the compensation fees set forth in Exhibit C, as well as information about Aetna products that are pending CMS approval.

 

The foregoing shall not apply when, after and to the extent the Confidential Information disclosed (i) becomes generally available to the public through no fault of Receiving Party; (ii) is subsequently received by Receiving Party in good faith from a third party without breaching any confidentiality obligation between the third party and Disclosing Party; or (iii) is required by Laws to be disclosed; provided, however, Receiving Party shall notify Disclosing Party prior to disclosure of any Confidential Information as required by Laws so that Disclosing Party may seek an appropriate protective order or other remedy and shall only disclose the minimum amount of Confidential Information necessary to comply with Laws.

 

The failure of either Party to comply with the provisions of this Section 9.1 shall be a material breach of this Agreement. Each Party agrees and acknowledges that the restrictions contained in this Section 9.1 are reasonable and necessary to protect the legitimate business interests of the Disclosing Party and that any violation thereof would result in irreparable harm to the Disclosing Party. Accordingly, in the event of an actual or threatened breach of the obligations contained in this Section 9.1, the Disclosing Party is entitled to seek injunctive relief or other equitable remedy or damages in addition to those remedies provided under this Agreement to protect the confidentiality of Disclosing Party’s Confidential Information.

 

Upon termination of this Agreement, each Receiving Party shall, upon request of the Disclosing Party, return or destroy any Confidential Information of the Disclosing Party held by the Receiving Party, its employees and Licensed Agents. Each Party agrees and acknowledges that compliance with this Section 9.1 is a continuing obligation and the confidentiality obligations contained herein shall survive the termination of this Agreement.

 

20 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

9.2Business Associate Agreement. Upline agrees to comply with the business associate requirements set forth in Exhibit E, which is attached hereto and incorporated herein by reference.

 

SECTION 10 - MISCELLANEOUS

 

10.1Independent Contractor. Nothing contained herein shall be construed to create the relationship of employer and employee, partners or joint ventures between the parties hereto. Upline and its Agents shall be free to exercise its and their independent judgment in the performance of this Agreement, subject only to the terms hereof and the written rules established by Aetna, and agreed to by Upline, from time to time.

 

10.2Compliance with Laws and Policies and Procedures. Upline and Aetna shall at all times comply with Laws. Upline shall comply with all written policies and procedures established by Aetna as have been provided to Upline (including those contained in the Producer Guide) and as may be amended from time to time (of which amendments Upline shall be informed on a periodic basis).

 

10.3Non-Waiver of Covenants. Should Aetna or Upline at any time fail to insist upon a strict performance of each and every provision of this Agreement incumbent upon the other to be kept and performed or fail to adhere strictly to the terms and provisions hereof, or to any one of them, such failure shall not be construed as a waiver of the party’s right to thereafter insist upon strict performance or seek enforcement of all the terms and provisions of this Agreement.

 

10.4Assignment. This Agreement is not assignable by Upline without the prior written consent of Aetna. Upline may not assign compensation paid under this Agreement except as is set forth herein to a Downline Agent. Aetna may assign this Agreement to an affiliate or to a successor in interest.

 

10.5Contract Interpretation. If any section, clause, paragraph, term or provision of this Agreement shall be found to be void and unenforceable by any court of competent jurisdiction, such finding shall have no effect upon any other section, clause, paragraph, term or provision of this Agreement and the same shall be given full force and effect.

 

10.6Notice. Whenever notice is to be given by either party to the other, it must be done in writing by U.S. Mail, overnight delivery, or facsimile to the parties at the address set forth on the signature page or for notices to Upline only, to the email address for Upline set forth on the signature page. All notices are duly given: (i) when deposited in the U.S. mail or with a national overnight courier service (such as Federal Express), (ii) upon transmittal of a facsimile transmission to the recipient Party at the facsimile number designated; or (iii) in the case of notices to Upline, upon transmittal of an email transmission to the designated email address for Upline. If Aetna’s notice address changes, Aetna will inform Upline of its changed address by providing notice consistent with this Section 10.6. If Upline’s address or other contact information changes, Upline will promptly notify Aetna of such changed address or contact information in accordance with the instructions set forth in the Producer Guide.

 

21 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

10.7Indemnity.

 

a.Upline shall indemnify Aetna (and any officer, director, employee, shareholder, affiliated companies, representative or agent of Aetna) from and against any and all losses, claims, damages, or liabilities, including any and all investigative, legal, and other expenses (including reasonable attorneys’ fees and amounts paid in settlement) (“Losses”) suffered, incurred, or sustained by Aetna or to which Aetna becomes subject resulting from, arising out of or relating to any claim as a result of any of the following by Upline, Principal or an Agent: (i) breach of this Agreement, (ii) any negligence, intentional wrongful acts or omissions, in performance of, or failure to perform, an obligations under this Agreement, (iii) an actual or alleged direct or indirect omission or commission that causes Aetna to violate any Laws; (iv) any dispute involving any of Upline, Principal or another Agent; or (v) an action by any Agent for compensation in connection with a Sale or Renewal; (vi) any representation that is misleading, reckless or false . Notwithstanding the foregoing, Upline shall not be responsible for Losses to the extent any such Losses are found in a final judgment by a court of competent jurisdiction to have resulted directly and solely from Aetna’s fraud, criminality or willful misconduct.

 

10.8Disputes. The Parties agree to act in respect of all matters related to this Agreement in good faith. If Aetna and Upline cannot mutually resolve a dispute which arises out of or relates to this Agreement, the dispute shall be decided through binding arbitration. To initiate arbitration, either Aetna or Upline shall notify the other party in writing of its desire to arbitrate, stating the nature of its dispute and the remedy sought. The party to which the notice is sent shall respond thereto in writing within ten (10) days of its receipt of such notice. In such response, the party shall also assert any claim, defense and other dispute it may have which arises out of or relates to this Agreement. Either party may file the dispute with American Arbitration Association under the Commercial Arbitration Rules. Those rules will apply to the proceedings except as amended in this Agreement. The arbitration hearing shall be held before a panel of three arbitrators, each of whom must be an arbitration panelist from American Arbitration Association and have experience in health insurance or health insurance sales and marketing. Aetna and Upline shall each appoint one arbitrator by written notification to the other party within 30 days of the date of the mailing of the notification initiating the arbitration. These two arbitrators shall then select the third arbitrator. Should the two arbitrators be unable to agree upon the choice of a third arbitrator, each party to this Agreement will appoint another arbitrator and the process shall be repeated until a third arbitrator is appointed. Once the entire panel is chosen, the arbitrators are empowered to decide all substantive and procedural issues by majority vote. The arbitration hearing shall be held in Philadelphia, Pennsylvania or Hartford, Connecticut, at Aetna’s option, unless otherwise agreed. The arbitrators shall establish procedures warranted by the facts and issues of the particular case and the parties agree to abide by such procedures but discovery, if allowed by the arbitrators, shall be limited to five depositions per side and ten document requests. The decision of the arbitrators shall be final and binding upon the parties without appeal. Cost and fees of the arbitrators shall be borne equally by the parties, unless otherwise awarded by the arbitrators to the prevailing party. Notwithstanding any other provision of this Agreement, neither party is required to arbitrate any issue for which injunctive relief is sought, and neither party shall be required to arbitrate any issue whatsoever in the event that the other party becomes subject to the appointment of a receiver, liquidator, conservator or trustee or a state insurance regulatory authority in such capacity.

 

22 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

10.9Governing Law and Venue. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania without regard to its conflict of laws provisions. Venue for any action shall be in a court located in Philadelphia, Pennsylvania.

 

10.10Titles and Headings. Titles and headings for the paragraphs, subparagraphs or sections herein are for convenience only, are not part of this Agreement, and shall not define or limit any of this Agreement’s terms.

 

10.11Survival. The following sections of this Agreement shall survive the termination of this Agreement: 1, 2.3, 3.1(a), 3.1(b), 3.2, 3.4, 3.5„ 3.6, 3.7, 3.8, 3.9, 3.10,4.1, 5.1, 6.1, 6.2, 6.3, 6.4, 6.5, 6.7, 6.8, 6.9, 6.9, 6.10, 6.11, 7.3, 7.4, 8.6, 8.7, 9,10.2,10.3, 10.4,10.5,10.6, 10.7, 10.8,10.9,10.10,10.11, 10.12,10.15,10.16,10.17,10.18, Exhibit B, Exhibit C, and Exhibit D (including Schedule D-l thereto). Further, the parties agree that any provision which survives termination may be amended following termination, in accordance with Section 10.14.

 

10.12Legal Actions Against Target Customers. Upline shall not institute legal proceedings against any Target Customer for any cause arising out of the business transacted under this Agreement unless Aetna shall have been notified in writing of such action or the proposed action prior to or simultaneously with the institution of such legal proceedings.

 

10.13Subcontractors and Delegates. Except as expressly provided in this Agreement, Upline shall not subcontract or delegate any functions under this Agreement without the prior written consent of Aetna. Aetna may delegate performance of all or any part of this Agreement to one or more affiliates without notice to or consent of Upline.

 

10.14Amendment. Except as otherwise provided herein (including, without limitation, Section 6.2), this Agreement may be amended upon (i) the written agreement of both parties, or (ii) by Aetna, upon thirty (30) days prior written notice to Upline of the amendment. In order to comply with Laws, Aetna may amend this Agreement immediately upon notice to Upline.

 

10.15Entire Agreement. This Agreement, including all appendices and schedules attached hereto, constitutes the entire contract between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.

 

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Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

10.16Principal. Upline hereby represents and warrants that Upline has the authority to execute this Agreement on behalf of Principal, and bind Principal to the terms and conditions hereof

 

10.17Use of Target Customer or Medicare Beneficiary Information. Without prior written approval from Aetna, Upline may not use information it or its Licensed Agents obtain from Sales of Aetna’s EGWP Product to prospective Target Customers or to their potential enrollees information with respect to an EGWP Product Enrollees except for rendering services permitted under this Agreement or for providing the EGWP Product information about other Aetna products.

 

10.18Waiver of Multi-Plaintiff, Class, Collective and Representative Actions. Except where prohibited by federal law, covered claims must be brought on an individual basis only, and arbitration on an individual basis is the exclusive remedy. Neither Upline nor Aetna may submit a multi-plaintiff, class, collective or representative action for resolution under this Agreement, and no arbitrator has authority to proceed with arbitration on such a basis. Upline may not participate as a member or representative in any multi-plaintiff, class, collective or representative action against Aetna, and are not entitled to any recovery in such an action in any forum. Any disputes concerning the validity of this multi-plaintiff, class, collective and representative action waiver will be decided by a court of competent jurisdiction, not by the arbitrator. In the event this waiver is found to be unenforceable, then any claim brought on a multi-plaintiff, class, collective or representative basis must be filed in a court of competent jurisdiction, and such court shall be the exclusive forum for all such claims.

 

[Remainder of page left intentionally blank.]

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

Exhibit A
States for Sales

 

Upline and its Licensed Agents and its Downline Agents and their Designated Agents may provide Sales services as set forth in this Agreement in the following States:

 

All States where Upline and its Agents are Ready to Sell

 

Upline may not Sale or conduct activities under this Agreement in the following States:

 

intentionally Left Blank

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

Exhibit B
Compensation

 

A.Compensation for Sales

 

1.          Initial EGWP Sales. Aetna shall pay Upline a per member fee for each completed Initial EGWP Sale for new individuals confirmed by CMS to be an EGWP Product Enrollee enrolled in an Aetna EGWP Product (“Initial Fee”) as follows:

 

[***] [***]
[***] [***]
[***] [***]
*PDP shall mean Prescription Drug Plan  

 

An Initial EGWP Sale means the enrollment of an individual who is a retiree of a Target Customer in an EGWP Product as a direct result of the Sales activity of Upline and in accordance with the terms and conditions in this Agreement. No Initial Fee for Sales shall be payable to Upline for Initial EGWP Sales after the Target Customer’s EGWP Product’s original effective date.

 

2.          Renewals. After the Initial EGWP Sale, Aetna shall pay Upline a renewal fee for each subsequent renewal year that an EGWP Product Enrollee is confirmed by CMS to be successfully enrolled in an EGWP Product for the Target Customer (“Renewal Fee”) provided that all of the following is met: i) the Enrollee remains enrolled under the Target Customer’s EGWP Product(s); ii) CMS confirms the enrollee is enrolled in an EGWP Product; iii) this Agreement remains in effect, is terminated by Aetna without cause or terminated by Upline for cause; and iii), Aetna maintains a group policy/benefit/contract with such Target Customer for an EGWP Product as follows:

 

[***] [***]
[***] [***]
[***] [***]

 

A Renewal means any EGWP Product Enrollee who continues to be enrolled in an EGWP Product of a Target Customer from one CMS Contract Year to another.

 

B.Time Frame for Payment of Compensation: All compensation shall be paid in accordance with Aetna’s regular commission time frame schedule, which is a February to March cycle on an annual basis if all conditions in the Agreement and this Amendment are met. Any compensation due will be paid within 120 days following the EGWP Product Enrollee’s original effective date of coverage.

 

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Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

C.CMS Requirements Control Compensation. All payments made to Upline will be in accordance with CMS regulations and guidelines. In the event of any conflict between this Agreement (including Exhibits B and C) and CMS requirements, CMS requirements shall control. Upline shall have no cause of action against Aetna for any fee amounts that cannot be paid or is recouped by Aetna as a result of CMS requirements. The Parties agree that if CMS prohibits the payment of a compensation for a Sale or requires the modification of the amount or method of compensation payment under this Agreement, then Aetna may cease paying the compensation set forth above or modify the compensation amount or method at any time to comply with CMS rules and regulations and Aetna may recoup any amount from Upline that is not in accordance with Laws (including any CMS determination). In addition, the compensation set forth in this Agreement shall be automatically amended (with or without a written document) if Laws so requires. Aetna shall use reasonable efforts to issue an amendment reflecting such compensation changes.

 

D.Additional Requirements for Compensation Payments.

 

In order to be eligible to receive any compensation as set forth above in Section A, whether for an Initial EGWP Sale or a Renewal, in addition to any other requirements set forth in this Agreement, the requirements set forth below must be met:

 

a.Appropriately Licensed Agent at time of Sale (except for LOAs and principals)
b.Complete the nomoreforums, or other designated form process and the onboarding process as referenced in 3.1(vi).
c.Active license in State of Sale at time of Sale
d.Active appointment in State of Sale at time of Sale
e.Must adhere to Exhibit A for allowed States to market in
f.Completed Annual Certification Process at time of Sale
g.License Agent of Upline must be Ready to Sell in State of Sale
h.Notified Aetna of the initial and all subsequent Target Customer meetings in accordance with Section 3.3(b) of the Agreement and the Aetna guidelines
i.Activities and services directly led to the Sale and the completion of a contract with the Target Customer and Target Customer’s retirees becoming an EGWP Product Enrollee Schedule of meetings and activities must be provided to the Vice President of Group Medicare or his designees

 

E.Disputes: All disputes concerning a Sale and whether compensation is due shall first be resolved by the following informal dispute process before following the Dispute Process set forth in Section 10.8 of the Agreement.

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

Exhibit C

SCHEDULE OF ADMINISTRATIVE SERVICES

 

Upline may be providing certain administrative services to its Downline Agents under this Agreement. The Producer Guide also sets for the administrative services that may provide Upline. Such administrative services may include the following:

 

1.Agent Recruiting

 

·[***]
·[***]
·[***]
·[***]

 

2.Agent Training

 

·[***]
·[***]
·[***]
·[***]
·[***]
·[***]
·[***]

 

3.Compliance

 

·[***]
·[***]
·[***]
·[***]
·[***]
·[***]
·[***]
·[***]
·[***]
·[***]
·[***]
·[***]

 

4.Marketing

 

·[***]
·[***]
·[***]

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

Exhibit D
Medicare Requirements

 

Licensed

 

A.First Tier or Downstream Entity Requirements

 

1.Acknowledgement. Aetna is required to identify and oversee its First Tier Entities (as defined in Schedule D-l of ExhibitD) consistent with CMS requirements. Upline acknowledges and agrees that it acts in a capacity as a First Tier Entity in the performance of Services for Aetna under the Agreement, and shall comply, and shall cause its Downstream Entities to comply, with the requirements set forth in this Section A of this ExhibitD and Schedule D-l of ExhibitD with respect to the provision of services under this Agreement, including the performance of delegated activities in connection with Aetna’s Medicare Advantage and/or Part D Program. Except as provided herein, all other provisions of this Agreement between Aetna and Upline not inconsistent herein shall remain in full force and effect. This Section A of ExhibitD and Schedule D-l of the ExhibitD shall supersede and replace any inconsistent provisions to such Agreement; to ensure compliance with required CMS provisions, and shall continue concurrently with the term of such Agreement.

 

2.Upline represents and warrants that all provisions of Section A of this ExhibitD and Schedule D-l shall apply equally to any employee, temporary employee, principal, partner, or other individual that performs services under this Agreement. Upline shall take all steps necessary to cause such individuals to comply with Section A of this ExhibitD and Schedule D-l and all Laws (including CMS instructions). Upline represents and warrants that Upline has the authority to cause such individuals to comply with Exhibit D and Schedule D-l, and shall provide written evidence of the same upon request. Upline also represents and warrants that all provisions of Section A of this ExhibitD and Schedule D-l shall apply equally to any of Upline’s Downstream Entities, as defined by CMS and Schedule D-l. Upline shall include in Upline’s contracts with Downstream Entities all of the contractual and legal obligations required by Aetna in order for the Downstream Entity and Aetna to comply with Laws (including CMS instructions). Upline shall take all steps necessary to cause its Downstream Entities to comply with Section A of this ExhibitD and Schedule D-l, and Laws (including CMS instructions). To the extent CMS requires additional provisions to be included in such subcontracts, Aetna shall amend its contracts with its Downstream Entities accordingly.

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

3.Maintenance of Records and Audits

 

(a)Aetna or its designee(s) shall have the right, but not the obligation, to audit, inspect and copy, during regular business hours at Aetna’s cost and in a manner that does not unreasonably interfere with Upline’s business, any books and records Upline maintains pursuant to this Agreement and the services performed, upon ten (10) business days’ written notice to Upline; but only to the extent that such inspection is not prohibited by Laws. To the extent that Aetna uses a third-party to audit Upline, such third party may not be a competitor of Upline and shall execute confidentiality agreement acceptable to Upline, such acceptance shall not be unreasonably denied, delayed or withheld.

 

(b)Upline shall maintain (and shall cause Downstream Entities (as defined in Schedule D- 1 hereto) to maintain) operational, financial, administrative and medical records, contracts, books, files and other documents (including, without limitation, records with respect to Sales, EGWP Product Enrollees’ applications for coverage and other transactions with EGWP Product Enrollees and prospective EGWP Product Enrollees) for ten (10) years, or longer to the extent required by Laws in connection with services performed under this Agreement (“Records”). Such Records shall be maintained in a timely and accurate manner and shall, at a minimum, be reasonably sufficient to allow Aetna to determine whether Upline and its Downstream Entities are performing their obligations under the Agreement consistent with the terms of the Agreement and in accordance with Laws and to confirm that the data submitted by Upline and its Downstream Entities for reporting and other purposes is accurate.

 

(c)In addition, to the extent applicable to Upline, Upline, on behalf of itself and any Downstream Entities, agrees to comply with 42 C.F.R. § 422.2480(c) and 42 C.F.R. § 423.2480(c) and to maintain all Records containing data used by Aetna to calculate Medicare Medical Loss Ratios (“MLRs”) for EGWP Products and/or evidence needed by Aetna and/or federal governmental authorities with jurisdiction to validate MLRs (collectively, “MLR Records”) for a minimum often (10) years from the date such MLRs were reported by Aetna to CMS.

 

4.Compliance with Law. Upline acknowledges that Aetna, directly or indirectly, receives federal funds and that as a contractor of Aetna, the payments to Upline under this Agreement are, in whole or in part, from federal funds. In carrying out its duties and obligations under this Agreement, Upline shall follow and adhere to all Laws, including, but not limited to Title VI of the Civil Rights Act of 1964, as amended (42 U.S.C. §2000d et. Seq.); sections 503 and 504 of the Rehabilitation Act of 1973, as amended (29 U.S.C. §§793 and 794); Title IX of the Education Amendments of 1972, as amended (20 U.S.C. § 1681 et. Seq.); section 654 of the Omnibus Budget Reconciliation Act of 1981, as amended (41 U.S.C. §9849); the Americans with Disabilities Act (42 U.S.C. §12101 et. Seq.); and the Age Discrimination Act of 1975, as amended (42 U.S.C. §6101 et. Seq.); the Vietnam Era Veterans Readjustment Assistance Act (38 U.S.C. § 4212); and applicable sections of the Medicare and Modernization Act of 2003, HIPAA and the HITECH Act of 2009, together with all applicable implementing regulations, rules guidelines and standards as from time to time are promulgated thereunder.

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

5.Exclusion Screening and Related Requirements. Upline understands and agrees that no person or entity that provides services, directly or indirectly, for any EGWP Products, may be an individual or entity excluded from participation in Medicare under Section 1128 or 1128A of the Social Security Act. Upline hereby certifies that no such excluded person or entity will be employed by or utilized by Upline or by any of Upline’s Downstream Entities to directly or indirectly perform services under this Agreement. Upline agrees to review the Department of Health and Human Services (“HHS”) Office of Inspector General List of Excluded Individuals and Entities and the General Services Administration System for Awards Management (collectively, “Exclusion Lists”) to ensure that no persons or entities employed by or utilized by Upline or by any of Upline’s Downstream Entities are included on such Exclusion Lists. Upline agrees to review the Exclusion Lists prior to initially hiring, appointing or contracting with any new employee, temporary employee or Downstream Entity and at least once per month thereafter to confirm that such persons and entities are not included on such Exclusion Lists. Upline agrees that if any such person or entity utilized by Upline to directly or indirectly to perform services under this Agreement appears on an Exclusion List and/or is excluded from participation in any federally-funded health program, Upline will immediately remove the employee, temporary employee or Downstream Entity from any work related directly or indirectly to EGWP Products, and take all corrective actions required under Laws, rules or regulations. In the event Upline or any employee, temporary employee or Downstream Entity of Upline that directly or indirectly performs services under this Agreement is listed in an Exclusion List after the Effective Date, Aetna shall have the right, in its sole discretion and judgment, to terminate Upline’s provision of services to EGWP Products in accordance with the Agreement or to disqualify any such person or entity on the Exclusion List from providing any part of the services under this Agreement. In addition, Upline shall, and shall cause each individual or entity with whom it contracts or to whom it delegates any obligations under the Agreement to review the Specially Designated Nationals and Blocked Persons list published by the Office of Foreign Assets Control of the U.S. Department of Treasury prior to the initial hiring of any employee or engagement of any subcontractor (including any agent) to furnish services to Aetna, and monthly thereafter, and to promptly notify Aetna of discovering any employee’s or subcontractor’s name on such list. Upon such discovery by Upline or Aetna, Aetna reserves the right to block payments to Upline, and/or take any other actions which may be required to comply with law. In the case an Agent appears on the Specially Designated Nationals and Blocked Persons list, Aetna, in its sole discretion, may terminate the appointment of such Agent and/or any agreement between Aetna and such Agent.

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

6.Reporting and Disclosure; Submission of Encounter and Other Data. Upon request by Aetna, Upline shall certify, and cause its Downstream Entities to certify, that any data and other information submitted to Aetna are accurate, complete and truthful based on best knowledge, information and belief. Upline shall provide reasonable cooperation and assistance with Aetna’s requests for information and shall promptly submit encounter data, medical records and such other information as requested by Aetna to allow Aetna to respond in a timely manner to any data validation audits or requests for information by CMS, and to monitor and audit the obligation of Upline and Downstream Entities to provide accurate, complete and truthful data and other information. Upline agrees to immediately notify Aetna if any encounter data that Upline submitted to Aetna is inaccurate, incomplete or erroneous, and cooperate with Aetna to correct erroneous encounter data to ensure Aetna’s compliance with Medicare laws, rules and regulations and CMS instructions. This paragraph 6 shall survive termination of the Agreement, regardless of the cause giving rise to termination

 

7.Offshore Services. Upline is prohibited from performing on its own or using any individual or entity (“Offshore Entity”) (including but not limited to, any employee, contractor, agent, representative or other individual or entity) to perform any services for EGWP Products if the individual or entity is physically located outside of one of the fifty United States or one of the United States Territories (i.e., American Samoa, Guam, Northern Marianas, Puerto Rico and the Virgin Islands) (“Offshore Services”) unless Aetna, in its sole discretion and judgment, agrees in advance and in writing to the provision of Offshore Services by Upline or any Offshore Entity as described above. Upline further represents and warrants that it does not and will not permit any EGWP Product Enrollees’ protected health information or other personal information to be accessible by any Offshore Entity, without prior written notice to Aetna and Aetna’s prior written approval of such Offshore Entity. Upline agrees that Aetna has the right to audit any Offshore Entity prior to the provision of Offshore Services for EGWP Products. Additionally, Upline acknowledges and agrees that Offshore Services that involve Member PHI are subject to CMS reporting within thirty (30) days of: (1) performing, or contracting with an Offshore Entity to perform, Offshore Services, and (2) any time Upline changes the Offshore Services that an Offshore Entity will perform.

 

8.Compliance Program and Anti-Fraud Initiatives. Upline shall (and shall cause its Downstream Entities to) institute, operate, and maintain an effective compliance program to detect, correct and prevent the incidence of non-compliance with CMS requirements and the incidence of fraud, waste and abuse (FWA) relating to the operation of Aetna’s Medicare Program. Such compliance program shall be appropriate to Upline’s or Downstream Entity’s organization and operations and shall include:

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(a)written compliance policies and standards of conduct that are comparable to Aetna’s compliance policies/Aetna Code of Conduct and articulate the entity’s commitment to comply with federal and state laws, ethical behavior and compliance program operations. Upline will disseminate either Aetna’s compliance policies/Aetna Code of Conduct or comparable versions to Upline’s employees, officers, and Downstream Entities within 90 days of hire/contracting, when updates are made, and annually thereafter;

 

(b)reporting mechanisms communicated to Upline’s employees and Downstream Entities for their use in adhering to the expectation that Upline, its employees and its Downstream Entities report potential non-compliance or FWA issues (internally and to Aetna, as applicable) and understand their obligation to report. Upline must publicize the reporting methods to Upline’s employees and Downstream Entities along with a no-tolerance policy for retaliation or retribution for good faith reporting;

 

(c)completion of CMS’ Medicare Learning Network® “Medicare Parts C and D Fraud, Waste, and Abuse Training and Medicare Parts C and D General Compliance Training” by Upline’s employees, officers, and Downstream Entities initially within ninety (90) days of hire/contracting and at least annually thereafter, unless exempt from Fraud, Waste, and Abuse training under relevant CMS regulations. Training may be completed in one of two ways: (1) by completing the general compliance and FWA training modules located on the CMS Medicare Learning Network; or (2) by downloading, viewing or printing the content of the then current CMS standardized training modules from the CMS website to incorporate into Upline’s and/or Downstream Entity’s organization’s existing compliance training materials/systems. The CMS training content may not be changed but Upline and/or its Downstream Entities may add to it to cover topics specific to its organization;

 

(d)processes to oversee and ensure that Upline and Upline’s Downstream Entities maintain compliance with processes to oversee and ensure that: (1) Upline and Upline’s Downstream Entities maintain compliance with CMS compliance program requirements, and (2) Upline’s Downstream Entities perform the services to be provided under this Agreement consistent with this Agreement and the agreement between Upline and such Downstream Entities. Upline’s oversight under this Agreement shall include: (1) imposition of disciplinary actions, as needed, to ensure employee compliance with CMS compliance program requirements, and (2) implementation of corrective actions (up to and including contract termination), as needed, with respect to its Downstream Entities to ensure Downstream Entity compliance with applicable CMS requirements, including the CMS compliance program requirements, this Agreement and Upline’s contract with the Downstream Entity; and

 

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Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(e)retention of evidence showing that Upline and Upline’s Downstream Entities complied with the requirements set forth in this Section 8(e). Such evidence must be maintained for at least the period of time specified in Section A (3) of this Exhibit D and shall be made available to Aetna and CMS, upon request. Upline shall complete attestations in the form and manner requested by Aetna to confirm its compliance with this Section on an annual basis.

 

9.Schedule D-l. Upline agrees to comply with all the provisions set forth in Schedule D-l to this Exhibit D. All obligations set forth in Schedule D-l apply equally to the Medicare Advantage Plans and Part D Plans, even if Schedule D-l only refers to Medicare Advantage Plans.

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

Schedule D-l
Medicare Contract

 

CMS requires that specific terms and conditions be incorporated into the Agreement between a Medicare Advantage Organization or First Tier Entity and a First Tier Entity or Downstream Entity to comply with the Medicare laws, regulations, and CMS instructions, including, but not limited to, the Medicare Prescription Drug, Improvement and Modernization Act of 2003, Pub. L. No. 108-173,117 Stat. 2066 (“MMA”); and

 

Except as provided herein, all other provisions of the Agreement between Aetna and Upline not inconsistent herein shall remain in full force and effect. This schedule shall supersede and replace any inconsistent provisions to such Agreement, to ensure compliance with required CMS provisions, and shall continue concurrently with the term of such Agreement.

 

NOW, THEREFORE, the parties agree as follows:

 

A.Definitions:

 

1)Centers for Medicare and Medicaid Services (“CMS”): the agency within the Department of Health and Human Services that administers the Medicare program.

 

2)Completion of Audit: completion of audit by the Department of Health and Human Services, the Government Accountability Office, or their designees of a Medicare Advantage Organization, Medicare Advantage Organization contractor or related entity.

 

3)Downstream Entity: any party that enters into a written arrangement, acceptable to CMS, with persons or entities involved with the MA benefit, below the level of the arrangement between an MA organization (or applicant) and a first tier entity. These written arrangements continue down to the level of the ultimate provider of both health and administrative services.

 

4)Final Contract Period: the final term of the contract between CMS and the Medicare Advantage Organization.

 

5)First Tier Entity: any party that enters into a written arrangement, acceptable to CMS, with an MA organization or applicant to provide administrative services or health care services for a Medicare eligible individual under the MA program.

 

6)Medicare Advantage (“MA”): an alternative to the traditional Medicare program in which private plans run by health insurance companies provide health care benefits that eligible beneficiaries would otherwise receive directly from the Medicare program.

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

7)Medicare Advantage Organization (“MA organization”): a public or private entity organized and licensed by a State as a risk-bearing entity (with the exception of provider-sponsored organizations receiving waivers) that is certified by CMS as meeting the MA contract requirements.

 

8)Member or Enrollee: a Medicare Advantage eligible individual who has enrolled in or elected coverage through a Medicare Advantage Organization.

 

9)Provider: (1) any individual who is engaged in the delivery of health care services in a State and is licensed or certified by the State to engage in that activity in the State; and (2) any entity that is engaged in the delivery of health care services in a State and is licensed or certified to deliver those services if such licensing or certification is required by State law or regulation.

 

10)Related entity: any entity that is related to the MA organization by common ownership or control and (1) performs some of the MA organization’s management functions under contract or delegation; (2) furnishes services to Medicare enrollees under an oral or written agreement; or (3) leases real property or sells materials to the MA organization at a cost of more than $2;500 during a contract period.

 

B.Required Provisions:

 

Upline agrees to the following:

 

1)HHS, the Comptroller General, or their designees have the right to audit, evaluate, and inspect any pertinent information for any particular contract period, including, but not limited to, any books, contracts, computer or other electronic systems (including medical records and documentation of the first tier, downstream, and entities related to CMS’ contract with Aetna’s Affiliates included in this Agreement, (hereinafter, “MA organization”) through 10 years from the final date of the final contract period of the contract entered into between CMS and the MA organization or from the date of completion of any audit, whichever is later. [42 C.F.R. §§ 422.504(i)(2)(i) and (ii)] and [42 CFR §423.505]

 

2)HHS, the Comptroller General, or their designees have the right to audit, evaluate, collect, and inspect any records under paragraph 1 of this amendment directly from any first tier, downstream, or related entity. For records subject to review under paragraph 1, except in exceptional circumstances, CMS will provide notification to the MA organization that a direct request for information has been initiated. [42 C.F.R. §§ 422.504(i)(2)(ii) and (iii)] and [42 C.F.R. §423.505]

 

3)Upline will comply with the confidentiality and enrollee record accuracy requirements, including: (1) abiding by all Federal and State laws regarding confidentiality and disclosure of medical records, or other health and enrollment information, (2) ensuring that medical information is released only in accordance with applicable Federal or State law, or pursuant to court orders or subpoenas, (3) maintaining the records and information in an accurate and timely manner, and (4) ensuring timely access by enrollees to the records and information that pertain to them. [42 C.F.R. §§ 422.504(a)(13) and 422.118] and [42 CFR §423.136]

 

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“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

4)Enrollees will not be held liable for payment of any fees that are the legal obligation of the MA organization. [42 C.F.R. §§ 422.504(i)(3)(i) and 422.504(g)(l)(i)] and [42 CFR §423.505(i)(3)(i)]

 

5)Any services or other activity performed in accordance with a contract or written agreement by Upline are consistent and comply with the MA organization’s contractual obligations. [42 C.F.R. § 422.504(i)(3)(iii)] and [42 CFR §423.505(i)(3)(iii)]

 

6)Upline and any related entity, contractor or subcontractor will comply with all applicable Federal and Medicare laws, regulations, and CMS instructions. [42 C.F.R. §§ 422.504(i)(4)(v)] and [42 CFR §423.505(i)(4)(iv)]

 

7)If any of the MA organization’s activities or responsibilities under its contract with CMS are delegated to any first tier, downstream and related entity:

 

(i)The delegated activities and reporting responsibilities are specified as follows:

 

Upline shall (a) solicit, procure and transmit enrollment applications for Sales to eligible Medicare beneficiaries; (b) market EGWP Products; and (c) Refer Medicare beneficiaries to Aetna. Please see Sections 2 and 3 of the Agreement.

 

(ii)CMS and the MA organization reserve the right to revoke the delegation activities and reporting requirements or to specify other remedies in instances where CMS or the MA organization determine that such parties have not performed satisfactorily.

 

(iii)The MA organization will monitor the performance of the parties on an ongoing basis.

Please see Section 4.2 and ExhibitD

 

(iv)If the MA organization delegates the selection of providers, contractors, or subcontractor, the MA organization retains the right to approve, suspend, or terminate any such arrangement.

 

[42 C.F.R. §§ 422.504(i)(4) and (5)]

 

In the event of a conflict between the terms and conditions above and the terms of a related agreement, the terms above control.

 

37 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

ExhibitE
BUSINESS ASSOCIATE AGREEMENT
HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT (HIPAA)

 

This Business Associate Agreement (the “BAA”) is made by and between Aetna (hereinafter the “Covered Entity”) and Upline (hereinafter the “Business Associate”), and is effective as of the Effective Date. This BAA is attached to and incorporated into the Aetna Marketing Agreement for Upline Licensed Agents and Agencies between Business Associate and Covered Entity (the “Agreement”). All capitalized terms used herein but not otherwise defined shall have the meanings given to such terms in the Agreement. In conformity with the regulations at 45 C.F.R. Parts 160-164 (the “Privacy and Security Rules”), Covered Entity will provide Business Associate with access to, or have Business Associate create, maintain, transmit and/or receive certain Protected Health Information (as defined below), thus necessitating a written agreement that meets the applicable requirements of the Privacy and Security Rules. Covered Entity and Business Associate agree as follows:

 

1.Definitions. The following terms shall have the meaning set forth below:

 

(a)ARRA. “ARRA” means the American Recovery and Reinvestment Act of 2009

 

(b)Breach. “Breach” has the same meaning as the term “breach” in 45 C.F.R. 164.402.

 

(c)C. F. R. “C.F. R.” means the Code of Federal Regulations.

 

(d)Designated Record Set. “Designated Record Set” has the meaning assigned to such term in 45 C. F. R. 160.501.

 

(e)Discovery. “Discovery” shall mean the first day on which a Breach is known to Business Associate (including any person, other than the individual committing the breach, that is an employee, officer, or other agent of Business Associate), or should reasonably have been known to Business Associate, to have occurred.

 

(f)Electronic Protected Health Information. “Electronic Protected Health Information” means information that comes within paragraphs 1 (i) or 1 (ii) of the definition of “Protected Health Information”, as defined in 45 C. F. R. 160.103.

 

(g)Individual. “Individual” shall have the same meaning as the term “individual” in 45 C. F. R. 160.103 and shall include a person who qualifies as personal representative in accordance with 45 C. F. R. 164.502 (g).

 

(h)Protected Health Information. “Protected Health Information” shall have the same meaning as the term “Protected Health Information”, as defined by 45 C. F. R. 160.103, limited to the information created or received by Business Associate from or on behalf of Covered Entity.

 

38 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(i)Required by Law. “Required by Law” shall have the same meaning as the term “required by law” in 45 C. F. R. 164.103.

 

(j)Secretary. “Secretary” shall mean the Secretary of the Department of Health and Human Services or his designee.

 

(k)Security Incident. “Security Incident” shall have the same meaning as the term “security incident” in 45 C.F.R. 164.304.

 

(l)Standard Transactions. “Standard Transactions” means the electronic health care transactions for which HIPAA standards have been established, as set forth in 45 C. F. R., Parts 160-162.

 

(m)Unsecured Protected Health Information. “Unsecured Protected Health Information” means Protected Health Information that is not secured through the use of a technology or methodology specified by guidance issued by the Secretary from time to time.

 

2.Obligations and Activities of Business Associate.

 

(a)Business Associate agrees to not use or further disclose Protected Health Information other than as permitted or required by this BAA or as Required by Law. Business Associate shall also comply with any further limitations on uses and disclosures agreed by Covered Entity in accordance with 45 C.F.R. 164.522 provided that such agreed upon limitations have been communicated to Business Associate in accordance with Section 4.1(c) of this BAA.

 

(b)Business Associate agrees to use appropriate safeguards to prevent use or disclosure of the Protected Health Information other than as provided for by this BAA, including but not limited to the safeguards described in Section 2(m) of this BAA.

 

(c)Business Associate agrees to mitigate, to the extent practicable, any harmful effect that is known to Business Associate of a use or disclosure of Protected Health Information by Business Associate in violation of the requirements of this BAA.

 

(d)Business Associate agrees to promptly report to Covered Entity any use or disclosure of the Protected Health Information not provided for by this BAA of which it becomes aware.

 

39 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(e)Business Associate agrees to report to Covered Entity any Breach of Unsecured Protected Health Information without unreasonable delay and in no case later than five (5) Business days after Discovery of a Breach. Such notice shall include the identification of each Individual whose Unsecured Protected Health Information has been, or is reasonably believed by Business Associate, to have been, accessed, acquired, or disclosed In connection with such Breach. In addition, Business Associate shall provide any additional information reasonably requested by Covered Entity for purposes of investigating the Breach. Business Associate’s notification of a Breach under this section shall comply in all respects with each applicable provision of Section 13400 of Subtitle D (Privacy) of ARRA, 45 CFR 164.410, and related guidance issued by the Secretary from time to time. Without limiting Covered Entity’s remedies under Section 6 or any other provision of this BAA, in the event of a Breach involving Unsecured Protected Health Information maintained, used or disclosed by Business Associate, Business Associate shall reimburse Covered Entity for the cost of providing any legally required notice to affected Individuals and the cost of credit monitoring for such Individuals to extent deemed necessary by Covered Entity in its reasonable discretion.

 

(f)In accordance with 45 CFR 164.502(e)(l)(ii) and 164.308(b)(2), if applicable, Business Associate agrees to ensure that any subcontractors that create, receive, maintain, or transmit Protected Health Information on behalf of Business Associate agree in writing to the same restrictions and conditions that apply through this BAA to Business Associate with respect to such information. In no event shall Business Associate, without Covered Entity’s prior written approval, provide Protected Health Information received from, or created or received by Business Associate on behalf of Covered Entity, to any employee or agent, including a subcontractor, if such employee, agent or subcontractor receives, processes or otherwise has access to the Protected Health Information outside of the United States.

 

(g)Business Associate agrees to provide access, at the request of Covered Entity, within ten (10) business days of the request from Covered Entity, to Protected Health Information in a Designated Record Set, to Covered Entity or, as directed by Covered Entity, to an Individual in order to meet the requirements under 45 C.F.R. 164.524. Covered Entity’s determination of what constitutes “Protected Health Information” or a “Designated Record Set” shall be final and conclusive. If Business Associate provides copies or summaries of Protected Health Information to an Individual it may impose a reasonable, cost-based fee in accordance with 45 C.F.R. 164.524 (c)(4).

 

(h)Business Associate agrees to make any amendment(s) to Protected Health Information in a Designated Record Set that the Covered Entity directs or agrees to pursuant to 45 C.F.R. 164.526 at the request of Covered Entity or an Individual, within ten (10) business days of a request by Covered Entity. Business Associate shall not charge any fee for fulfilling requests for amendments. Covered Entity’s determination of what Protected Health Information is subject to amendment pursuant to 45 C.F.R. 164.526 shall be final and conclusive.

 

40 

 

 

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(i)Business Associate agrees to make (i) internal practices, books, and records, including policies and procedures, relating to the use and disclosure of Protected Health Information received from, or created or received by Business Associate on behalf of, Covered Entity, and (ii) policies, procedures, and documentation relating to the safeguarding of Electronic Protected Health Information available to the Covered Entity, or at the request of the Covered Entity to the Secretary, in a time and manner designated by the Covered Entity or the Secretary, for purposes of the Secretary determining Covered Entity’s or Business Associate’s compliance with the Privacy and Security Rules.

 

(j)Business Associate agrees to document such disclosures of Protected Health Information as would be required for Covered Entity to respond to a request by an Individual for an accounting of disclosures of Protected Health Information in accordance with 45 C.F.R. 164.528.

 

(k)Business Associate agrees to provide to Covered Entity, in the time and manner described below, the information collected in accordance with Section 2(j) of this BAA, to permit Covered Entity to respond to a request by an Individual for an accounting of disclosures of Protected Health Information in accordance with 45 C.F.R. 164.528. Business Associate agrees to provide such information to Covered Entity within thirty (30) business days of receipt of a request from Covered Entity.

 

(l)Business Associate acknowledges that it shall request from the Covered Entity and so disclose to its affiliates, Licensed Agents and subcontractors or other third parties, (i) the information contained in a “limited data set,” as such term is defined at 45 C.F.R. 164.514(e)(2), or, (ii) if needed by Business Associate, to the minimum necessary to accomplish the intended purpose of such requests or disclosures, in all cases, Business Associate shall request and disclose Protected Health Information only in a manner that is consistent with guidance issued by the Secretary from time to time.

 

(m)With respect to Electronic Protected Health Information, Business Associate shall implement and comply with (and ensure that its subcontractors implement and comply with) the administrative safeguards set forth at 45 C.F.R. 164.308, the physical safeguards set forth at 45 C.F.R. 310, the technical safeguards set forth at 45 C.F.R. 164.312, and the policies and procedures set forth at 45 C.F.R. 164.316 to reasonably and appropriately protect the confidentiality, integrity, and availability of the Electronic Protected Health Information that it creates, receives, maintains, or transmits on behalf of Covered Entity. Business Associate acknowledges that, (i) the foregoing safeguard, policies and procedures requirements shall apply to Business Associate in the same manner that such requirements apply to Covered Entity, and (ii) Business Associate shall be liable under the civil and criminal enforcement provisions set forth at 42 U.S.C. 1320d-5 and 1320d-6, as amended from time to time, for failure to comply with the safeguard, policies and procedures requirements and any guidance issued by the Secretary from time to time with respect to such requirements.

 

41 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(n)With respect to Electronic Protected Health Information, Business Associate shall ensure that any subcontractors that create, receive, maintain, or transmit Electronic Protected Health Information on behalf of Business Associate, agree to comply with the applicable requirements of Subpart C of 45 C.F.R. Part 164 by entering into a contract that complies with 45 C.F.R. Section 164.314.

 

(o)Business Associate shall report to Covered Entity any Security Incident of which it becomes aware, including Breaches of Unsecured Protected Health Information as required by 45 C.F.R. Section 164.410.

 

(p)If Business Associate conducts any Standard Transactions on behalf of Covered Entity, Business Associate shall comply with the applicable requirements of 45 C.F.R. Parts 160- 162.

 

(q)During the term of this BAA, Business Associate may be asked to complete a security survey and/or attestation document designed to assist Covered Entity in understanding and documenting Business Associate’s security procedures and compliance with the requirements contained herein. Business Associate’s failure to complete either of these documents within the reasonable timeframe specified by Covered Entity shall constitute a material breach of this BAA.

 

(r)Business Associate acknowledges that, as of the Effective Date, it shall be liable under the civil and criminal enforcement provisions set forth at 42 U.S.C. 1320d-5 and 1320d-6, as amended from time to time, for failure to comply with any of the use and disclosure requirements of this BAA and any guidance issued by the Secretary from time to time with respect to such use and disclosure requirements.

 

(s)To the extent Business Associate is to carry out one or more of Covered Entity’s obligation(s) under Subpart E of 45 CFR Part 164, Business Associate shall comply with the requirements of Subpart E that apply to Covered Entity in the performance of such obligation(s).

 

(t)To the extent that Business Associate provides services to Covered Entity relating to individuals enrolled in state or federal programs (e.g., Medicare or Medicaid), Business Associate shall comply with any additional restrictions or requirements related to the use, disclosure, maintenance, and protection of Protected Health Information of individuals enrolled in such programs through Covered Entity. With respect to the Protected Health Information of Medicare enrollees, Business Associate shall report privacy and security incidents and/or Breaches immediately, but not later than one (1) day, to Covered Entity and include the information required under this Section 2 of this Addendum.

 

42 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

3.Permitted Uses and Disclosures by Business Associate.

 

3.1General Use and Disclosure. Except as otherwise limited in this BAA, Business Associate may use or disclose Protected Health Information to perform its obligations and services to Covered Entity, provided that such use or disclosure would not violate the Privacy and Security Rules if done by Covered Entity or the minimum necessary policies and procedures of the Covered Entity.

 

3.2Specific Use and Disclosure Provisions.

 

(a)Except as otherwise prohibited by this BAA, Business Associate may use Protected Health Information for the proper management and administration of the Business Associate or to carry out the legal responsibilities of the Business Associate.

 

(b)Except as otherwise prohibited by this BAA, Business Associate may disclose Protected Health Information for the proper management and administration of the Business Associate, provided that disclosures are Required By Law, or Business Associate obtains reasonable assurances from the person to whom the information is disclosed that it will remain confidential and used or further disclosed only as Required By Law or for the purpose for which it was disclosed to the person, and the person notifies the Business Associate of any instances of which it is aware in which the confidentiality of the information has been breached in accordance with the Breach and Security Incident notifications requirements of this BAA.

 

(c)Business Associate shall not directly or indirectly receive remuneration in exchange for any Protected Health Information of an Individual without Covered Entity’s prior written approval and notice from Covered Entity that it has obtained from the Individual, in accordance with 45 C.F.R. 164.508, a valid authorization that includes a specification of whether the Protected Health Information can be further exchanged for remuneration by Business Associate. The foregoing shall not apply to Covered Entity’s payments to Business Associate for services delivered by Business Associate to Covered Entity.

 

(d)Business Associate shall not de-identify any Protected Health Information except as authorized by Covered Entity to provide data aggregation services to Covered Entity as permitted by 42 C.F.R. 164.504(e)(2)(i)(B).

 

(e)Business Associate may use Protected Health Information to report violation of law to appropriate Federal and State authorities, consistent with 164.502 (j)(l).

 

43 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

4.Obligations of Covered Entity.

 

4.1Provisions for Covered Entity to Inform Business Associate of Privacy Practices and Restrictions.

 

(a)Covered Entity shall notify Business Associate of any limitation(s) in Covered Entity’s notice of privacy practices that Covered Entity produces in accordance with 45 C.F.R. 164.520 (as well as any changes to that notice), to the extent that such limitation(s) may affect Business Associate’s use or disclosure of Protected Health Information.

 

(b)Covered Entity shall provide Business Associate with any changes in, or revocation of, permission by Individual to use or disclose Protected Health Information, to the extent that such changes affect Business Associate’s use or disclosure of Protected Health Information.

 

(c)Covered Entity shall notify Business Associate of any restriction to the use or disclosure of Protected Health Information that Covered Entity has agreed to in accordance with 45 C.F.R. 164.522, to the extent that such restriction may affect Business Associate’s use or disclosure of Protected Health Information.

 

4.2Permissible Requests by Covered Entity. Except as may be set forth in Section 3.2, Covered Entity shall not request Business Associate to use or disclose Protected Health Information in any manner that would not be permissible under the Privacy and Security Rules if done by Covered Entity.

 

5.Term and Termination.

 

(a)Term. The provisions of this BAA shall take effect on the Effective Date and shall terminate as set forth in Section 5(b) below.

 

(b)Termination. Termination shall be governed by Section 8 of the Agreement.

 

(c)Effect of Termination.

 

(1)Except as provided in Section 5(c), upon termination of this BAA, for any reason, Business Associate shall return or destroy all Protected Health Information received from Covered Entity, or created, maintained, transmitted or received by Business Associate on behalf of Covered Entity. This provision shall apply to Protected Health Information that is in the possession of subcontractors or Licensed Agents of Business Associate. Business Associate shall retain no copies of the Protected Health Information.

 

44 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(2)In the event the Business Associate determines that returning or destroying the Protected Health Information is infeasible, Business Associate shall provide to Covered Entity notification of the conditions that make return or destruction infeasible. Upon mutual agreement of the Parties that return or destruction of Protected Health Information is infeasible, per Section 5(a) above, Business Associate shall continue to extend the protection of this BAA to such Protected Health Information and limit further uses and disclosures of such Protected Health Information for so long as Business Associate maintains such Protected Health Information.

 

6.Indemnification. Indemnification shall be governed by the indemnification provisions set forth in Section 10.7 of the Agreement.

 

7.Notices. Any notices or communications to be given under this BAA shall be made to the address and/or fax numbers given below:

 

To Business Associate:   To Covered Entity:
To the address set forth on the signature page of the Agreement   Aetna
HIPAA Member Rights Team
151 Farmington Avenue, RT65  
Hartford, CT 06156  
Fax: (859) 280-1272  
Email: HIPAAFulfillment@aetna.com

 

Each Party named above may change its address in accordance with Section 10.6 of the Agreement.

 

8.Miscellaneous.

 

(a)Regulatory References. A reference in this BAA to a section in the Privacy and Security Rules means the section as in effect or as amended, and for which compliance is required.

 

(b)Amendment. Any amendment of this BAA shall be governed by Section 10.14 of the Agreement.

 

(c)Survival. The respective rights and obligations of Business Associate under Sections 5(c) and 6 of this BAA shall survive the termination of this BAA.

 

(d)Interpretation. Any ambiguity in this BAA shall be resolved in favor of a meaning that permits Covered Entity to comply with the Privacy and Security Rules. In the event of any inconsistency or conflict between this BAA and any other agreement between the Parties, the terms, provisions and conditions of this BAA shall govern and control.

 

45 

 

  

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked

“[***]” and has been filed separately with the Securities and Exchange Commission

pursuant to a Confidential Treatment Application filed with the Commission.

 

(e)No third party beneficiary. Nothing express or implied in this BAA is intended to confer, nor shall anything herein confer, upon any person other than the Parties and the respective successors or assigns of the Parties, any rights, remedies, obligations, or liabilities whatsoever.

 

(f)Governing Law. This BAA shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

 

46 

 

 

 EX-10.2 3 v452164_ex10-2.htm EXHIBIT 10.2

 

Exhibit 10.2

 

AGREEMENT

 

This agreement ("Agreement") is made and entered into as of the 7th day of April, 2016 by and among Grandparents.com, Inc., a Delaware corporation (“GPCM”) and Marsh & McLennan Agency LLC, a Delaware limited liability corporation ("MMA") (individually “Party” and collectively “Parties”).

 

INTRODUCTION, PURPOSE AND SCOPE

 

GPCM and the Northeast Division of MMA (“MMA NE”) wish to work together to explore, find and implement various insurance and insurance related products, solutions and programs, partnerships, and business relationships in the senior, boomer and other markets.

 

Initially, the parties will focus on offering the products listed on Schedule A attached hereto (the “Products”) on MMA’s insurance benefits portal known as MMA Marketlink and through referrals to other regions of MMA.

 

GPCM is an organization and social media community that addresses the senior market with a website, and various products and solutions for seniors and boomers including insurance solutions. GPCM has a subsidiary named Grandparents Insurance Solutions LLC (“GIS”), which is a licensed insurance broker and permitted to sell the Products in the states where such Products are approved for sale.

 

MMA is a licensed insurance producer and is in the business of providing insurance brokerage and other insurance-related services to clients and MMA is licensed to sell the Products in the states where such Products are approved for sale.

 

MMA offers insurance products to middle market companies and employers including through MMA’s Marketlink portal.

 

GPCM and MMA desire to establish a framework pursuant to which MMA NE would market Products to employer groups with employees 64 years and older for whom the Products are designed;

 

The purpose of this Agreement is to establish the terms and conditions, scope of work and responsibilities of the Parties associated with their collaboration and agree to the following terms and conditions.

 

 Page 1 of 11 

 

 

TERMS AND CONDITIONS

1.Obligations

 

MMA NE will facilitate discussions between GPCM and the Trion division of MMA regarding the inclusion of the Products on MMA Marketlink. MMA NE will use its reasonable efforts to offer the Products to its employer group clients with a percentage of 64+ year olds and further may refer or otherwise encourage other regions of MMA to offer the Products to their employer group clients having a similar profile.

 

GPCM will provide MMA with access to the Products. GPCM will also use its reasonable efforts to provide for MMA with the opportunity to offer Products to residents at Century Village in Florida.

 

2.Terms and Conditions Apply to the Projects

 

Each of the projects, businesses or opportunities which are explored or established by the Parties with each other will be subject to all the terms and conditions of this Agreement.

 

3.Amendments for Individual Projects

 

Any project may amend certain terms and conditions of this Agreement by signing a separately negotiated amendment to this Agreement. In the event an Amendment is signed, all the other unchanged terms and conditions of this Agreement will remain in effect.

 

4.Commission-Sharing

 

GPCM, through GIS, shall pay to MMA, 50% of net commissions received by it for each Product sold by MMA pursuant to the terms of this Agreement. As used in this agreement, “net commissions” shall mean gross commissions less all fees and expenses associated with a third party call center. Payment to MMA shall be made within 60 days of GPCM’s receipt of such commission from Aetna and payment is subject to the terms of that certain Program Agreement entered into between Aetna Life Insurance Company (together with American Continental Insurance Company, Continental Life Insurance Company of Brentwood, Tennessee and Aetna Health and Life Insurance Company) and GPCM, dated as of October 9, 2013; that certain Marketing Agreement for Upline Agents and Agencies entered into between Aetna Life Insurance Company and GIS, dated as of October 29, 2014; and certain Marketing Agreement for Upline Agents and Agencies entered into between Aetna Life Insurance Company and GPCM, dated as of October 31, 2014. Payment shall constitute payment in full for the performance hereunder and GPCM shall not be responsible for paying any other fees, costs or expenses, except as provided in the Section 4 and as further provided in Section 8(b). 

 

 Page 2 of 11 

 

 

5.Expenses

 

Each of the Parties shall bear their respective expenses in fulfilling their respective responsibilities under this Agreement. The Parties acknowledge that the cost and expenses associated with a third party call center shall be shared equally before the payment of the net commissions referred to in Section 4 above.

 

6.Exclusive Arrangement

 

MMA NE agrees that during the Term and one year thereafter, it, and its employees and agents will promote, market and sell the Products exclusively, and will not market, promote and sell any other Medicare product or any product that is competitive with any of the Products. It is acknowledged and agreed that this exclusivity applies only to MMA’s Northeast division and there is no intention to bind MMA as a whole or any other region or division of MMA to this exclusivity. GPCM agrees that during the Term and one year thereafter, it, its employees and agents will not promote, market and sell the Products to Aon or permit Aon to promote, market and sell the Products to Aon clients.

 

7.Relationship of Parties

 

The Parties agree and acknowledge that each is an independent contractor in performing its obligations under this Agreement. Neither Party shall have the power or authority to bind, obligate, or commit the other Party, and shall not represent or hold him or herself out to have such power or authority. Nothing in this Agreement shall be interpreted to indicate that the Parties are affiliates, partners, joint venturers, co-owners, employers, fiduciaries or otherwise participants in a partnership, joint or common undertaking. GPCM shall have no authority with respect to any client of MMA to solicit, sell or offer Products, accept applications, quote rates, bill or collect premiums or settle claims or do any other act or make any statement which purports to bind MMA without MMA’s prior written consent.

 

8.Term and Termination

 

(a)           The Term of this Agreement shall commence as of the date of this Agreement and terminate on the fifth annual anniversary of the date hereof (“Term”). It will automatically renew for successive one year terms unless no later than ninety days prior to the end of the Term (or extended Term thereof), either Party notifies the other Party in writing of its desire to not renew the Agreement.

 

Either Party may terminate this Agreement in the event that, less than 10,000 Products are sold in each calendar year during the Term of this Agreement, commencing in the second calendar year and measured on a calendar year basis. The notice shall be given ninety days prior to the end of the calendar year.

 

 Page 3 of 11 

 

 

Either Party may also terminate this Agreement immediately upon Good Cause and with written notice stating the reasons therefore. There will be “Good Cause” if a Party (a) commits a material breach of this Agreement and fails to cure such breach within thirty (30) days of receipt of a request in writing from the notifying party to do so; (b) ceases doing business for any reason; (c) becomes insolvent or is generally unable to pay its debts as they become due; (d) seeks protection under the United States Bankruptcy Code or similar protection from creditors; (e) is subject to a bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or other similar proceeding and it is not dismissed within sixty (60) days of filing; (f) reasonably determines that this Agreement, at any time, materially conflicts with or is in material violation of any state or federal law, rule or regulation applicable to the activities of either of the Parties hereunder, and such activities cannot be made to conform to the requirements of applicable law in the reasonable judgment of the terminating Party (after good faith discussion and attempt of the Parties); or (f) is dissolved or liquidated.

 

(b)           Expiration or termination of this Agreement will not affect any rights or obligations that are to survive the expiration or earlier termination of this Agreement or were incurred by the Parties prior to such expiration or earlier termination. Following the Term, Aetna and GIS may offer to renew Products that are in force. In the event that any Product has been issued to a policyholder prior to the expiration or termination of this Agreement and such Product remains in force following such expiration or termination or is renewed after the expiration or termination of this Agreement, MMA shall continue to receive its share of “net commissions” for all such Products so long as such Products continue to be renewed. MMA agrees that upon the expiration or termination of this Agreement, MMA shall not, directly or indirectly, offer competitive products to the Products to the existing Product policyholders and shall not attempt to convert existing Product policyholders to a competing product.

 

In the event of expiration or termination of this Agreement, the Parties will cooperate to wrap up any ongoing projects in a businesslike manner.

 

9.Audits and Enforcement

 

Each Party shall maintain accurate books and records regarding the business conducted pursuant to this Agreement. Upon the reasonable request of a Party the other Party shall provide the other with statements detailing an accounting of the expenses, revenues and other items incurred under this Agreement. Each Party shall have the right at reasonable intervals and during normal business hours to examine the books, records and personnel of the other Party to confirm a proper accounting.

 

 Page 4 of 11 

 

 

10.Non Circumvention

 

The Parties intend to work together to explore, find and implement various insurance and insurance related products, solutions, programs, partnerships, and business relationships

 

in the senior, boomer and other markets. In the course of this cooperation, the Parties will share with each other business ideas, business partners, connections, trade secrets and opportunities. Neither Party will seek to circumvent this Agreement by taking any action, including, terminating it or evading it to benefit from any business opportunity they investigated or approached jointly unless it is done in concert with the other Party or with the other Party’s consent.

 

11.Mutual Representations, Warranties and Covenants

 

Each Party represents, warrants and covenants to the other that all information supplied by it to the other to date is complete, truthful and accurate, and warrants that all information to be supplied by it to the other from this date forward will be complete, truthful and accurate. Each Party warrants that, in connection with its activities with or for the other, it and its owners, directors, officers, employees and agents will comply with all laws, rules and regulations of all applicable jurisdictions, including but not limited to all anti-corruption and anti-bribery laws such as the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act, whether or not it is subject to those laws. Each Party agrees that it will not, directly or indirectly, give, authorize, promise, offer or facilitate the giving of a bribe to any person, and will not, directly or indirectly, give, authorize, promise, offer, or facilitate the giving of any money, entertainment, hospitality, travel, employment, contract, sponsorship, political contribution, charitable contribution, or any other tangible or intangible thing of value to any person in exchange for a business advantage.

 

Each Party represents: (i) it has all licenses or other forms of authorization necessary for it to undertake the activities contemplated by this Agreement and will provide the other Party with certified copies of such licenses or authorizations as the other Party may reasonably request from time to time; and, (ii) other than as disclosed to the other Party in writing, neither it nor any of its employees or agents has been convicted of or pleaded guilty to a criminal offense, or is the subject of any government investigation for such offense. GPCM hereby acknowledges receipt of a copy of Marsh & McLennan Companies’ Improper Payments Policy and Code of Conduct as set forth at http://www.mmc.com/about/code.php and warrants it and its owners, directors, officers, employees and agents will comply with them in all respects relevant to this Agreement.

 

Each party it has and shall maintain at its own expense in full force and effect during the Term an errors and omissions insurance policy providing coverage of not less than $1 million per claim and $3 million in aggregate.

 

 Page 5 of 11 

 

 

12.Indemnification

 

Each Party shall defend, indemnify and hold harmless the other Party and its officers, directors, shareholders, managers, members, employees, consultants and agents (collectively, the “Indemnified Parties”), from and against any and all losses to the extent arising out of any negligent act or omission of the indemnifying party in connection with the performance of its obligations under this Agreement. Notwithstanding anything to the contrary in this Agreement, neither Party is obligated to indemnify or defend the other Party against any losses arising out of or resulting, in whole or in part, from the other Party's willful, reckless or grossly negligent acts or omissions, or bad faith failure to comply with any of its obligations set forth in this Agreement.

 

13.Confidentiality

 

From time to time during the Term, either Party (as the “Disclosing Party”) may disclose or make available to the other Party (as the “Receiving Party”) information about its business affairs and services, confidential information and materials comprising or relating to Intellectual Property, trade secrets, third-party confidential information and other sensitive or proprietary information, as well as the terms of this Agreement, whether orally or in written, electronic or other form or media, and whether or not marked, designated or otherwise identified as “confidential” (collectively, “Confidential Information”). Confidential Information does not include information that, at the time of disclosure: (a) is or becomes generally available to and known by the public other than as a result of, directly or indirectly, any breach of this Section by the Receiving Party or any of its Representatives; (b) is or becomes available to the Receiving Party on a non-confidential basis from a third-party source, provided that such third party is not and was not prohibited from disclosing such Confidential Information; (c) was known by or in the possession of the Receiving Party or its Representatives prior to being disclosed by or on behalf of the Disclosing Party; (d) was or is independently developed by the Receiving Party without reference to or use of, in whole or in part, any of the Disclosing Party's Confidential Information; or (e) is required to be disclosed pursuant to applicable Law.

 

The Receiving Party shall, during the Term and for two years from the termination of this Agreement: (x) protect and safeguard the confidentiality of the Disclosing Party's Confidential Information with at least the same degree of care as the Receiving Party would protect its own Confidential Information, but in no event with less than a commercially reasonable degree of care; (y) not use the Disclosing Party's Confidential Information, or permit it to be accessed or used, for any purpose other than to exercise its rights or perform its obligations under this Agreement; and (z) not disclose any such Confidential Information to any Person, except to the Receiving Party's Representatives who need to know the Confidential Information to assist the Receiving Party, or act on its behalf, or to exercise its rights or perform its obligations under this Agreement. The Receiving Party shall be responsible for any breach of this Section caused by any of its Representatives. At any time during or after the Term, at the Disclosing Party's written request, the Receiving Party and its Representatives shall promptly destroy all Confidential Information and copies thereof that it has received under this Agreement.

 

 Page 6 of 11 

 

 

14.Injunctive Relief

 

The Parties agree that a breach of the Confidentiality Section, the Exclusive Arrangement Section, or the Non Circumvent Section, shall give rise to irreparable harm to the other Party for which monetary damages would not be an adequate remedy. In the event of a breach or a threatened breach by such Party of any such obligations, the other Party shall, in addition to any and all other rights and remedies that may be available to such Party at law, at equity or otherwise in respect of such breach, be entitled to seek equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction, without any requirement to post a bond or other security, and without any requirement to prove actual damages or that monetary damages will not afford an adequate remedy.

 

15.Miscellaneous Provisions

 

(a)  Further Assurances. Upon a Party's reasonable request, the other Party shall execute and deliver all such further documents and instruments, and take all such further acts, necessary to give full effect to this Agreement.

 

(b)  Entire Agreement. This Agreement, including the related schedules attached hereto, constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter.

 

(c)  Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder (each, a “Notice”) shall be in writing and addressed to the parties at the addresses set forth below (or to such other address that may be designated by the receiving party from time to time in accordance with this section). All Notices shall be delivered by personal delivery, nationally recognized overnight courier (with all fees pre-paid), facsimile or e-mail of a PDF document during normal business hours (with confirmation of transmission) or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only (a) upon receipt by the receiving party, and (b) if the party giving the Notice has complied with the requirements of this Section.

 

 Page 7 of 11 

 

 

If to GPCM:

 

Steve Leber

Chief Executive Officer

Grandparents.com, Inc.

589 Eighth Avenue, 6th Floor

New York, NY 10018

 

If to MMA:

 

Marsh & McLennan Agency LLC

360 Hamilton Avenue, Suite 930

White Plains, NY 10601

 

(d)  Headings. The headings in this Agreement are for reference only and do not affect the interpretation of this Agreement.

 

(e)  Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon a determination that any term or provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement to effect the original intent of the Parties as closely as possible in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

(f)  Amendment and Modification. No amendment to or modification of this Agreement is effective unless it is in writing, identified as an amendment to and signed by an authorized representative of each Party.

 

(g)  Waiver.  No waiver under this Agreement is effective unless it is in writing, identified as a waiver to this Agreement and signed by an authorized representative of the Party waiving its right. Any waiver authorized on one occasion is effective only in that instance and only for the purpose stated, and does not operate as a waiver on any future occasion. None of the following constitutes a waiver or estoppel of any right, remedy, power, privilege or condition arising from this Agreement: any failure or delay in exercising any right, remedy, power or privilege or in enforcing any condition under this Agreement; or any act, omission or course of dealing between the Parties.

 

(h)  Cumulative Remedies. All rights and remedies provided in this Agreement are cumulative and not exclusive, and the exercise by either Party of any right or remedy does not preclude the exercise of any other rights or remedies that may now or subsequently be available at law, in equity, by statute, in any other agreement between the Parties or otherwise.

 

 Page 8 of 11 

 

 

(i)  No Third-Party Beneficiaries.  Except with respect to the Indemnified Parties, this Agreement benefits solely the Parties to this Agreement and their respective permitted successors and assigns and nothing in this Agreement, express or implied, confers on any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

(j)  Choice of Law. This Agreement, including all documents and exhibits, schedules, attachments and appendices attached to this Agreement and thereto, and all matters arising out of or relating to this Agreement, shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice or conflicts of law provisions thereof.

 

(k)  Choice of Forum. Each Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind whatsoever against the other Party in any way arising from or relating to this Agreement, including all exhibits, schedules, attachments and appendices attached to this Agreement and thereto, and all contemplated transactions in any forum other than the United States District Court for the Southern District of New York or, if such court does not have subject matter jurisdiction, the courts of the State of New York, and any appellate court thereof. Each Party irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees to bring any such action, litigation or proceeding only in such courts.

 

(l)  Waiver of Jury Trial. Each Party acknowledges and agrees that any controversy that may arise under this Agreement, including any exhibits, schedules, attachments and appendices attached to this Agreement, is likely to involve complicated and difficult issues and, therefore, each such Party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement, including any exhibits, schedules, attachments or appendices attached to this Agreement, or the transactions contemplated hereby.

 

(m)  Counterparts. This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

(n)  Public Announcements. Neither Party shall make any statement (whether oral or in writing) in any press release, external advertising, marketing or promotion materials regarding the other Party or its business unless: (a) it has received the express written consent of the other Party; or (b) it is required to do so by law.

 

 Page 9 of 11 

 

 

(o)  Assignment. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their permitted transferees, successors and assigns, including any entity which the parties hereto may merge or consolidate with or to which it may transfer substantially all of its assets. The Parties shall not assign any aspect of its rights or responsibilities hereunder without written permission from the other Party.

 

The Parties indicate their intention to be bound by the terms and conditions of Agreement by their signatures below.

 

Agreed to and accepted
as of 7th day of April, 2016.

 

GRANDPARENTS.COM, INC.  
     
Signature:   /s/ Steven E. Leber  
     
Steve Leber  
   
Chairman/CEO  
   
Agreed to and accepted  
as of 13th day of April, 2016.  
   
MARSH & McLENNAN AGENCY LLC  
     
Signature: /s/ Anthony C. Gruppo  
     
Name: Anthony C. Gruppo  
   
Title:  CEO MMA Northeast  

 

 Page 10 of 11 

 

 

Schedule A

 

Medicare Supplement Plans

Medicare Advantage Plans

Stand Alone Part D Plans

Medicare Supplement Plan provided to members of the AGA

 

 Page 11 of 11 

 

 EX-10.3 4 v452164_ex10-3.htm EXHIBIT 10.3

 

Exhibit 10.3

 

Grandparents.com, Inc.

589 EIGHTH AVENUE, 6TH FLOOR

NEW YORK, NY 10018

 

June 10, 2016

 

John Sweeney

19 Lawson Lane

Ridgefield, CT 06877

 

Re:Consulting Services Agreement

 

Dear John,

 

Grandparents.com, Inc. a Delaware corporation (the “Company”), desires to engage you (“you” or “Consultant”) to provide the professional services as described below. Accordingly, the Company has offered and Consultant has accepted the terms and conditions for consulting services set forth in this letter agreement (the “Agreement”).

 

1.      Term. The term of this Agreement shall commence on September 10, 2015 and shall continue in effect, unless terminated pursuant to Paragraph 5 of this Agreement (the “Term”).

 

2.      Services to be Provided. During the Term, Consultant shall provide various services (the “Services”) set forth on Exhibit A attached hereto. All Services shall be performed in a skillful and professional manner, in compliance with all applicable laws and regulations, and in accordance with the Consultant’s and Company’s Code of Conduct, as applicable.

 

3.      Fees, Warrants, and Other Related Matters.

 

(a)      As compensation for accepted Services the Term, the Company will pay Consultant the amount of $1,000 per day (the “Fees”)) during the Term. Fees will be payable on presentation of a Bill. Consultant will receive no compensation, payment of fees or charges or reimbursement of expenses other than as set forth in this Paragraph or Paragraph 4.

 

(b)      As soon as practicable following the October 5, 2105 (“Start Date”) the Company will recommend to the Board of Directors to grant to you an option (the “Option”) to purchase 1,000,000 shares of the Company Common Stock pursuant to the Grandparents.com Inc. 2012 Stock Incentive Plan (the “Plan”). The Option will have an exercise price equal to the highest of (1.) the fair market value of the Common Stock on the grant date determined in accordance with the Plan or (2.) thirty ($0.30) cents per share. The Option shall be initially unvested and shall vest in full on the first to occur of (i) the first anniversary of the Start Date, and (ii) the consummation of a Corporate Transaction of the Company (as such term is defined in the Plan) or (iii) a change in control, in each case subject to your continued employment through the vesting date. The Option will be subject to and governed by the Plan and a form of option agreement with an exercise period of 10 years.

 

 Page 1 of 9 

 

(c)      Consultant agrees to work from the Company’s offices and may occasionally work from other locations. The Company will issue to Consultant a Form 1099 on or before January 31 of the year following each tax year falling in the Term for any Fee paid to Consultant for the Services. Consultant shall be responsible for the payment of all local, state, and federal taxes and fines resulting from the payment of any Fees. In addition, Consultant agrees to indemnify and hold harmless the Company from and against any and all claims, liabilities, suits and penalties for any amounts assessed by or due to any federal, state or local government with respect to such Fees, if any. The Company may offset any amounts due and payable by Consultant to the Company against any amounts the Company owes Consultant under this Agreement.

 

(d)      Following the completion of 6 months of consulting, the Chief Executive Officer will review your employment status, equity awards, and compensation terms.

 

4.      Expenses.

 

(a)      The Company shall reimburse Consultant for all reasonable, pre-approved out-of-pocket expenses incurred by Consultant in the performance of the Services hereunder, provided that Consultant properly accounts for them as required by the Company. The Company shall not reimburse any expense incurred by Consultant that is related to Consultant’s business overhead, including, but not limited to, office space, telephone use and/or service, computer equipment, office supplies or any employees or agents whom Consultant may hire. Under no circumstances will Company reimburse Consultant for excessive or unreasonable expenses.

 

(b)      Detailed receipts and back-up materials for expenses must be submitted. Consultant agrees to provide Company with access to such receipts, and other records as may be reasonably necessary for Company or its agents to verify the amount and nature of any such expenses. Except as provided in paragraph 3 and 4, Consultant shall be responsible for all costs and expenses incident to the performance of services for Company.

 

5.      Termination. Your services with the Company are performed on an “At-Will” basis. This means that you and the Company each have the right to terminate this Agreement at any time, for any reason. The Company and you shall have the right to terminate this Agreement upon 30-days prior written notice, provided, however, that the Company may terminate this Agreement immediately for Cause upon notice. As used herein, “Cause” means dishonesty, fraud, misconduct, unauthorized use or disclosure of confidential information, trade secrets or other intellectual property, or conviction or confession (including a plea of no contest) of a crime punishable by law (except minor violations) or conduct that adversely affects the Company’s business or reputation.

 

6.      Other Services. Consultant will perform the Services required by this Agreement. This is a non-exclusive Agreement and Consultant is free to perform services for other parties.

 

7.      Insurance. The Company will cover Consultant under its various insurance policies for his actions performed as a consultant for the Company.

 

 Page 2 of 9 

 

 

8.      Relationship of the Parties. Nothing herein contained shall be construed to constitute the parties to this Agreement as partners or as joint venturers, or either as agent of the other, or as employer and employee. By virtue of the relationship described herein Consultant’s relationship to the Company during the Term shall only be that of an independent contractor and Consultant shall perform all Services pursuant to this Agreement as an independent contractor. Consultant has no authority (and shall not hold itself out has having authority) to bind the Company. Consultant shall not incur any indebtedness, enter into any undertaking, make any representation or make any agreement or commitment in the Company’s name or purporting to be on the Company’s behalf without the Company’s prior written approval. At no time shall Consultant identify itself as an employee of the Company. Neither Consultant nor Consultant’s employees may cite services under this Agreement in support of any claim to be an employee of the Company for the purpose of claiming any statutory or common law benefit.

 

9.      Without limiting Paragraph 8(a), Consultant will not be eligible under this Agreement to participate in any vacation, group medical, life or other insurance, disability, profit sharing or retirement benefits or any other fringe benefits or benefit plans offered by the Company to its employees, and the Company will not be responsible for withholding or paying any income, payroll, Social Security or other federal, state or local taxes, making any insurance contributions, including unemployment or disability, or obtaining worker’s compensation insurance on Consultant’s behalf. Consultant shall be responsible for, and shall indemnify the Company against, all such taxes or contributions, including penalties and interest. Any persons employed by Consultant in connection with the performance of the Services shall be Consultant’s employees and Consultant shall be fully responsible for them. Work for Hire.

 

(a)      All Services shall be considered “work(s) made for hire” for Company and shall belong exclusively to Company and its designees. To the extent that under applicable law, any such Services may not be considered a “work(s) made for hire”, Consultant agrees to assign and upon its creation, automatically assigns exclusively to Company, for the full period allowable under law, all its right, title and interest, including all statutory and common law copyright, and any other intellectual property in such Services, without the necessity of any further consideration. Consultant agrees to take such further actions and execute and deliver such further agreements and other instruments as Company may reasonably request to give effect to this paragraph. Unless otherwise provided by this Agreement, Consultant shall mark all copyrightable deliverables with the following notice: “© Copyright 2014 Grandparents.com. All rights Reserved”. This notice shall be in such manner and location as to give reasonable notice of Company’s copyright claim.

 

(b)      Consultant may include in the Services pre-existing work or materials only if either they are provided by Company or they are owned or licensable by Consultant without restriction. To the extent that pre-existing work or materials owned or licensable by Consultant are included in the Services, Consultant shall identify such work or materials upon their submission to Company. Consultant grants to Company (as an exception to the transfer and assignment provided for above) an irrevocable, unrestricted, nonexclusive, royalty-free license to use, execute, reproduce, display, perform, and distribute (internally and externally and regardless of media or mediums) copies of, and the right to prepare derivative works based upon, such pre-existing work and materials, with or without attribution, and the right to authorize others to do the same. Consultant’s performance of the Services called for by this Agreement shall not violate any contracts with third parties; or any third party rights in any patent, trademark, copyright, trade secret, or similar right.

 

 Page 3 of 9 

 

 

10.      Proprietary Information.

 

(a)      Consultant understands that Consultant’s work as a consultant will involve access to and creation of confidential and proprietary information and trade secrets of the Company (collectively, “Proprietary Information”). Proprietary Information includes, but is not limited to, information that is not generally known to the public and that is used, developed or obtained by the Consultant in connection with its Services whether in written, oral, electronic or other form, including but not limited to, information and facts concerning business plans, financial models, forecasts and plans, members, membership information, customers, future customers, suppliers, licensors, licensees, partners, investors, affiliates or others, training methods and materials, financial information, sales prospects, client lists, inventions, or any other scientific, technical or trade secrets of the Company or of any third party provided to Consultant or the Company. The term “trade secrets,” as used in this Agreement, will be given its broadest possible interpretation under the law of the State of New York and will include, without limitation, anything tangible or intangible or electronically kept or stored, which constitutes, represents, evidences or records or any secret scientific, technical, merchandising, production or management information, or any design, process, procedure, formula, invention, improvement or other confidential or proprietary information or documents. Proprietary Information will not include any information previously published in a form generally available to the public. Proprietary Information will be deemed published only if all material features comprising such information have been published in combination to a person under no obligation of confidentiality to the Company.

 

(b)      Consultant agrees to keep all Proprietary Information in trust for the sole benefit of the Company, and also agrees that all information will remain the sole property of the Company. Consultant further agrees to hold all Proprietary Information in strictest confidence, and to never use, distribute, reproduce, disclose or otherwise disseminate any Proprietary Information, except as required to perform the Services, even after termination of Consultant’s Services under this Agreement. In order to prevent actual or apparent conflicts of interest and to ensure full compliance with the Company’s policies and procedures and with applicable law, this confirms Consultant’s agreement that no such Proprietary Information will be disseminated to persons outside the Company without obtaining prior written approval from an authorized person of the Company.

 

(c)      Upon termination of the Term for any reason, Consultant agrees that all Proprietary Information in Consultant’s possession, directly or indirectly, that is in written or other tangible form (together with all duplicates thereof) will forthwith be returned to the Company and will not be retained by Consultant or furnished to any third party, either by sample, facsimile, film, audio or video cassette, electronic data, verbal communication or any other means of communication.

 

(d)      Consultant agrees that Consultant will not breach any agreements to keep in confidence, or to refrain from using, the confidential, and proprietary or trade secret information of a former employer, client or any other person. Consultant will not bring any such information of a former employer, client or other person to the Company, nor will Consultant use any such information in Consultant work for the Company, without written authorization from the Company and from such other person.

 

 Page 4 of 9 

 

 

11.      Competition; Non-Solicitation. Intentionally Omitted.

 

12.      Consultant’s Representations. Consultant represents, warrants and covenants that: (i) Consultant has the full right, authority and capacity to enter into this Agreement and perform fully all of Consultant’s obligations hereunder; (ii) Consultant is not bound by any agreement that conflicts with or prevents or restricts the full performance by Consultant of its duties and obligations to the Company hereunder during or after the Term; (iii) the execution and delivery of this Agreement shall not result in any breach or violation of, or a default under, any existing obligation, commitment or agreement to which Consultant is subject; (iv) Consultant shall perform the Services in a professional and workmanlike manner in accordance with industry standards for similar services and Consultant will devote sufficient resources and time to ensure that the Services are performed in a timely and reliable manner; (v) Consultant is, and shall at all times continue to be, in compliance with the performance terms hereunder and will not violate, any applicable federal, state or local law or regulation; (vi) Consultant has obtained, or will timely obtain and maintain, all permits, licenses, and approvals required in connection with its performance hereunder, including, without limitation, all permits, licenses and approvals required to comply with any applicable federal, state or local law or regulation; (vii) Consultant shall, and shall ensure that its employees, agents and other representatives shall, comply with all policies and procedures of the Company in the performance of the Services and at all times while on or using the premises or systems of the Company; and the representations in Exhibit B are true and correct.

 

13.      Indemnification. Each Party (the “Indemnifying Party”) hereby agrees to indemnify, defend, and hold harmless the other Party, its affiliates, and its and their respective current, future and former directors, officers, employees, representatives, successors, and assigns (each an “Indemnified Party”) from and against any and all judgments, settlements, awards, losses, liabilities, penalties, interest claims (including taxes and all related interest and penalties incurred with respect thereto), damages, deficiencies and costs (including, without limitation, attorney’s fees and expenses and court costs) (collectively “Losses”) and any and all civil, criminal, administrative or investigative actions, proceedings, or claims (a “Claim”) arising out of, related to, or due to any breach of this Agreement, any negligent act or omission, or willful misconduct by the Indemnifying Party or any of its employees, agents or representatives. The Indemnifying Party shall not, without the consent of the Indemnified Party, effect any settlement of any Claim if such settlement involves (i) any form of relief other than payment of money or involves any finding or admission of any violation of any law, regulation, order, or rights of any person or has any adverse effect on any other Claims, or (ii) only the payment of money, unless it includes an unconditional release of such Indemnified Party of all liability on such Claim. In the event any Indemnified Party is entitled to indemnification in accordance with this Paragraph 13, and the Claim giving rise to such indemnification materially relates to the Indemnified Party’s business, then such

 

Indemnified Party may, without the Indemnifying Party’s consent, assume exclusive control of the defense of such Claim (including, without limitation, retaining appropriate counsel and/or settling or otherwise resolving the Claim in the sole discretion of the Indemnified Party), and the Indemnifying Party shall not be entitled to participate in the defense of such Claim unless requested to do so by the Indemnified Party. The exercise by any Indemnified Party of its right to assume exclusive control of the defense of Claims pursuant to this Paragraph 13 shall not in any way alter or prejudice the rights of the Company and each Indemnified Party to the indemnity obligation owed by such Indemnifying Party, and the Indemnifying Party shall be liable for the reasonable fees of such counsel and for any Losses incurred by any Indemnified Party by reason of any settlement or judgment related to such Claims.

 

 Page 5 of 9 

 

 

14.      Disputes. Except as provided for herein, any controversy or claim arising out of or relating to this Agreement, or any breach hereof, shall be settled by submitting the matter to binding arbitration in New York, New York by and pursuant to the commercial rules of the American Arbitration Association then in effect. The determination of the arbitrator shall be conclusive and binding on the Company and Consultant, and judgment may be entered on the arbitrator’s award in any court of competent jurisdiction. The arbitrator shall not have the power to award punitive or exemplary damages. Issues of arbitrability shall be determined in accordance with the United States federal substantive and procedural laws relating to arbitration. Each party shall bear its own attorneys’ fees; the other costs and expenses of the arbitration shall be borne as provided by the rules of the American Arbitration Association. If court proceedings to compel arbitration are necessary, the party who unsuccessfully opposes such proceedings shall pay all associated costs, expenses and attorneys’ fees that the other party reasonably incurs.

 

Notwithstanding the foregoing, if Consultant breaches or attempts to breach any of Consultant’s obligations under Paragraphs 10, 11, 12 or 13 of this Agreement, Consultant acknowledges that such a breach would irreparably damage the Company and its business. Accordingly, in addition to any other remedies, the Company is entitled to temporary, preliminary and permanent relief enjoining Consultant to prevent such harm from a court and the Company shall not be compelled to submit a dispute under Paragraphs 10, 11, 12 or 13 to arbitration. Consultant specifically consents to the exclusive jurisdiction of the Supreme Court of the State of New York, New York County, for this purpose, or if that court is unable to exercise jurisdiction for any reason, to the exclusive jurisdiction of the United States District Court for the Southern District of New York. Consultant waives Consultant’s right to any claim of improper or inconvenient venue or forum.

 

Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding arising out of or relating to this Agreement.

 

15.      Cooperation. Consultant agrees that, upon reasonable notice and without the necessity of the Company obtaining a subpoena or court order, Consultant shall provide reasonable cooperation in connection with any suit, action or proceeding (or any appeal from any suit, action or proceeding), and any investigation and/or defense of any claims asserted against the Company or its affiliates, which relates to events occurring during the provision of Consultant’s services for the Company and its affiliates as to which Consultant may have relevant information (including but not limited to furnishing relevant information and materials to the Company or its designee and/or providing testimony at depositions and at trial), provided that the Company shall reimburse Consultant for expenses reasonably incurred in connection therewith and pay the Consultants fees for time expended.

 

16.      Assignability. This Agreement shall not be assignable by Consultant without the prior written consent of the Company, and any assignment in violation of this Agreement shall be void. The Company may assign this Agreement, and its rights and obligations hereunder, at any time. This Agreement shall be binding on, and shall inure to the benefit of, the parties to it and their respective heirs, legal representatives, successors and permitted assigns. Consultant acknowledges and agrees that all of Consultant’s covenants and obligations to the Company, as well as the rights of the Company hereunder, shall run in favor of and shall be enforceable by the Company and its successors and assigns.

 

 Page 6 of 9 

 

 

17.      Miscellaneous.

 

(a)      This Agreement, including, without limitation the Exhibits attached hereto, embodies the entire agreement of the parties on the subject matter hereof. This Agreement supersedes any and all prior agreements and discussions of the parties relating to the Services or any other subject matter hereof.

 

(b)      No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge shall be agreed to in writing and signed by Consultant and the Company.

 

(c)      No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

(d)      No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

 

(e)      All descriptive headings in this Agreement are inserted for convenience only and shall be disregarded in construing or applying any provision of this Agreement.

 

(f)      The laws of the State of New York shall govern the validity, interpretation, construction and performance of this Agreement.

 

(g)      The parties agree that service of process accomplished by the methods specified for notices in Paragraph 18 shall be deemed good and sufficient service of process in the State of New York.

 

(h)      Consultant agrees that in the performance of this Agreement it will not discriminate or permit discrimination against any person or group of persons on the grounds of age, disability, sex, race, color, religion, national origin or any other protected classification, or in any other manner prohibited by law.

 

(i)      The obligations under Paragraphs 10, 11 and 13 shall survive the expiration of this Agreement or the termination of the Term.

 

18.      Notices. All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent by facsimile or sent, postage prepaid, by registered, certified or express mail or overnight courier service and shall be deemed given when so delivered by hand or facsimile, or if mailed, three days after mailing (one business day in the case of express mail or overnight courier service) to the parties at the following addresses or facsimiles (or at such other address for a party as shall be specified by like notice):

 

 Page 7 of 9 

 

  

If to the Company:  
   
Steve Leber  
Chief Executive Officer  
Grandparents.com, Inc.  
589 Eighth Avenue, 6th Floor  
New York, NY 10018  
   
If to the Consultant:  
   
John J. Sweeney  
19 Lawson Lane  
Ridgefield, CT 06897  
SweeneyJohnJ@mns.com  

 

19.      Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

 

20.      Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

If Consultant agrees that this letter sets forth our agreement on the subject matter hereof, please sign and return to the Company.

 

  Sincerely,
   
  GRANDPARENTS.COM, INC.
   
  By: /s/ Steven E. Leber
  Name: Steve Leber
  Title: Chairman/CEO

 

Agreed to and accepted  
this    day of June, 2016  
   
John J. Sweeney  
   
/s/ John J. Sweeney  
   
Taxpayer Id Number:    

 

 Page 8 of 9 

 

 

EXHIBIT A

DESCRIPTION OF SERVICES

 

Consultant will be responsible for the duties and responsibilities typically associated with the title of Chief Financial Officer, including, without limitation, responsibility for management of the Company’s financial, tax, accounting, and investor relations matters. He will also be responsible for general office matters, assist in legal matters and any other areas of responsibility as determined or assigned to you by the Company from time to time. Consultant represents that he has the necessary skill, knowledge and training required to fulfill his duties and responsibilities to the Company. Consultant will report to the CEO.

 

 Page 9 of 9 

 

 

 EX-31.1 5 v452164_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION

 

I, Steven E. Leber, certify that:

 

1.  I have reviewed this quarterly report on Form 10-Q of Grandparents.com, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

 

  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies or material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: November 14, 2016

 

  /s/ Steven E. Leber
  Steven E. Leber
  Chief Executive Officer

  

 

 

 EX-32.1 6 v452164_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Grandparents.com, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven E. Leber, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 14, 2016

 

   /s/ Steven E. Leber
  Steven E. Leber
  Chief Executive Officer

 

 

 

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COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Lives&#160;(in&#160;Years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>URL&#160;and&#160;trademarks</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>4</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Website and mobile application development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>527,562</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>527,562</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,527,562</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,527,562</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Less: accumulated amortization</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(894,878)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(645,374)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Intangible assets, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>632,684</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>882,188</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">During the year ended December 31, 2015, additional costs of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">52,080</font> were capitalized for further major enhancements of the website.&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Amortization expense related to intangible assets amounted to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">82,702</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">97,060</font> for the three months ended September 30, 2016 and 2015, respectively, and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">249,504</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">302,487</font> for the nine months ended September 30, 2016 and 2015, respectively. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The future amortization expense for the remaining three months of 2016 and each of the four succeeding years related to intangible assets is estimated as follows:</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="67%"> <div> For&#160;the&#160;Periods&#160;Ending&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Amortization</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="67%"> <div>2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>82,659</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>293,207</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; 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VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; 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COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>632,684</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Intangible assets, all of which are finite-lived, consisted of the following at September 30, 2016 and December 31, 2015:&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Estimated&#160;Useful</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>September&#160;30,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; 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VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>URL&#160;and&#160;trademarks</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>4</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; 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VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Website and mobile application development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>3</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>527,562</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>527,562</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,527,562</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>1,527,562</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Less: accumulated amortization</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(894,878)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(645,374)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Intangible assets, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>632,684</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>882,188</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The future amortization expense for the remaining three months of 2016 and each of the four succeeding years related to intangible assets is estimated as follows:</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="67%"> <div> For&#160;the&#160;Periods&#160;Ending&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Amortization</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="67%"> <div>2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>82,659</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>293,207</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>256,818</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; 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FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Notes payable and long-term loans, consisted of the following at September 30, 2016 and December 31, 2015:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both; size: 8.5in 11.0in" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>September&#160;30,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Notes payable assumed February 2012</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>999,957</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>999,957</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Convertible loan &#150; July 2015 Convertible Loan, due 2025</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>8,130,970</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Term Secured loan &#150; September 2016 Term Secured Loan, due 2031</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>9,375,083</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>10,375,040</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>9,130,927</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Less: debt discount and debt issue costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,732,508)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,811,950)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Notes payable and long-term loans</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>4,642,532</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>4,318,977</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 4642532 4318977 10375040 9130927 interest at an aggregate of 7.5% per annum, 2.5% of which was payable in cash and 5.0% was payable in-kind as additional principal. ten (10) shares of the Company&#8217;s common stock (the &#8220;Conversion Shares&#8221;) at a conversion price of $0.20 per share (the &#8220;Conversion Price&#8221;) Preferred Stock earns dividends at the rate of 7.5% of the Stated Value, 2.5% of which dividend is payable in cash, and 5.0% will be payable in the form of Common Stock <div style="MARGIN: 0pt 0px; 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TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Weighted</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Remaining</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Aggregate</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Number&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Contractual</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Intrinsic</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Shares</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Exercise Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Term&#160;(Years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at January 1, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">24,385,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.28</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">7.52</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">445,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">1,450,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.19</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(190,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.27</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(5,312,500)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.33</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">20,332,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.26</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">7.25</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">2,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.30</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(620,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.33</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at September 30, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">21,712,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.26</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">6.65</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; 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FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Exercisable at September 30, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; 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FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Exercise</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; 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FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Warrants</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">(Years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Intrinsic&#160;Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at January 1, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">58,094,323</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.20</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">3.48</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">4,164,331</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">27,575,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.30</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(70,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.14</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Cancelled</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(500,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.30</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">85,099,323</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.23</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">4.74</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">643,169</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">600,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.30</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(5,859,737)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.07</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at September 30, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">79,839,586</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.24</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">4. 18</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Exercisable at September 30, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; 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Income Taxes</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">ASC 740-10 &#8220;Accounting for Uncertainty in Income Taxes&#8221; (&#8220;ASC 740-10&#8221;) requires recognition and measurement of uncertain income tax positions using a &#8220;more-likely-than-not&#8221; approach. 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Interest is no longer payable in-kind as additional principal on the New VB Loan 0.015 1050000 1500000 0.12 0.08 2100000 1000000 1833000000 P10Y 500000 The Cegedim Agreement provides that all costs for marketing and promoting the Programs will be borne by Grand Card LLC and that all other costs and funding of the Programs, subject to certain exceptions, shall be borne 75% by Grand Card LLC and 25% by Cegedim. The Cegedim Agreement further provides that revenues derived from the Alliance (after deduction for certain operating costs borne by the parties) shall be allocated 75% to Grand Card LLC and 25% to Cegedim. The term of the Cegedim Agreement commenced on March 28, 2013 and will continue for an initial term of four (4) years and will automatically renew for successive four-year terms unless fewer than 500,000 cards have been issued at the time of such renewal or either party provides written notice to the other party of its intent not to renew within 120 days of the end of the then-current term. On April 1, 2015, the Opus Health Division was sold by Cegedim Inc. to IMS Health Holdings, Inc. On March 1, 2014 and on March 1, 2015, the Starr Agreement automatically renewed for one-year periods and was to automatically renew on March 1, 2016 unless either party terminated the agreement prior to the expiration of the then-current term. The Starr Agreement was amended in April 2013 at which time the Company committed to issuing Starr a warrant to acquire up to 21,438,954 shares of our common stock, subject to certain customary adjustments which was to vest one-fourth (1/4) of the warrant shares upon issuance and the remaining portion of the warrant shares in three equal annual installments on March 1, 2014, 2015 and 2016, provided, however, that the warrant shall automatically cease to vest upon termination or expiration of the Starr Agreement (see Note 8). On January 29, 2016, the Starr Agreement was amended to extend the renewal deadline to March 29, 2016. On March 29, 2016, the Company decided not to renew the Starr Agreement under its terms. As a result, the Starr Agreement is no longer in effect and the unvested warrants were forfeited. On June 30, 2015, the Company entered into an agreement with a consultant who will provide sales-related services to the Company. In addition to fees for services, the Company will issue warrants following each calendar year of the three-year term if certain performance milestones are achieved by the consultant. No warrants were issued for products sold in 2015 or 2016 under this agreement. For every 10,000 Grandparent.com-endorsed products sold in years 2016 and 2017 of the three-year term as a result of the consultants efforts, the Company will grant warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.21 per share with a 5-year term. On May 4, 2016, DMI Partners, Inc. instituted a suit against the Company in the Court of Common Pleas of Philadelphia County PA seeking damages of $158,677 plus interest of $137,842 and costs and fees. The suit is for a breach of contract claim alleging nonpayment for services rendered in connection with online marketing and sales lead generation. The Company has accrued the invoice amount of $158,677 in its accounts payable. The Company has filed an answer and intends to vigorously defend all claims. 10-Q false 2016-09-30 2016 Q3 GRANDPARENTS.COM, INC. 0001020475 --12-31 Smaller Reporting Company GPCM 202268582 1050000 12500000 P10Y 87500 437500 0.20 P3Y P2Y P5Y P10Y P5Y 0 1050000 0 1050000 0 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><i><font style="FONT-SIZE: 10pt">3. 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It has used approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.4</font> million in cash for operating activities during the nine months ended September 30, 2016. Without additional capital from existing or outside investors or further financing, the Company&#8217;s ability to continue to operate will be limited. These conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On September 15, 2016, the Company sold <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 70,000,000</font> shares of its common stock for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,050,000</font></font></font> and received an additional loan from its secured lender in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">950,000</font>. 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FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Intrinsic&#160;Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at January 1, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">58,094,323</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.20</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">3.48</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">4,164,331</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">27,575,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.30</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(70,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.14</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Cancelled</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(500,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.30</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">85,099,323</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.23</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">4.74</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">643,169</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">600,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.30</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(5,859,737)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.07</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at September 30, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">79,839,586</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.24</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">4. 18</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Exercisable at September 30, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">77,214,586</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.24</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">4.01</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; 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Subsequent Events</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <b><i><font style="FONT-SIZE: 10pt">&#160;</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> None.&#160;&#160;</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Reconciliations of the weighted average shares outstanding for basic and diluted earnings per common share are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; 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TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; 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FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>999,957</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Convertible loan &#150; July 2015 Convertible Loan, due 2025</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>8,130,970</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Term Secured loan &#150; September 2016 Term Secured Loan, due 2031</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>9,375,083</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>10,375,040</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>9,130,927</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Less: debt discount and debt issue costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(5,732,508)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(4,811,950)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="55%"> <div>Notes payable and long-term loans</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; 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The issuance costs and discount are amortized using the effective interest rate method over <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> years.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Series D Convertible 12% Preferred Stock</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Simultaneously with the entry into the Amended and Restated Credit Agreement, the Company and VB Lender also entered into a securities purchase agreement which provides VB Lender with the right to purchase a total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,500,000</font> shares of Series D Convertible <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 12</font>% Preferred Stock (&#8220;Series D Preferred Stock&#8221;) for a total price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,000,000</font>, convertible into an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,833,000,000</font> shares of common stock. 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Dividends will accrue from day to day and will be cumulative, provided, however, that except as provided for in certain circumstances, dividends will only be payable when, as, and if declared by the board of directors of the Company and the Company will be under no obligation to pay such accrued dividends.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As an additional condition to closing, VB Lender required that the holders of Series C Preferred Stock shall have the option to convert their shares of Series C Preferred Stock into shares of the Company's common stock at a discounted rate of $0.05 per share.&#160; Additionally, VB Lender required as a condition to closing that all shares of Series C Preferred Stock held by directors, officers and executives of the Company be converted into shares of the Company's common stock at a discounted rate of $0.05 per common share.&#160; The Series C Preferred Stock was issued in 2015 for $2.00 per preferred share, with an initial conversion price of $0.20 per common share.&#160; This option to convert therefore represents a discount of $0.15 per common share from the original conversion price and shall take effect immediately following the effective date of the Certificate and the closing of the Series D Preferred Stock.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>Net Earnings (Loss) Per Common Share</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Basic earnings (loss) per common share are computed by dividing net earnings (loss) per common share by the weighted average number of shares of common stock outstanding. 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COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="15%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at January 1, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">24,385,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.28</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">7.52</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">445,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">1,450,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.19</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(190,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.27</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(5,312,500)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.33</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at December 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">20,332,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.26</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">7.25</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">2,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.30</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">(620,000)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.33</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Outstanding at September 30, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">21,712,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.26</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">6.65</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="35%"> <div style="CLEAR:both;CLEAR: both">Exercisable at September 30, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">19,683,876</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">0.26</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">6.72</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The compensation expense recognized for Plan and non-Plan options awarded for the three-months ended September 30, 2016 and 2015 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">98,283</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">438,172</font>, respectively. 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That cost is expected to be recognized over the remaining vesting period of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">27</font> months.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">All options were excluded from diluted EPS since the Company is in a loss position.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i>10. Commitments and Contingencies</i></b></div> <font style="FONT-SIZE: 10pt">&#160;</font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <i><font style="FONT-SIZE: 10pt">Operating Leases</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The Company leases an office in New York, NY under an operating lease which expires September 30, 2018. The future minimum lease payments required under the office lease as of September 30, 2016, are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="67%"> <div style="CLEAR:both;CLEAR: both"> For&#160;the&#160;Years&#160;Ending&#160;December&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 39px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="67%"> <div style="CLEAR:both;CLEAR: both">2016</div> </td> <td style="TEXT-ALIGN: left; 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MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Rent expense recognized under operating leases was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">56,254</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">45,500</font> for the three months ended September 30, 2016 and 2015, respectively, and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">167,345</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">161,478</font> for the nine months ended September 30, 2016 and 2015.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Starr Agreement</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On January 8, 2013, the Company entered into a Strategic Alliance Agreement (the &#8220;Starr Agreement&#8221;), with Starr Indemnity &amp; Liability Company (&#8220;Starr&#8221;) under which Starr agreed to provide certain services to the Company, including developing strategic business and investment relationships for the Company and providing business consulting services to the Company. In exchange for the services, the Company agreed to pay Starr a monthly fee of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">80,000</font> during the term of the Starr Agreement, which commenced on March 1, 2013, as well as fees to be agreed upon by the Company and Starr for Starr&#8217;s arranging agreements with insurance companies. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>On March 1, 2014 and on March 1, 2015, the Starr Agreement automatically renewed for one-year periods and was to automatically renew on March 1, 2016 unless either party terminated the agreement prior to the expiration of the then-current term. The Starr Agreement was amended in April 2013 at which time the Company committed to issuing Starr a warrant to acquire up to 21,438,954 shares of our common stock, subject to certain customary adjustments which was to vest one-fourth (1/4) of the warrant shares upon issuance and the remaining portion of the warrant shares in three equal annual installments on March 1, 2014, 2015 and 2016, provided, however, that the warrant shall automatically cease to vest upon termination or expiration of the Starr Agreement (see Note 8). On January 29, 2016, the Starr Agreement was amended to extend the renewal deadline to March 29, 2016. On March 29, 2016, the Company decided not to renew the Starr Agreement under its terms. As a result, the Starr Agreement is no longer in effect and the unvested warrants were forfeited.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Cegedim Agreement</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Effective as of March 28, 2013, Grand Card, LLC, a wholly-owned subsidiary of the Company, entered into an Alliance Agreement (the &#8220;Cegedim Agreement&#8221;) with Cegedim Inc. (Opus Health Division) (&#8220;Cegedim&#8221;) pursuant to which the parties formed an exclusive strategic alliance (the &#8220;Alliance&#8221;) to develop member benefit programs (the &#8220;Programs&#8221;) that provide cash rebates and other rewards on the &#8220;Grand Card&#8221; debit card. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The Cegedim Agreement provides that all costs for marketing and promoting the Programs will be borne by Grand Card LLC and that all other costs and funding of the Programs, subject to certain exceptions, shall be borne 75% by Grand Card LLC and 25% by Cegedim. The Cegedim Agreement further provides that revenues derived from the Alliance (after deduction for certain operating costs borne by the parties) shall be allocated 75% to Grand Card LLC and 25% to Cegedim. The term of the Cegedim Agreement commenced on March 28, 2013 and will continue for an initial term of four (4) years and will automatically renew for successive four-year terms unless fewer than 500,000 cards have been issued at the time of such renewal or either party provides written notice to the other party of its intent not to renew within 120 days of the end of the then-current term. 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Pursuant to the Vantiv Agreement, Grand Card LLC has committed to, among other things, a card purchasing allotment valued at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">775,000</font> over a twelve (12) month period and in the first quarter of 2015, the Company purchased the initial card commitment at an aggregate cost of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">168,756</font> cards. The initial term of the Vantiv Agreement was three years. On November 11, 2015, Vantiv and Grand Card LLC entered into an amendment to the Vantiv Agreement extending the date on which a purchase order for the balance of the card allotment must be made to December 17, 2015. On December 18, 2015, Vantiv and Grand Card LLC entered into another amendment to the Vantiv Agreement extending the date on which a purchase order for the balance of the card allotment must be made to (i) a partial purchase order for one-third of the remaining balance to be made by December 22, 2015 and (ii) an additional purchase order for the remaining balance by March 31, 2016. On December 22, 2015, such order was placed and in January 2016, the Company purchased additional cards for an aggregate cost of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">202,050</font>. On May 10, 2016, Vantiv and Grand Card LLC entered into another amendment which was revised on May 17, 2016 to the Vantiv Agreement extending the schedule of card purchases from July 1 through the end of 2016, extending the term of the Vantiv Agreement for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> two</font> years and providing for an additional <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100,000</font> cards to be purchased for an aggregate cost of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">158,024</font>. It is subject to standard termination provisions as well as customary representations and warranties. In the event of a default under the Vantiv Agreement by Grand Card LLC, Grand Card LLC may be responsible for liquidated damages in an amount based upon the monthly revenue earned by Vantiv for the balance of the term. The Company&#8217;s Grand Card venture is a cash rebate debit card that will enable cardholders to purchase pharmaceutical products and consumer goods and services from participating merchants. Prior to September 30, 2016 all costs incurred for purchasing cards from Vantiv in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">794,243</font> had been fully capitalized as a prepaid expense with anticipated future benefits from generating Grand Card revenues. 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The initial on air segments involved education regarding Medicare Supplemental, Medicare Advantage, and Cancer and Heart Attack or Stroke health insurance policies offered by Aetna and its affiliates. Under the HSN Agreement, the Company received a percentage of certain proceeds generated through the multimedia marketing campaign conducted by the parties. During the year ended December 31, 2015, the Company recorded $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">400,000</font> as commission revenue under the HSN Agreement. The HSN Agreement expired on December 31, 2015.</font></div> <i><font style="FONT-SIZE: 10pt">&#160;</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Other Commitments and Contingencies</i></div> <font style="FONT-SIZE: 10pt">&#160;</font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>On June 30, 2015, the Company entered into an agreement with a consultant who will provide sales-related services to the Company. In addition to fees for services, the Company will issue warrants following each calendar year of the three-year term if certain performance milestones are achieved by the consultant. No warrants were issued for products sold in 2015 or 2016 under this agreement. For every 10,000 Grandparent.com-endorsed products sold in years 2016 and 2017 of the three-year term as a result of the consultant&#8217;s efforts, the Company will grant warrants to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,000,000</font> shares of common stock at an exercise price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.21</font> per share with a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5</font>-year term.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>On May 4, 2016, DMI Partners, Inc. instituted a suit against the Company in the Court of Common Pleas of Philadelphia County PA seeking damages of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">158,677</font> plus interest of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">137,842</font> and costs and fees. The suit is for a breach of contract claim alleging nonpayment for services rendered in connection with online marketing and sales lead generation. The Company has accrued the invoice amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">158,677</font> in its accounts payable. The Company has filed an answer and intends to vigorously defend all claims.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0.05 2.00 0.20 0.15 EX-101.SCH 8 gpcm-20160930.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink 102 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 103 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 104 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 105 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 106 - Statement - CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT link:presentationLink link:definitionLink link:calculationLink 107 - 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Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2016
Nov. 04, 2016
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2016  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q3  
Entity Registrant Name GRANDPARENTS.COM, INC.  
Entity Central Index Key 0001020475  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol GPCM  
Entity Common Stock, Shares Outstanding   202,268,582
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 1,306,607 $ 3,765,723
Accounts receivable 67,845 96,874
Prepaid expenses 41,179 351,346
Total current assets 1,415,631 4,213,943
Property and equipment, net 9,472 16,384
Other Assets:    
Security deposits 86,500 92,800
Intangibles, net 632,684 882,188
Total other assets 719,184 974,988
Total assets 2,144,287 5,205,315
Current liabilities:    
Accounts payable 2,327,034 1,952,247
Accrued dividends 87,500 1,563
Accrued expenses 209,362 205,340
Deferred revenue 10,480 7,396
Notes payable 999,957 999,957
Total current liabilities 3,634,333 3,166,503
Convertible loan, net 0 3,319,020
Term loan, net 3,642,576 0
Total long-term liabilities 3,642,576 3,319,020
Total liabilities 7,276,909 6,485,523
Commitments and contingencies
Series C redeemable convertible preferred stock, 875,000 shares (liquidation preference $1,750,000) issued and outstanding at September 30, 2016 and December 31, 2015 221,261 216,912
Stockholders' deficit:    
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 875,000 shares of Series C preferred stock designated
Common stock, $0.01 par value, 350,000,000 shares authorized; 202,268,582 shares issued and outstanding at September 30, 2016 and 132,268,582 at December 31, 2015 2,022,686 1,322,686
Additional paid-in capital 48,645,734 46,610,937
Accumulated deficit (56,022,303) (49,430,743)
Total stockholders' deficit (5,353,883) (1,497,120)
Total liabilities and stockholders' deficit $ 2,144,287 $ 5,205,315
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Preferred Stock, Par or Stated Value Per Share (in dollars per share) $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 5,000,000 5,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share) $ 0.01 $ 0.01
Common Stock, Shares Authorized 350,000,000 350,000,000
Common Stock, Shares, Issued 202,268,582 132,268,582
Common Stock, Shares, Outstanding 202,268,582 132,268,582
Series C Redeemable Convertible Preferred Stock [Member]    
Temporary Equity, Shares Issued 875,000 875,000
Temporary Equity, Shares Outstanding 875,000 875,000
Temporary Equity, Liquidation Preference $ 1,750,000 $ 1,750,000
Series C Preferred Stock [Member]    
Preferred Stock Designated Shares 875,000 875,000
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue:        
Commission revenue $ 14,858 $ 160,000 $ 14,858 $ 260,000
Advertising and other revenue 117,352 28,055 241,121 122,625
Total revenue 132,210 188,055 255,979 382,625
Operating expenses:        
Selling and marketing 902,822 86,313 1,036,838 215,482
Salaries 452,649 494,613 1,357,094 1,585,944
Rent 56,254 45,500 167,345 161,478
Accounting, legal and filing fees 543,289 166,498 965,226 524,073
Consulting 204,831 346,699 882,601 986,361
Equity-based compensation 34,056 791,675 778,499 2,548,587
Other general and administrative 209,957 200,584 627,885 578,190
Depreciation and amortization 85,014 99,500 256,415 311,587
Total operating expenses 2,488,872 2,231,382 6,071,903 6,911,702
Other income (expense):        
Interest expense (277,134) (422,386) (655,323) (521,868)
Other income 0 72,427 0 72,427
Total other income (expense) (277,134) (349,959) (655,323) (449,441)
Net loss attributable to common and preferred shareholders (2,633,796) (2,393,286) (6,471,247) (6,978,518)
Dividends and amortization of discount on preferred stock 33,990 0 124,662 0
Net loss attributable to common shareholders $ (2,667,786) $ (2,393,286) $ (6,595,909) $ (6,978,518)
Net loss per share-basic and diluted $ (0.02) $ (0.02) $ (0.05) $ (0.05)
Weighted average common shares outstanding, basic and diluted (in shares) 143,681,625 132,675,929 136,100,699 132,199,959
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (6,471,247) $ (6,978,518)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 256,415 311,587
Equity-based compensation 639,145 1,751,508
Stock issued for services 139,353 802,619
Payment in kind interest added to loan balance 294,113 66,235
Amortization of discount on loans and notes payable 129,443 330,296
Gain on settlement of accounts payable 0 72,427
Changes in operating assets and liabilities:    
Accounts receivable 29,029 43,036
Prepaid expenses 177,114 817,309
Accounts payable 371,664 (222,523)
Accrued expenses 2,459 (18,162)
Deferred officer salary 0 (226,875)
Deferred revenues 3,084 (999,810)
Net cash used in operating activities (4,429,428) (4,250,871)
Cash flows from investing activities:    
Capitalized website development costs 0 (52,080)
Net cash used in investing activities 0 (52,080)
Cash flows from financing activities:    
Repayments of loans and short-term advances 0 (600,000)
Proceeds from private placement 1,050,000 700,000
Proceeds from loans and short-term advances, net 950,000 5,000,164
Proceeds from sale of preferred stock, net 0 1,673,577
Payments of dividends on preferred stock (29,688) 0
Net cash provided by financing activities 1,970,312 6,773,741
Net (decrease) increase in cash (2,459,116) 2,470,790
Cash, beginning of period 3,765,723 126,600
Cash, end of period 1,306,607 2,597,390
Supplemental cash flow information:    
Equity discount on secured term loan 1,050,000 0
Common stock to be issued as dividends on preferred stock 87,500 0
Amortization of preferred stock discount 4,349 (21)
Fair value of warrants issued in exchange for services 0 836,119
Warrant issued in connection with beneficial conversion on convertible loans and notes 0 4,390,000
Warrant issued in connection with beneficial conversion on preferred stock 0 1,458,639
Settlement of liabilities through issuance of equity 0 5,541
Cashless exercise of warrants to common stock 0 200
Cash paid for interest $ 133,176 $ 107,773
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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT - 9 months ended Sep. 30, 2016 - USD ($)
Total
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Balance at Dec. 31, 2015 $ (1,497,120) $ 0 $ 1,322,686 $ 46,610,937 $ (49,430,743)
Balance (in shares) at Dec. 31, 2015   0 132,268,582    
Equity based compensation 639,145 $ 0 $ 0 639,145 0
Equity based compensation (in shares)   0 0    
Equity discount on secured term loan 1,050,000 $ 0 $ 0 1,050,000 0
Issuance of common shares 1,050,000 $ 0 $ 700,000 350,000 0
Issuance of common shares (in shares)   0 70,000,000    
Amortization of discount on preferred stock (4,349) $ 0 $ 0 (4,349) 0
Preferred dividends (120,313) 0 0 0 (120,313)
Net loss for the period (6,471,247) 0 0 0 (6,471,247)
Balance at Sep. 30, 2016 $ (5,353,883) $ 0 $ 2,022,686 $ 48,645,733 $ (56,022,303)
Balance (in shares) at Sep. 30, 2016   0 202,268,582    
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Description of Business
 9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
1. Description of Business
 
Grandparents.com, Inc., together with its consolidated subsidiaries (the “Company”), is a digitized media and eCommerce company that through its website, www.grandparents.com, serves the age 50+ demographic market. The Company owns and operates the Grandparents.com website. As a membership organization and social media community, it connects grandparents, seniors, and boomers to differentiated, discounted products and services. Its services are geared to the approximately 72 million grandparents in the U.S., but its audience also includes “boomers” and seniors that are not grandparents. The Company’s website offers content on health, wellbeing, relationships and finances as well as other topics that appeal to its audience. The Company believes that its website is one of the leading online communities for its market and is one of the premier social media platforms targeting active, involved grandparents. The Company’s business model is to provide group discount benefits for a small membership fee. In addition to the website, the Company’s membership association, the American Grandparents Association (the “AGA”), was formed to unite grandparents, boomers and seniors. The AGA is a resource for those seeking advice, information and discussion of issues important to grandparents. Members of the AGA also enjoy access to its deals, discounts and products provided by third parties that the AGA endorses or recommends or makes available to its members.
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Basis of Presentation
 9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting [Text Block]
2. Basis of Presentation
 
The condensed consolidated financial statements include the accounts of Grandparents.com, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
 
The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the results of operations for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full year or for any future periods.
 
The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses and the related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, the useful lives and impairment of long-lived assets including property and equipment and intangible assets, fair values, stock-based compensation, income taxes, and contingencies. The Company bases its estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. Actual results may differ from these estimates.
 
These condensed consolidated financial statements and the related notes should be read in conjunction with the December 31, 2015 financial statements and related notes included in the Company’s Annual Report on Form 10-K filed March 28, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with the instructions to Form 10-Q and the rules and regulations of the Securities and Exchange Commission. The condensed consolidated balance sheet as of December 31, 2015 was derived from the Company’s audited financial statements for the year ended December 31, 2015, but does not include all disclosures required by U.S. GAAP.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Going Concern
 9 Months Ended
Sep. 30, 2016
Going Concern Disclosure [Abstract]  
Going Concern Disclosure [Text Block]
3. Going Concern
 
The Company incurred a net loss of approximately $6.5 million during the nine months ended September 30, 2016. The Company has an accumulated deficit of $56.0 million and a stockholders’ deficit of $5.4 million at September 30, 2016. It has used approximately $4.4 million in cash for operating activities during the nine months ended September 30, 2016. Without additional capital from existing or outside investors or further financing, the Company’s ability to continue to operate will be limited. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
On September 15, 2016, the Company sold 70,000,000 shares of its common stock for $1,050,000 and received an additional loan from its secured lender in the amount of $950,000. The Company has an agreement to sell preferred stock for $1,000,000 and to receive additional loans from its secured lender up to $2,000,000 which is contingent upon certain events including obtaining stockholder approval to increase the number of authorized shares of common stock to provide for the conversion feature of the preferred stock.
 
Management plans to obtain resources for the Company through raising additional capital through sales of its equity or debt securities. In addition, management is seeking to expand its revenue streams and increase its endorsement opportunities. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets
 9 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
4. Intangible Assets
 
Intangible assets, all of which are finite-lived, consisted of the following at September 30, 2016 and December 31, 2015:  
  
 
 
Estimated Useful
 
September 30,
 
December 31,
 
 
 
Lives (in Years)
 
2016
 
2015
 
URL and trademarks
 
 
4
 
$
1,000,000
 
$
1,000,000
 
Website and mobile application development
 
 
3
 
 
527,562
 
 
527,562
 
 
 
 
 
 
 
1,527,562
 
 
1,527,562
 
Less: accumulated amortization
 
 
 
 
 
(894,878)
 
 
(645,374)
 
Intangible assets, net
 
 
 
 
$
632,684
 
$
882,188
 
 
During the year ended December 31, 2015, additional costs of $52,080 were capitalized for further major enhancements of the website. 
 
Amortization expense related to intangible assets amounted to $82,702 and $97,060 for the three months ended September 30, 2016 and 2015, respectively, and $249,504 and $302,487 for the nine months ended September 30, 2016 and 2015, respectively. The future amortization expense for the remaining three months of 2016 and each of the four succeeding years related to intangible assets is estimated as follows:
 
For the Periods Ending December 31,
 
Amortization
 
2016
 
$
82,659
 
2017
 
 
293,207
 
2018
 
 
256,818
 
2019
 
 
-
 
2020
 
 
-
 
 
 
$
632,684
 
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Notes Payable
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
5. Notes Payable
 
Notes payable and long-term loans, consisted of the following at September 30, 2016 and December 31, 2015:
 
 
 
September 30,
 
December 31,
 
 
 
2016
 
2015
 
Notes payable assumed February 2012
 
$
999,957
 
$
999,957
 
Convertible loan – July 2015 Convertible Loan, due 2025
 
 
-
 
 
8,130,970
 
Term Secured loan – September 2016 Term Secured Loan, due 2031
 
 
9,375,083
 
 
-
 
 
 
 
10,375,040
 
 
9,130,927
 
Less: debt discount and debt issue costs
 
 
(5,732,508)
 
 
(4,811,950)
 
Notes payable and long-term loans
 
$
4,642,532
 
$
4,318,977
 
 
Accrued interest expense included in accrued expenses at September 30, 2016 and December 31, 2015 was $202,746 and $185,687, respectively.
 
Convertible Secured Loan – July 2015 Convertible Secured Loan
 
On July 8, 2015, the Company and VB Funding, LLC (“VB Lender”) entered into a credit agreement (“Credit Agreement”) which provided for a multi-draw term loan credit facility (the “VB Loan”) in an aggregate amount not to exceed $8,000,000. The full amount of the VB Loan was advanced in two disbursements, with the initial amount of $5,000,000 (which includes the $1,000,000 amount previously funded on May 18, 2015 pursuant to a bridge loan from VB Lender disbursed by VB Lender at the time of closing of the Credit Agreement. The second disbursement was on December 31, 2015. The VB Loan was used to fund ongoing operations and to repay then outstanding indebtedness. The Credit Agreement was replaced by an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) on September 15, 2016.
  
Pursuant to the Credit Agreement, the Company was subject to certain customary limitations including the ability to incur additional debt, make certain investments and acquisitions, and make certain restricted payments, including stock repurchases and dividends. The Credit Agreement contained usual and customary events of default, the occurrence of which could have led to an acceleration of the Company’s obligations thereunder.
 
Outstanding indebtedness under the VB Loan could have been voluntarily prepaid at any time, in whole or in part, without premium or penalty. The indebtedness under the VB Loan was due July 8, 2025 with interest at an aggregate of 7.5% per annum, 2.5% of which was payable in cash and 5.0% was payable in-kind as additional principal. The VB Loan was secured by a security interest in the Company’s and certain of its subsidiaries’ assets and each such subsidiary guaranteed the repayment of the VB Loan. VB Lender had the right to convert the outstanding balance of the VB Loan into shares of common stock of the Company, at a conversion price per share equal to $0.20 which gave rise to a beneficial conversion feature having a relative fair market value of $1,950,000 as of July 8, 2015. This beneficial conversion feature value was recorded as a discount to the VB Loan and was amortized to interest expense over the life of the loan. In connection with the initial disbursement, VB Lender received a ten-year warrant to purchase 12.5 million shares of the Company’s common stock at an exercise price of $0.30 per share. As of July 8, 2015, the warrant had a relative fair market value of $1,700,000 and was recorded as a debt discount. In connection with the second disbursement, VB Lender received a ten-year warrant to purchase 7.5 million shares of the Company’s common stock at an exercise price of $0.30 per share. The warrant had a relative fair market value of $465,146 and was recorded as a debt discount. There was no beneficial conversion feature in connection with the second disbursement.
   
Term Secured Loan – September 2016 Term Secured Loan
 
On September 15, 2016, the Company and VB Lender entered into the Amended and Restated Credit Agreement, which amended and restated the Credit Agreement. The Amended and Restated Credit Agreement has a principal balance equal to the outstanding balance under the VB Loan and provided for two additional disbursements in an aggregate amount not to exceed $2,950,000 (collectively, the “New VB Loan”). The first disbursement was advanced on September 15, 2016 in the amount  of $950,000 and a second disbursement may be made in the amount of $2,000,000 when certain conditions are satisfied.
 
Outstanding indebtedness under the New VB Loan may be voluntarily prepaid at any time, prior to the maturity date. The indebtedness under the New VB Loan matures on October 1, 2031 and bears interest at the following rates per annum, payable in cash on a quarterly basis: 1% for the first year of the New VB Loan, 2% for the second year, 3% for the third year, 12% for the fourth year and 15% thereafter. Interest is no longer payable in-kind as additional principal on the New VB Loan. At September 30, 2016, outstanding indebtedness under the New VB Loan was $9,375,083 plus accrued interest of $47,543.
 
The New VB Loan is secured by a security interest in the Company’s and certain of its subsidiaries’ assets and the subsidiaries guaranteed the repayment of the New VB Loan. The Company is subject to certain customary limitations including the ability to incur additional debt, make certain investments and acquisitions, and make certain restricted payments, including stock repurchases and dividends. The Amended and Restated Credit Agreement contains usual and customary events of default, the occurrence of which can lead to an acceleration of the Company’s obligation thereunder.
 
The New VB Loan has no convertible feature so it is not convertible into shares of the Company’s common stock.
 
In accordance with ASC 470-60 this refinancing was considered a troubled debt restructuring with a modification of terms. As a result, the unamortized discount of $4,473,147 and unamortized debt issue costs of $275,885 from the VB Loan were carried forward to be amortized using the effective interest method for the New VB Loan. On September 15, 2016, the Company also sold to VB Lender 70,000,000 shares of the Company’s common stock at a price per share of $0.015, for an aggregate purchase price of $1,050,000. Because the fair value on the date of purchase was $2,100,000, the difference of $1,050,000 was recorded as an additional equity discount on the New VB Loan and will be amortized over the life of the loan using the effective interest rate method.  Any new fees paid to third parties in connection with the New VB Loan were expensed as required.
 
The Company intends to use borrowings under the Amended and Restated Credit Agreement to fund the operations of the Company and to pay fees and expenses relating to the Amended and Restated Credit Agreement and related transactions.
 
The Company intends to use borrowings under the Amended and Restated Credit Agreement to fund the operations of the Company and to pay fees and expenses relating to the Amended and Restated Credit Agreement and related transactions. 
 
Other Outstanding Indebtedness
 
In addition to the New VB Loan described above, we have certain unsecured indebtedness, primarily promissory notes outstanding in favor of Mr. Leber in the principal amount of $78,543 (the “Leber Note”), Meadows Capital, LLC, an entity controlled by Dr. Cohen, a member of the Company’s board of directors, in the principal amount of $308,914 (the “Meadows Note”) and BJ Squared, LLC, an entity controlled by Mr. Leber, in the principal amount of $612,500 (“BJ Squared Note”). Meadows Capital, LLC, has a 50% interest in the BJ Squared Note. These promissory notes reflect indebtedness assumed by us in connection with a merger in February 2012. The Meadows Note and the BJ Squared Note accrue interest at the rate of 5% per annum and mature upon the earlier of (i) the Company having EBITDA of at least $2,500,000 as reflected on its quarterly or annual financial statements filed with the SEC, or (ii) the Company closing a financing with gross proceeds to the Company of at least $10,000,000. On September 15, 2016, the Leber Note was modified so that no interest accrues on the Leber Note after September 1, 2016 and it matures upon the Company achieving fiscal year net income of at least $5,000,000. The Leber Note remains subordinate in right of payment to the Meadows Note and the New VB Loan.
  
Total interest expense charged to operations amounted to $655,323 and $521,868 for the nine-months ended September 30, 2016 and 2015, respectively.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2016
Stockholders Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
6. Stockholders’ Equity
 
Common Stock
 
On September 15, 2016 the Company sold to VB Lender 70,000,000 shares of its common stock, at a price per share of $0.015, for an aggregate purchase price of $1,050,000. Because the fair value on the date of purchase was $2,100,000, the difference of $1,050,000 was recorded as equity discount on the New VB Loan and will be amortized over the life of the New VB Loan using the effective interest method.
 
Series C Redeemable Convertible 7.5% Preferred Stock
 
On September 29, 2015, the Company entered into a securities purchase agreement (the “Preferred Agreement”) with certain investors (the “Preferred Purchasers”) and raised gross proceeds of $1,750,000, including the conversion by Mel Harris, a member of the Company’s board of directors, security holder and advisor to the Company, of the $450,000 principal amount of his convertible promissory note. Under the terms of the Preferred Agreement, the Preferred Purchasers purchased an aggregate amount of 875,000 shares of Series C Preferred Stock at a $2.00 per share purchase price. Each share of Series C Preferred Stock has a stated value of $2.00 (the “Stated Value”) and is convertible, at any time at the option of the holder, into ten (10) shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $0.20 per share (the “Conversion Price”), subject to customary adjustments, which gave rise to a beneficial conversion feature.
 
In addition, the Preferred Purchasers received warrants (the “Preferred Warrants”) representing the right to acquire an aggregate of 4,375,000 shares of the Company’s common stock at an exercise price of $0.30 per share (the “Preferred Warrant Shares”), subject to customary adjustments, for a period of ten (10) years from the date of issuance. Under certain circumstances, the holder of the Preferred Warrant may elect to exercise the warrant through a cashless exercise.
 
Under the Preferred Agreement, the Company shall prepare and file with the Securities and Exchange Commission a registration statement covering the resale of the Conversion Shares and Preferred Warrant Shares under certain conditions after notice from the Preferred Purchasers. 
 
Additionally, the Company granted piggyback registration rights to the Preferred Purchasers in connection with the Conversion Shares and Preferred Warrant Shares on subsequent registration statements filed by Company, subject to certain exceptions.  
 
Each share of Series C Preferred Stock earns dividends at the rate of 7.5% of the Stated Value, 2.5% of which dividend is payable in cash, and 5.0% will be payable in the form of Common Stock, on a quarterly basis, at $0.20 per share. Accrued dividends are recorded as a liability in the condensed consolidated balance sheets. As of September 30, 2016, cumulative unpaid dividends of $87,500 have been accrued for 437,500 shares of common stock at $0.20 per share. Accrued and unpaid dividends do not bear interest.
 
The Series C Preferred Stock has a liquidation preference over common stock and voting rights equal to the number determined by dividing the Stated Value by the Conversion Price then in effect. Holders of Series C Preferred Stock vote together with the holders of the Company’s common stock as a single class.
 
The Company may redeem the Series C Preferred Stock at any time, at a price equal to the Stated Value per share plus any unpaid dividends. Alternatively, upon the election of the holder, the Company will convert shares of the Series C Preferred Stock into shares of the Company’s common stock. In addition, the Company is required to redeem all remaining Series C Preferred Stock on September 29, 2025, the tenth anniversary of the original issue date.
 
The gross proceeds of $1,750,000 received were reduced by issuance costs incurred of $76,423 resulting in net proceeds of $1,673,577 for the Series C Preferred Stock.
 
In accordance with ASC 480-10, the Company classified the Series C Preferred Stock in temporary equity. The relative fair market value of the Preferred Warrants was $603,608 and the fair market value of the beneficial conversion feature was $855,031 totaling an aggregate discount of $1,458,639 which was recorded to additional paid-in capital. The issuance costs and discount are amortized using the effective interest rate method over 10 years.
 
Series D Convertible 12% Preferred Stock
 
Simultaneously with the entry into the Amended and Restated Credit Agreement, the Company and VB Lender also entered into a securities purchase agreement which provides VB Lender with the right to purchase a total of 1,500,000 shares of Series D Convertible 12% Preferred Stock (“Series D Preferred Stock”) for a total price of $1,000,000, convertible into an aggregate of 1,833,000,000 shares of common stock. The conditions to the closing of the sale of shares of Series D Preferred Stock include approval by the shareholders of an amendment to the certificate of incorporation to increase the number of authorized shares of common stock to 2,156,500,000 shares, and the filing of a Certificate of Designation, Preferences and Rights of Series D Preferred Stock (the “Certificate”). The Certificate specifies that from and after the date of the issuance of any shares of Series D Preferred Stock, dividends at the rate per annum of $0.08 per share (which represents 12% per annum) will accrue on such shares. Dividends will accrue from day to day and will be cumulative, provided, however, that except as provided for in certain circumstances, dividends will only be payable when, as, and if declared by the board of directors of the Company and the Company will be under no obligation to pay such accrued dividends.
 
As an additional condition to closing, VB Lender required that the holders of Series C Preferred Stock shall have the option to convert their shares of Series C Preferred Stock into shares of the Company's common stock at a discounted rate of $0.05 per share.  Additionally, VB Lender required as a condition to closing that all shares of Series C Preferred Stock held by directors, officers and executives of the Company be converted into shares of the Company's common stock at a discounted rate of $0.05 per common share.  The Series C Preferred Stock was issued in 2015 for $2.00 per preferred share, with an initial conversion price of $0.20 per common share.  This option to convert therefore represents a discount of $0.15 per common share from the original conversion price and shall take effect immediately following the effective date of the Certificate and the closing of the Series D Preferred Stock.
 
Net Earnings (Loss) Per Common Share
 
Basic earnings (loss) per common share are computed by dividing net earnings (loss) per common share by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per common share are computed by dividing net earnings (loss) by the sum of the weighted average number of shares of common stock and the dilutive effect of securities that can be converted into common stock.
 
Reconciliations of the weighted average shares outstanding for basic and diluted earnings per common share are as follows:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
September 30,
 
September 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
Basic EPS Shares outstanding (weighted average common shares)
 
 
143,681,625
 
 
132,675,929
 
 
136,100,699
 
 
132,199,959
 
Effect of Dilutive Securities
 
 
-
 
 
-
 
 
-
 
 
-
 
Diluted EPS Shares outstanding
 
 
143,681,625
 
 
132,675,929
 
 
136,100,699
 
 
132,199,959
 
 
Dilutive securities consist of unexercised stock options and warrants as well as the convertibility of the Series C Preferred Stock and accrued dividends. The inclusion of such dilutive securities in the computation of earnings per share would have been anti-dilutive and have therefore been excluded. For the three and nine months ended September 30, 2016 and 2015, the numbers of excluded dilutive securities were 114,677,086 and 102,581,823, respectively.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock Based Compensation
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
7. Stock Based Compensation
 
The Company adopted the Grandparents.com, Inc. 2012 Stock Incentive Plan (the “Plan”), which currently provides for 25,000,000 shares of the Company’s common stock to be eligible for issuance to employees, officers, directors, consultants, agents, advisors, and independent contractors who provide services to the Company under the Plan.
 
During the nine months ended September 30, 2016, the Company granted 2,000,000 options to purchase shares of common stock, which expire five or ten years from the date of grant, under the Plan to two employees. The options had an exercise price of $0.30 per share, which was greater than the stock price per share on the date of grant.
  
A summary of stock option activity for the nine months ended September 30, 2016 and the year ended December 31, 2015 is presented below:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
Weighted
 
Remaining
 
Aggregate
 
 
 
Number of
 
Average
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Exercise Price
 
Term (Years)
 
Value
 
Outstanding at January 1, 2015
 
 
24,385,000
 
$
0.28
 
 
7.52
 
$
445,000
 
Granted
 
 
1,450,000
 
 
0.19
 
 
 
 
 
 
 
Expired
 
 
(190,000)
 
 
0.27
 
 
 
 
 
 
 
Forfeited
 
 
(5,312,500)
 
 
0.33
 
 
 
 
 
 
 
Outstanding at December 31, 2015
 
 
20,332,500
 
 
0.26
 
 
7.25
 
$
-
 
Granted
 
 
2,000,000
 
 
0.30
 
 
 
 
 
 
 
Expired
 
 
(620,000)
 
 
0.33
 
 
 
 
 
 
 
Outstanding at September 30, 2016
 
 
21,712,500
 
$
0.26
 
 
6.65
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2016
 
 
19,683,876
 
$
0.26
 
 
6.72
 
$
-
 
   
The compensation expense recognized for Plan and non-Plan options awarded for the three-months ended September 30, 2016 and 2015 was $98,283 and $438,172, respectively. The compensation expense recognized for Plan and non-Plan options awarded for the nine months ended September 30, 2016 and 2015 was $551,741 and $1,413,067 respectively. Total unrecognized compensation costs related to non-vested equity-based compensation arrangements was $188,066 as of September 30, 2016. That cost is expected to be recognized over the remaining vesting period of 27 months.
 
All options were excluded from diluted EPS since the Company is in a loss position.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warrants
 9 Months Ended
Sep. 30, 2016
Warrants and Rights Note Disclosure [Abstract]  
Schedule Of Warrants And Rights Note Disclosure [Text Block]
8. Warrants
 
During the nine months ended September 30, 2016, the Company granted warrants to purchase 600,000 shares of common stock in connection with services to the Company. The warrants had exercise prices of $0.30 per share and they expire five years from the date of grant. The exercise price per share was greater than the stock price per share on the date of grant. The aggregate fair market value of the warrants issued was $40,820 which was recorded as an expense in the statement of operations during the nine months ended September 30, 2016.
 
During the nine months ended September 30, 2016, 5,359,737 unvested warrants issued to Starr Indemnity & Liability Company were forfeited (see note 10).
 
During the nine months ended September 30, 2016, 500,000 fully vested warrants were voluntarily forfeited by the holder per written request to the Company.
 
A summary of warrant activity for the nine months ended September 30, 2016 and the year-ended December 31, 2015 is presented below:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
Weighted
 
Remaining
 
 
 
 
 
 
 
Average
 
Contractual
 
 
 
 
 
 
 
Exercise
 
Term
 
Aggregate
 
 
 
Warrants
 
Price
 
(Years)
 
Intrinsic Value
 
Outstanding at January 1, 2015
 
 
58,094,323
 
$
0.20
 
 
3.48
 
$
4,164,331
 
Granted
 
 
27,575,000
 
 
0.30
 
 
-
 
 
 
 
Exercised
 
 
(70,000)
 
 
0.14
 
 
-
 
 
 
 
Cancelled
 
 
(500,000)
 
 
0.30
 
 
-
 
 
 
 
Outstanding at December 31, 2015
 
 
85,099,323
 
 
0.23
 
 
4.74
 
$
643,169
 
Granted
 
 
600,000
 
 
0.30
 
 
 
 
 
 
 
Forfeited
 
 
(5,859,737)
 
 
0.07
 
 
 
 
 
 
 
Outstanding at September 30, 2016
 
 
79,839,586
 
$
0.24
 
 
4. 18
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2016
 
 
77,214,586
 
$
0.24
 
 
4.01
 
$
-
 
 
All warrants were excluded from diluted EPS since the Company is in a loss position.  
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes
 9 Months Ended
Sep. 30, 2016
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
9. Income Taxes
 
ASC 740-10 “Accounting for Uncertainty in Income Taxes” (“ASC 740-10”) requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. Management evaluates Company tax positions at each reporting date and has determined that as of September 30, 2016, no accruals for uncertain tax positions are necessary.
 
The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate for the full fiscal year. Cumulative adjustments to the Company’s estimate are recorded in the interim period in which a change in the estimated annual effective rate is determined.
 
The difference between the federal statutory rate (34%) and the Company’s effective rate (0%) is primarily attributable to the change in valuation allowance on its deferred tax assets as it is more likely than not that the Company will not be able to utilize its NOL’s based on the Company’s current results and history of operating losses.
 
Generally, the Company is no longer subject to U.S. federal examinations by tax authorities for fiscal years prior to 2012.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments Disclosure [Text Block]
10. Commitments and Contingencies
 
Operating Leases
 
The Company leases an office in New York, NY under an operating lease which expires September 30, 2018. The future minimum lease payments required under the office lease as of September 30, 2016, are as follows:
 
For the Years Ending December 31,
 
 
 
2016
 
$
56,238
 
2017
 
 
226,639
 
2018
 
 
173,775
 
Total
 
$
456,652
 
 
Rent expense recognized under operating leases was $56,254 and $45,500 for the three months ended September 30, 2016 and 2015, respectively, and $167,345 and $161,478 for the nine months ended September 30, 2016 and 2015.
 
Starr Agreement
 
On January 8, 2013, the Company entered into a Strategic Alliance Agreement (the “Starr Agreement”), with Starr Indemnity & Liability Company (“Starr”) under which Starr agreed to provide certain services to the Company, including developing strategic business and investment relationships for the Company and providing business consulting services to the Company. In exchange for the services, the Company agreed to pay Starr a monthly fee of $80,000 during the term of the Starr Agreement, which commenced on March 1, 2013, as well as fees to be agreed upon by the Company and Starr for Starr’s arranging agreements with insurance companies. On March 1, 2014 and on March 1, 2015, the Starr Agreement automatically renewed for one-year periods and was to automatically renew on March 1, 2016 unless either party terminated the agreement prior to the expiration of the then-current term. The Starr Agreement was amended in April 2013 at which time the Company committed to issuing Starr a warrant to acquire up to 21,438,954 shares of our common stock, subject to certain customary adjustments which was to vest one-fourth (1/4) of the warrant shares upon issuance and the remaining portion of the warrant shares in three equal annual installments on March 1, 2014, 2015 and 2016, provided, however, that the warrant shall automatically cease to vest upon termination or expiration of the Starr Agreement (see Note 8). On January 29, 2016, the Starr Agreement was amended to extend the renewal deadline to March 29, 2016. On March 29, 2016, the Company decided not to renew the Starr Agreement under its terms. As a result, the Starr Agreement is no longer in effect and the unvested warrants were forfeited.
  
Cegedim Agreement
 
Effective as of March 28, 2013, Grand Card, LLC, a wholly-owned subsidiary of the Company, entered into an Alliance Agreement (the “Cegedim Agreement”) with Cegedim Inc. (Opus Health Division) (“Cegedim”) pursuant to which the parties formed an exclusive strategic alliance (the “Alliance”) to develop member benefit programs (the “Programs”) that provide cash rebates and other rewards on the “Grand Card” debit card. The Cegedim Agreement provides that all costs for marketing and promoting the Programs will be borne by Grand Card LLC and that all other costs and funding of the Programs, subject to certain exceptions, shall be borne 75% by Grand Card LLC and 25% by Cegedim. The Cegedim Agreement further provides that revenues derived from the Alliance (after deduction for certain operating costs borne by the parties) shall be allocated 75% to Grand Card LLC and 25% to Cegedim. The term of the Cegedim Agreement commenced on March 28, 2013 and will continue for an initial term of four (4) years and will automatically renew for successive four-year terms unless fewer than 500,000 cards have been issued at the time of such renewal or either party provides written notice to the other party of its intent not to renew within 120 days of the end of the then-current term. On April 1, 2015, the Opus Health Division was sold by Cegedim Inc. to IMS Health Holdings, Inc. 
 
Vantiv Agreement
 
In November 2014, Grand Card LLC, a wholly-owned subsidiary of the Company and Vantiv, LLC (“Vantiv”) entered into a master services agreement, an Addendum and exhibits thereto (collectively, the “Vantiv Agreement”) pursuant to which Vantiv agreed to provide card issuing and payment processing products and services to Grand Card LLC. Pursuant to the Vantiv Agreement, Grand Card LLC has committed to, among other things, a card purchasing allotment valued at $775,000 over a twelve (12) month period and in the first quarter of 2015, the Company purchased the initial card commitment at an aggregate cost of $168,756 cards. The initial term of the Vantiv Agreement was three years. On November 11, 2015, Vantiv and Grand Card LLC entered into an amendment to the Vantiv Agreement extending the date on which a purchase order for the balance of the card allotment must be made to December 17, 2015. On December 18, 2015, Vantiv and Grand Card LLC entered into another amendment to the Vantiv Agreement extending the date on which a purchase order for the balance of the card allotment must be made to (i) a partial purchase order for one-third of the remaining balance to be made by December 22, 2015 and (ii) an additional purchase order for the remaining balance by March 31, 2016. On December 22, 2015, such order was placed and in January 2016, the Company purchased additional cards for an aggregate cost of $202,050. On May 10, 2016, Vantiv and Grand Card LLC entered into another amendment which was revised on May 17, 2016 to the Vantiv Agreement extending the schedule of card purchases from July 1 through the end of 2016, extending the term of the Vantiv Agreement for two years and providing for an additional 100,000 cards to be purchased for an aggregate cost of approximately $158,024. It is subject to standard termination provisions as well as customary representations and warranties. In the event of a default under the Vantiv Agreement by Grand Card LLC, Grand Card LLC may be responsible for liquidated damages in an amount based upon the monthly revenue earned by Vantiv for the balance of the term. The Company’s Grand Card venture is a cash rebate debit card that will enable cardholders to purchase pharmaceutical products and consumer goods and services from participating merchants. Prior to September 30, 2016 all costs incurred for purchasing cards from Vantiv in the amount of $794,243 had been fully capitalized as a prepaid expense with anticipated future benefits from generating Grand Card revenues. As of September 30, 2016, these prepaid expenses were expensed and recorded as a selling and marketing expense because the corresponding revenue has yet to be achieved.
 
The Company intends to issue the Grand Card through the AGA and other channels and earn various related fees including percentages of discounts and rebates.
 
HSNi Agreement
 
On March 19, 2015, the Company entered into an agreement (the “HSN Agreement”) with HSNi, LLC and its affiliates (“HSN”) whereby HSN produced and broadcast segments promoting the Company’s membership group, the American Grandparents Association, as well as certain products and services offered by third parties. The initial on air segments involved education regarding Medicare Supplemental, Medicare Advantage, and Cancer and Heart Attack or Stroke health insurance policies offered by Aetna and its affiliates. Under the HSN Agreement, the Company received a percentage of certain proceeds generated through the multimedia marketing campaign conducted by the parties. During the year ended December 31, 2015, the Company recorded $400,000 as commission revenue under the HSN Agreement. The HSN Agreement expired on December 31, 2015.
 
Other Commitments and Contingencies
 
On June 30, 2015, the Company entered into an agreement with a consultant who will provide sales-related services to the Company. In addition to fees for services, the Company will issue warrants following each calendar year of the three-year term if certain performance milestones are achieved by the consultant. No warrants were issued for products sold in 2015 or 2016 under this agreement. For every 10,000 Grandparent.com-endorsed products sold in years 2016 and 2017 of the three-year term as a result of the consultant’s efforts, the Company will grant warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.21 per share with a 5-year term.
 
On May 4, 2016, DMI Partners, Inc. instituted a suit against the Company in the Court of Common Pleas of Philadelphia County PA seeking damages of $158,677 plus interest of $137,842 and costs and fees. The suit is for a breach of contract claim alleging nonpayment for services rendered in connection with online marketing and sales lead generation. The Company has accrued the invoice amount of $158,677 in its accounts payable. The Company has filed an answer and intends to vigorously defend all claims.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Concentrations
 9 Months Ended
Sep. 30, 2016
Risks and Uncertainties [Abstract]  
Concentration Risk Disclosure [Text Block]
11. Concentrations
 
As of September 30, 2016, three customers represented all of the Company’s accounts receivable and four customers represented approximately 67% of the Company’s revenues earned during the nine months ended September 30, 2016. As of December 31, 2015, four customers represented approximately 80% of the Company’s accounts receivable and two customers represented approximately 75% of the Company’s revenues earned during the nine months ended September 30, 2015.
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
 9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
12. Subsequent Events
 
None.  
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
Intangible assets, all of which are finite-lived, consisted of the following at September 30, 2016 and December 31, 2015:  
  
 
 
Estimated Useful
 
September 30,
 
December 31,
 
 
 
Lives (in Years)
 
2016
 
2015
 
URL and trademarks
 
 
4
 
$
1,000,000
 
$
1,000,000
 
Website and mobile application development
 
 
3
 
 
527,562
 
 
527,562
 
 
 
 
 
 
 
1,527,562
 
 
1,527,562
 
Less: accumulated amortization
 
 
 
 
 
(894,878)
 
 
(645,374)
 
Intangible assets, net
 
 
 
 
$
632,684
 
$
882,188
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
The future amortization expense for the remaining three months of 2016 and each of the four succeeding years related to intangible assets is estimated as follows:
 
For the Periods Ending December 31,
 
Amortization
 
2016
 
$
82,659
 
2017
 
 
293,207
 
2018
 
 
256,818
 
2019
 
 
-
 
2020
 
 
-
 
 
 
$
632,684
 
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Maturities of Long-term Debt [Table Text Block]
Notes payable and long-term loans, consisted of the following at September 30, 2016 and December 31, 2015:
 
 
 
September 30,
 
December 31,
 
 
 
2016
 
2015
 
Notes payable assumed February 2012
 
$
999,957
 
$
999,957
 
Convertible loan – July 2015 Convertible Loan, due 2025
 
 
-
 
 
8,130,970
 
Term Secured loan – September 2016 Term Secured Loan, due 2031
 
 
9,375,083
 
 
-
 
 
 
 
10,375,040
 
 
9,130,927
 
Less: debt discount and debt issue costs
 
 
(5,732,508)
 
 
(4,811,950)
 
Notes payable and long-term loans
 
$
4,642,532
 
$
4,318,977
 
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares [Table Text Block]
Reconciliations of the weighted average shares outstanding for basic and diluted earnings per common share are as follows:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
September 30,
 
September 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
Basic EPS Shares outstanding (weighted average common shares)
 
 
143,681,625
 
 
132,675,929
 
 
136,100,699
 
 
132,199,959
 
Effect of Dilutive Securities
 
 
-
 
 
-
 
 
-
 
 
-
 
Diluted EPS Shares outstanding
 
 
143,681,625
 
 
132,675,929
 
 
136,100,699
 
 
132,199,959
 
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule Of Share-Based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity for the nine months ended September 30, 2016 and the year ended December 31, 2015 is presented below:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
Weighted
 
Remaining
 
Aggregate
 
 
 
Number of
 
Average
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Exercise Price
 
Term (Years)
 
Value
 
Outstanding at January 1, 2015
 
 
24,385,000
 
$
0.28
 
 
7.52
 
$
445,000
 
Granted
 
 
1,450,000
 
 
0.19
 
 
 
 
 
 
 
Expired
 
 
(190,000)
 
 
0.27
 
 
 
 
 
 
 
Forfeited
 
 
(5,312,500)
 
 
0.33
 
 
 
 
 
 
 
Outstanding at December 31, 2015
 
 
20,332,500
 
 
0.26
 
 
7.25
 
$
-
 
Granted
 
 
2,000,000
 
 
0.30
 
 
 
 
 
 
 
Expired
 
 
(620,000)
 
 
0.33
 
 
 
 
 
 
 
Outstanding at September 30, 2016
 
 
21,712,500
 
$
0.26
 
 
6.65
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2016
 
 
19,683,876
 
$
0.26
 
 
6.72
 
$
-
 
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warrants (Tables)
 9 Months Ended
Sep. 30, 2016
Warrants and Rights Note Disclosure [Abstract]  
Schedule Of Warrant Activity [Table Text Block]
A summary of warrant activity for the nine months ended September 30, 2016 and the year-ended December 31, 2015 is presented below:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
Weighted
 
Remaining
 
 
 
 
 
 
 
Average
 
Contractual
 
 
 
 
 
 
 
Exercise
 
Term
 
Aggregate
 
 
 
Warrants
 
Price
 
(Years)
 
Intrinsic Value
 
Outstanding at January 1, 2015
 
 
58,094,323
 
$
0.20
 
 
3.48
 
$
4,164,331
 
Granted
 
 
27,575,000
 
 
0.30
 
 
-
 
 
 
 
Exercised
 
 
(70,000)
 
 
0.14
 
 
-
 
 
 
 
Cancelled
 
 
(500,000)
 
 
0.30
 
 
-
 
 
 
 
Outstanding at December 31, 2015
 
 
85,099,323
 
 
0.23
 
 
4.74
 
$
643,169
 
Granted
 
 
600,000
 
 
0.30
 
 
 
 
 
 
 
Forfeited
 
 
(5,859,737)
 
 
0.07
 
 
 
 
 
 
 
Outstanding at September 30, 2016
 
 
79,839,586
 
$
0.24
 
 
4. 18
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2016
 
 
77,214,586
 
$
0.24
 
 
4.01
 
$
-
 
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
The Company leases an office in New York, NY under an operating lease which expires September 30, 2018. The future minimum lease payments required under the office lease as of September 30, 2016, are as follows:
 
For the Years Ending December 31,
 
 
 
2016
 
$
56,238
 
2017
 
 
226,639
 
2018
 
 
173,775
 
Total
 
$
456,652
 
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Going Concern (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2016
Sep. 15, 2016
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Going Concern [Line Items]              
Net income (loss)     $ (2,633,796) $ (2,393,286) $ (6,471,247) $ (6,978,518)  
Net cash used in Operating activities         (4,429,428) (4,250,871)  
Retained Earnings (Accumulated Deficit), Total     (56,022,303)   (56,022,303)   $ (49,430,743)
Stockholders Equity Attributable to Parent, Total     $ (5,353,883)   (5,353,883)   $ (1,497,120)
Proceeds from Issuance of Preferred Stock and Preference Stock         $ 0 $ 1,673,577  
Scenario, Forecast [Member]              
Going Concern [Line Items]              
Proceeds from Loans $ 2,000,000            
Proceeds from Issuance of Preferred Stock and Preference Stock $ 1,000,000            
VB Loan [Member]              
Going Concern [Line Items]              
Sale of Stock, Number of Shares Issued in Transaction   70,000,000          
Proceeds from Issuance of Common Stock   $ 1,050,000          
Proceeds from Loans   $ 950,000          
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets (Details) - USD ($)
 9 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross $ 1,527,562 $ 1,527,562
Less: accumulated amortization (894,878) (645,374)
Intangible assets, net $ 632,684 882,188
URL and trademarks [Member]    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (in Years) 4 years  
Finite-Lived Intangible Assets, Gross $ 1,000,000 1,000,000
Website and mobile application development [Member]    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (in Years) 3 years  
Finite-Lived Intangible Assets, Gross $ 527,562 $ 527,562
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets (Details 1)
Sep. 30, 2016
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2016 $ 82,659
2017 293,207
2018 256,818
2019 0
2020 0
Intangible assets, net $ 632,684
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]          
Amortization of Intangible Assets $ 82,702 $ 97,060 $ 249,504 $ 302,487  
Capitalized Cost Of Website         $ 52,080
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Notes Payable (Details) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Notes Payable [Line Items]    
Debt Instrument, Face Amount $ 10,375,040 $ 9,130,927
Less: debt discount and debt issue costs (5,732,508) (4,811,950)
Notes payable and long-term loans 4,642,532 4,318,977
Notes payable assumed February 2012 [Member]    
Notes Payable [Line Items]    
Debt Instrument, Face Amount 999,957 999,957
Convertible loan - July 2015 Convertible Loan, due 2025 [Member]    
Notes Payable [Line Items]    
Debt Instrument, Face Amount 0 8,130,970
Term Secured loan - September 2016 Term Secured Loan, due 2031    
Notes Payable [Line Items]    
Debt Instrument, Face Amount $ 9,375,083 $ 0
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Notes Payable (Details Textual) - USD ($)
 1 Months Ended 9 Months Ended
Jul. 08, 2015
Sep. 15, 2016
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
May 18, 2015
Notes Payable [Line Items]            
Proceeds From Equity Financing Condition Mandating Debt Repayment     $ 10,000,000      
Minimum Ebitda Condition For Mandating Debt Repayment     $ 2,500,000      
Class of Warrant or Right, Number of Securities Called by Warrants or Rights     600,000      
Interest Expense, Total     $ 655,323 $ 521,868    
Debt Instrument, Unamortized Discount     $ 5,732,508   $ 4,811,950  
Class of Warrant or Right, Exercise Price of Warrants or Rights     $ 0.30 $ 0.21    
Interest Payable     $ 202,746   $ 185,687  
Percentage Of Ownership In Notes     50.00%      
Warrants and Rights Outstanding $ 465,146          
Minimum Amount Of Net Income For Mandating Debt Repayment   $ 5,000,000        
Adjustments To Additional Paid In Capital equity discount     $ 1,050,000      
Stock Issued During Period, Value, New Issues     $ 1,050,000      
VB Loan [Member]            
Notes Payable [Line Items]            
Debt Instrument, Maturity Date     Oct. 01, 2031      
Debt Instrument, Unamortized Discount   4,473,147        
Interest Payable     $ 47,543      
Line of Credit Facility, Maximum Borrowing Capacity   2,950,000        
Line of Credit Facility, Interest Rate Description     bears interest at the following rates per annum, payable in cash on a quarterly basis: 1% for the first year of the New VBLoan, 2% for the second year, 3% for the third year, 12% for the fourth yearand 15% thereafter. Interest is no longer payable in-kind as additional principal on the New VB Loan      
Long-term Line of Credit     $ 9,375,083      
Unamortized Debt Issuance Expense   $ 275,885        
Sale of Stock, Number of Shares Issued in Transaction   70,000,000        
Proceeds from Issuance of Common Stock   $ 1,050,000        
Adjustments To Additional Paid In Capital equity discount   $ 1,050,000        
Sale of Stock, Price Per Share   $ 0.015        
Stock Issued During Period, Value, New Issues   $ 2,100,000        
Bridge Note [Member]            
Notes Payable [Line Items]            
Debt Instrument, Convertible, Conversion Price $ 0.20          
Line of Credit Facility, Maximum Borrowing Capacity           $ 1,000,000
Convertible Debt [Member]            
Notes Payable [Line Items]            
Debt Instrument, Convertible, Beneficial Conversion Feature $ 1,950,000          
Class of Warrant or Right, Number of Securities Called by Warrants or Rights 12,500,000          
Class of Warrant or Right, Exercise Price of Warrants or Rights $ 0.30          
Warrant Term 10 years          
Line of Credit Facility, Maximum Borrowing Capacity $ 8,000,000          
Warrants and Rights Outstanding $ 1,700,000          
Line of Credit Facility, Interest Rate Description interest at an aggregate of 7.5% per annum, 2.5% of which was payable in cash and 5.0% was payable in-kind as additional principal.          
Promissory Notes [Member]            
Notes Payable [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage     5.00%      
Line Of Credit First Disbursement [Member] | VB Loan [Member]            
Notes Payable [Line Items]            
Line of Credit Facility, Maximum Borrowing Capacity   950,000        
Line Of Credit First Disbursement [Member] | Convertible Debt [Member]            
Notes Payable [Line Items]            
Line of Credit Facility, Maximum Borrowing Capacity $ 5,000,000          
Line Of Credit Second Disbursement [Member] | VB Loan [Member]            
Notes Payable [Line Items]            
Line of Credit Facility, Maximum Borrowing Capacity   $ 2,000,000        
Line Of Credit Second Disbursement [Member] | Convertible Debt [Member]            
Notes Payable [Line Items]            
Class of Warrant or Right, Number of Securities Called by Warrants or Rights 7,500,000          
Leber Note [Member]            
Notes Payable [Line Items]            
Long-term Debt, Gross     $ 78,543      
Meadows Note [Member]            
Notes Payable [Line Items]            
Long-term Debt, Gross     308,914      
BJ Squared, LLC [Member]            
Notes Payable [Line Items]            
Long-term Debt, Gross     $ 612,500      
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Basic EPS Shares outstanding (weighted average common shares) 143,681,625 132,675,929 136,100,699 132,199,959
Effect of Dilutive Securities 0 0 0 0
Diluted EPS Shares outstanding 143,681,625 132,675,929 136,100,699 132,199,959
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 15, 2016
Sep. 29, 2015
Jun. 30, 2015
Sep. 30, 2016
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Jul. 08, 2015
Stockholders' Equity [Line Items]                
Class of Warrant or Right, Number of Securities Called by Warrants or Rights       600,000 600,000      
Common Stock, Shares Authorized 2,156,500,000     350,000,000 350,000,000   350,000,000  
Preferred Stock, Par or Stated Value Per Share       $ 0.01 $ 0.01   $ 0.01  
Class of Warrant or Right, Exercise Price of Warrants or Rights       $ 0.30 $ 0.30 $ 0.21    
Warrants Expiration Term     5 years   5 years      
Conversion of Stock, Amount Converted         $ 0 $ 1,458,639    
Proceeds from Issuance of Preferred Stock and Preference Stock         0 1,673,577    
Debt Conversion, Original Debt, Amount         0 $ (4,390,000)    
Stock Issued During Period, Value, New Issues         1,050,000      
Warrants and Rights Outstanding               $ 465,146
Debt Instrument, Unamortized Discount       $ 5,732,508 5,732,508   $ 4,811,950  
Dividends Payable, Current       $ 87,500 87,500   $ 1,563  
Adjustments To Additional Paid In Capital equity discount         1,050,000      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount       114,677,086   102,581,823    
VB Loan [Member]                
Stockholders' Equity [Line Items]                
Stock Issued During Period, Value, New Issues $ 2,100,000              
Debt Instrument, Unamortized Discount $ 4,473,147              
Sale of Stock, Number of Shares Issued in Transaction 70,000,000              
Sale of Stock, Price Per Share $ 0.015              
Adjustments To Additional Paid In Capital equity discount $ 1,050,000              
Common Stock [Member]                
Stockholders' Equity [Line Items]                
Stock Issued During Period, Value, New Issues         700,000      
Dividends Payable, Current       $ 87,500 $ 87,500      
Common Stock Dividends, Shares         437,500      
Dividends Payable, Amount Per Share       $ 0.20 $ 0.20      
Adjustments To Additional Paid In Capital equity discount         $ 0      
Stock Issued During Period, Shares, New Issues         70,000,000      
Series C Preferred Stock [Member]                
Stockholders' Equity [Line Items]                
Stock Issued During Period, Shares, Issued for Services   875,000            
Class of Warrant or Right, Number of Securities Called by Warrants or Rights   4,375,000            
Preferred Stock, Par or Stated Value Per Share   $ 2.00            
Class of Warrant or Right, Exercise Price of Warrants or Rights   $ 0.30            
Warrants Expiration Term   10 years            
Proceeds from Issuance of Preferred Stock and Preference Stock   $ 1,750,000            
Debt Conversion, Original Debt, Amount   $ 450,000            
Shares Issued, Price Per Share   $ 2.00            
Proceeds from Issuance of Redeemable Preferred Stock   $ 1,750,000            
Payments of Stock Issuance Costs   76,423            
Stock Issued During Period, Value, New Issues   1,673,577            
Warrants and Rights Outstanding   603,608            
Debt Instrument, Convertible, Beneficial Conversion Feature   855,031            
Debt Instrument, Unamortized Discount   $ 1,458,639            
Series C Preferred Stock [Member] | VB Loan [Member]                
Stockholders' Equity [Line Items]                
Shares Issued, Price Per Share             $ 2.00  
Conversion of Stock, Preferred Stock Conversion Discount Rate       0.05 $ 0.05      
Conversion of Stock, Preferred Stock Conversion Price       0.20 0.20      
Conversion of Stock, Preferred Stock Conversion Discount Rate On Original Conversion Price       $ 0.15 $ 0.15      
Convertible Preferred Stock [Member]                
Stockholders' Equity [Line Items]                
Convertible Preferred Stock, Terms of Conversion   ten (10) shares of the Companys common stock (the Conversion Shares) at a conversion price of $0.20 per share (the Conversion Price),     ten (10) shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $0.20 per share (the “Conversion Price”)      
Preferred Stock, Dividend Payment Terms   Preferred Stock earns dividends at the rate of 7.5% of the Stated Value, 2.5% of which dividend is payable in cash, and 5.0% will be payable in the form of Common Stock, on a quarterly basis, at $0.20 per share.     Preferred Stock earns dividends at the rate of 7.5% of the Stated Value, 2.5% of which dividend is payable in cash, and 5.0% will be payable in the form of Common Stock      
Series D Convertible 12 % Preferred Stock [Member]                
Stockholders' Equity [Line Items]                
Conversion of Stock, Shares Issued 1,833,000,000              
Conversion of Stock, Amount Converted $ 1,000,000              
Stock Issued During Period, Shares, New Issues 1,500,000              
Preferred Stock, Dividend Rate, Percentage 12.00%              
Preferred Stock, Dividend Rate, Per-Dollar-Amount $ 0.08              
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock Based Compensation (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares, Outstanding 20,332,500 24,385,000  
Number of shares, Granted 2,000,000 1,450,000  
Number of shares, Expired (620,000) (190,000)  
Number of shares, Forfeited   (5,312,500)  
Number of shares, Outstanding 21,712,500 20,332,500 24,385,000
Number of shares, Exercisable 19,683,876    
Weighted Average Exercise Price, Outstanding $ 0.26 $ 0.28  
Weighted Average Exercise Price, Granted 0.30 0.19  
Weighted Average Exercise Price, Expired 0.33 0.27  
Weighted Average Exercise Price, Forfeited   0.33  
Weighted Average Exercise Price, Outstanding 0.26 $ 0.26 $ 0.28
Weighted Average Exercise Price, Exercisable $ 0.26    
Weighted Average Remaining Contractual Term, Outstanding (Years) 6 years 7 months 24 days 7 years 3 months 7 years 6 months 7 days
Weighted Average Remaining Contractual Term, Exercisable (in years) 6 years 8 months 19 days    
Aggregate intrinsic value, Outstanding $ 0 $ 0 $ 445,000
Aggregate intrinsic value, Exercisable $ 0    
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock Based Compensation (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross     2,000,000   1,450,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price     $ 0.30   $ 0.19
Employee Stock Option [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price     $ 0.30    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition     27 months    
Minimum [Member] | Employee Stock Option [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period     5 years    
Maximum [Member] | Employee Stock Option [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period     10 years    
Stock Incentive Plan 2012 [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 25,000,000   25,000,000    
Stock or Unit Option Plan Expense $ 98,283 $ 438,172 $ 551,741 $ 1,413,067  
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized $ 188,066   $ 188,066    
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warrants (Details) - Warrant [Member] - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding, Warrants 85,099,323 58,094,323  
Granted, Warrants 600,000 27,575,000  
Exercised, Warrants   (70,000)  
Forfeited and cancelled, Warrants (5,859,737) (500,000)  
Outstanding, Warrants 79,839,586 85,099,323 58,094,323
Exercisable, Warrants 77,214,586    
Outstanding, Weighted Average Exercise Price $ 0.23 $ 0.20  
Granted, Weighted Average Exercise Price 0.30 0.30  
Exercised, Weighted Average Exercise Price   0.14  
Forfeited and cancelled, Weighted Average Exercise Price 0.07 0.30  
Outstanding, Weighted Average Exercise Price 0.24 $ 0.23 $ 0.20
Exercisable, Weighted Average Exercise Price $ 0.24    
Outstanding, Weighted Average Remaining Contractual Terms (Years) 4 years 2 months 5 days 4 years 8 months 26 days 3 years 5 months 23 days
Exercisable, Weighted Average Remaining Contractual Terms (Years) 4 years 4 days    
Outstanding, Aggregate Intrinsic Value $ 0 $ 643,169 $ 4,164,331
Exercisable, Aggregate Intrinsic Value $ 0    
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warrants (Details Textual) - USD ($)
 1 Months Ended 9 Months Ended
Jun. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Class of Warrant or Right [Line Items]      
Class of Warrant or Right, Exercise Price of Warrants or Rights   $ 0.30 $ 0.21
Warrants Expiration Term 5 years 5 years  
Class of Warrant or Right, Number of Securities Called by Warrants or Rights   600,000  
Fair Value Of Warrants   $ 40,820  
Class Of Warrants Or Rights, Vested Warrants Forfeited   500,000  
Starr Indemnity Liability Company [Member]      
Class of Warrant or Right [Line Items]      
Class of Warrant or Right, Number of Securities Called by Warrants or Rights   5,359,737  
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Details Textual)
 9 Months Ended
Sep. 30, 2016
Income Taxes [Line Items]  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 34.00%
Effective Income Tax Rate Continuing Operations 0.00%
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies (Details) - Corporation Apartment [Member]
Sep. 30, 2016
USD ($)
Commitments [Line Items]  
2016 $ 56,238
2017 226,639
2018 173,775
Total $ 456,652
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies (Details Textual)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
May 10, 2016
USD ($)
May 04, 2016
USD ($)
Jan. 08, 2013
USD ($)
Jun. 30, 2015
shares
Nov. 30, 2014
USD ($)
Mar. 28, 2013
Sep. 30, 2016
USD ($)
$ / shares
Sep. 30, 2015
USD ($)
$ / shares
Mar. 31, 2015
USD ($)
Sep. 30, 2016
USD ($)
$ / shares
Sep. 30, 2015
USD ($)
$ / shares
Dec. 31, 2015
USD ($)
Commitments [Line Items]                        
Description About Renewal Of Agreement     On March 1, 2014 and on March 1, 2015, the Starr Agreement automatically renewed for one-year periods and was to automatically renew on March 1, 2016 unless either party terminated the agreement prior to the expiration of the then-current term. The Starr Agreement was amended in April 2013 at which time the Company committed to issuing Starr a warrant to acquire up to 21,438,954 shares of our common stock, subject to certain customary adjustments which was to vest one-fourth (1/4) of the warrant shares upon issuance and the remaining portion of the warrant shares in three equal annual installments on March 1, 2014, 2015 and 2016, provided, however, that the warrant shall automatically cease to vest upon termination or expiration of the Starr Agreement (see Note 8). On January 29, 2016, the Starr Agreement was amended to extend the renewal deadline to March 29, 2016. On March 29, 2016, the Company decided not to renew the Starr Agreement under its terms. As a result, the Starr Agreement is no longer in effect and the unvested warrants were forfeited.     The Cegedim Agreement provides that all costs for marketing and promoting the Programs will be borne by Grand Card LLC and that all other costs and funding of the Programs, subject to certain exceptions, shall be borne 75% by Grand Card LLC and 25% by Cegedim. The Cegedim Agreement further provides that revenues derived from the Alliance (after deduction for certain operating costs borne by the parties) shall be allocated 75% to Grand Card LLC and 25% to Cegedim. The term of the Cegedim Agreement commenced on March 28, 2013 and will continue for an initial term of four (4) years and will automatically renew for successive four-year terms unless fewer than 500,000 cards have been issued at the time of such renewal or either party provides written notice to the other party of its intent not to renew within 120 days of the end of the then-current term. On April 1, 2015, the Opus Health Division was sold by Cegedim Inc. to IMS Health Holdings, Inc.            
Other Commitments, Description   On May 4, 2016, DMI Partners, Inc. instituted a suit against the Company in the Court of Common Pleas of Philadelphia County PA seeking damages of $158,677 plus interest of $137,842 and costs and fees. The suit is for a breach of contract claim alleging nonpayment for services rendered in connection with online marketing and sales lead generation. The Company has accrued the invoice amount of $158,677 in its accounts payable. The Company has filed an answer and intends to vigorously defend all claims.   On June 30, 2015, the Company entered into an agreement with a consultant who will provide sales-related services to the Company. In addition to fees for services, the Company will issue warrants following each calendar year of the three-year term if certain performance milestones are achieved by the consultant. No warrants were issued for products sold in 2015 or 2016 under this agreement. For every 10,000 Grandparent.com-endorsed products sold in years 2016 and 2017 of the three-year term as a result of the consultants efforts, the Company will grant warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.21 per share with a 5-year term.                
Operating Leases, Rent Expense             $ 56,254 $ 45,500   $ 167,345 $ 161,478  
Commission revenue             $ 14,858 $ 160,000   $ 14,858 $ 260,000  
Warrants to Purchase Common Stock | shares       1,000,000                
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares             $ 0.30 $ 0.21   $ 0.30 $ 0.21  
Warrants Expiration Term       5 years           5 years    
DMI Partners, Inc [Member]                        
Commitments [Line Items]                        
Loss Contingency, Damages Sought, Value   $ 158,677                    
Litigation Settlement Interest   $ 137,842                    
DMI Partners, Inc [Member] | Accounts Payable and Accrued Liabilities [Member]                        
Commitments [Line Items]                        
Estimated Litigation Liability, Current             $ 158,677     $ 158,677    
Starr Agreement [Member]                        
Commitments [Line Items]                        
Monthly Professional Fees     $ 80,000                  
HSN Agreement [Member]                        
Commitments [Line Items]                        
Commission revenue                       $ 400,000
Vantiv Agreement [Member]                        
Commitments [Line Items]                        
Long-term Purchase Commitment, Amount         $ 775,000              
Agreement Term                   3 years    
Aggregate Cost of Card Commitment $ 158,024       $ 202,050       $ 168,756      
Aggregate Number Of Card Commitment 100,000                      
Agreement Term Extended 2 years                      
Related Cost Of Cards Yet To Be Issued             $ 794,243     $ 794,243    
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
Concentrations (Details Textual)
 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Sales Revenue, Services, Net [Member] | Two Customers [Member]      
Product Information [Line Items]      
Concentration Risk Percentage1   75.00%  
Sales Revenue, Services, Net [Member] | Four Customers [Member]      
Product Information [Line Items]      
Concentration Risk Percentage1 67.00%    
Accounts Receivable [Member] | Four Customers [Member]      
Product Information [Line Items]      
Concentration Risk Percentage1     80.00%
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