0001096906-16-002042.txt : 20161114 0001096906-16-002042.hdr.sgml : 20161111 20161114104837 ACCESSION NUMBER: 0001096906-16-002042 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161114 DATE AS OF CHANGE: 20161114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LD HOLDINGS, INC. CENTRAL INDEX KEY: 0001131089 STANDARD INDUSTRIAL CLASSIFICATION: [3949] IRS NUMBER: 980335555 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50584 FILM NUMBER: 161991946 BUSINESS ADDRESS: STREET 1: 1070 COMMERCE DRIVE STREET 2: BLDG. II, STE. 303 CITY: PERRYSBURG STATE: OH ZIP: 43551 BUSINESS PHONE: 419-873-1111 MAIL ADDRESS: STREET 1: 1070 COMMERCE DRIVE STREET 2: BLDG. II, STE. 303 CITY: PERRYSBURG STATE: OH ZIP: 43551 FORMER COMPANY: FORMER CONFORMED NAME: LEISURE DIRECT INC DATE OF NAME CHANGE: 20010103 10-Q 1 ldholdings.htm 10Q
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 10-Q
 

 x QUARTERLY 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

LD HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Nevada
000-50584
98-0335555
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

1070 Commerce Drive
Building II, Suite 202
Perrysburg, Ohio 43551
(Address of principal executive offices)

(419) 873-1111
(Telephone number, including area code)

(Registrant's telephone number, including area code)

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 past 12 months, and (2) has been subject to such filing requirements for the past 90 days.  Yes ý   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 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.  Yes ý   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or 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:

Large accelerated filer
☐
 
Accelerated filer
☐
 
 
 
 
 
Non-accelerated filer
☐
 
Smaller reporting company
ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐   No ý

As of November 14, 2016, there were 25,840,351 shares outstanding of the registrant's common stock.

 TABLE OF CONTENTS

    Page
PART I - FINANCIAL INFORMATION
  
  
 
Item 1.
Consolidated Financial Statements (unaudited).
  2
  
  
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations.
  8
  
  
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
  12
  
  
 
Item 4.
Controls and Procedures.
  12
  
  
 
PART II - OTHER INFORMATION
  
  
 
Item 1.
Legal Proceedings.
  13
  
  
 
Item 1A.
Risk Factors.
  13
  
  
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
  13
  
  
 
Item 3.
Defaults Upon Senior Securities.
  13
  
  
 
Item 4.
Mine Safety Disclosures.
  13
  
  
 
Item 5.
Other Information.
  13
  
  
 
Item 6.
Exhibits.
  13
  
  
 
Signatures
  14

1
 
PART I – FINANCIAL INFORMATION
Item 1.  Financial Statements.
 
LD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

 
  
September 30,
2016
    
December 31,
2015
  
ASSETS
            
 
            
Current assets:
            
Cash and cash equivalents
  
$
6,066
    
$
9,738
  
Prepaid expenses
    
7,719
      
15,543
  
Total current assets
    
13,785
      
25,281
  
 
                
Total assets
    
13,785
      
25,281
  
 
                
LIABILITIES & STOCKHOLDERS' EQUITY
                
 
                
Current liabilities:
                
Accounts payable and accrued expenses
    
2,165,547
      
2,153,675
  
Accrued interest payable
    
191,913
      
165,734
  
Accrued interest payable – related parties
    
773,550
      
685,677
  
Liabilities to be settled in stock
    
164,000
      
-
  
Promissory notes payable
    
150,397
      
147,897
  
Promissory notes payable – related parties
    
2,158,704
      
2,106,076
  
Total current liabilities
    
5,604,111
      
5,259,059
  
 
                
Convertible promissory notes, net of unamortized discount
    
244,959
      
238,802
  
Total liabilities
    
5,849,070
      
5,497,861
  
 
                
Commitments
                
 
                
Stockholders' deficit:
                
Series A, convertible preferred stock, par value $0.001; 974,156 shares authorized and outstanding
    
974
      
974
  
Common stock, 25,840,351 shares authorized, par value $0.001, 25,840,351 shares issued and 25,280,351 outstanding
    
25,280
      
25,280
  
Additional paid-in capital
    
4,670,338
      
4,670,338
  
Accumulated deficit
    
(10,531,877
)
    
(10,169,172
)
Total stockholders' equity
    
(5,835,285
)
    
(5,472,580
)
Total liabilities and stockholders' equity
  
$
13,785
    
$
25,281
  
 
See accompanying notes to condensed consolidated financial statements.
2

LD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
  
Three Months Ended
    
Nine Months Ended
  
 
  
September 30,
2016
    
September 30,
2015
    
September 30,
2016
    
September 30,
2015
  
 
                        
 
Net sales – related party
 
  
$
15,000
    
$
15,000
    
$
45,000
    
$
45,000
  
Cost of sales
    
4,500
      
4,800
      
11,920
      
14,400
  
 
                                
Gross profit
    
10,500
      
10,200
      
33,080
      
30,600
  
 
                                
 
Operating expenses:
 
                                
Selling, general and administrative
    
75,071
      
76,100
      
272,011
      
288,253
  
Total operating expenses
    
75,071
      
76,100
      
272,011
      
288,253
  
 
                                
 
Loss from operations
 
    
(64,571
)
    
(65,900
)
    
(238,931
)
    
(257,653
)
 
                                
 
Other income (expense):
 
                                
 
Interest expense
 
    
(74,779
)
    
(19,796
)
    
(123,774
)
    
(61,931
)
 
Total other expense
 
    
(74,779
)
    
(19,796
)
    
(123,774
)
    
(61,931
)
 
                                
 
Loss before income taxes
 
    
(139,350
)
    
(85,696
)
    
(362,705
)
    
(319,584
)
 
                                
Income tax provision (benefit)
    
-
      
-
      
-
      
-
  
 
                                
 
Net loss
 
  
$
(139,350
)
  
$
(85,696
)
  
$
(362,705
)
  
$
(319,584
)
 
                                
 
Basic income per common share
 
  
$
(0.01
)
  
$
(0.00
)
  
$
(0.01
)
  
$
(0.01
)
 
Diluted income per common share
 
  
$
(0.01
)
  
$
(0.00
)
  
$
(0.01
)
  
$
(0.01
)
 
                                
 
Weighted average shares outstanding:
 
                                
Basic
    
25,280,351
      
25,280,351
      
25,280,351
      
25,250,241
  
Diluted
    
25,280,351
      
25,280,351
      
25,280,351
      
25,250,241
  
See accompanying notes to condensed consolidated financial statements.
3
 
LD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
  
Six Months Ended
  
 
  
September 30,
2016
    
September 30,
2015
  
 
            
Cash flows from operating activities:
            
Net loss
  
$
(362,705
)
  
$
(319.584
)
Adjustments to reconcile net loss to net cash used in operating activities:
                
Shares issued for services
    
-
      
78,340
  
Amortization of debt discount
    
6,157
      
1,407
  
 
                
Changes in assets and liabilities:
                
Decrease (increase) in prepaid expenses
    
7,824
      
(2,597
)
Increase in accounts payable and other accrued expenses
    
11,872
      
5,889
  
Increase in accrued interest payable
    
26,179
      
8,501
  
Increase in accrued interest payable – related parties
    
87,873
      
54,670
  
Net cash used in operating activities
    
(222,800
)
    
(173,374
)
 
                
Cash flows from financing activities:
                
Proceeds from notes payable
    
2,500
      
210,000
  
Proceeds from common stock subscriptions
    
164,000
      
-
  
Advances from (repayments to) related party
    
52,628
      
(28,124
)
Net cash provided by financing activities
    
219,128
      
181,876
  
 
                
Net (decrease) increase in cash and cash equivalents
    
(3,672
)
    
8,502
  
Cash and cash equivalents at beginning of period
    
9,738
      
151
  
Cash and cash equivalents at end of period
  
$
6,066
    
$
8,653
  
 
                
Supplemental cash flow information:
                
Taxes paid
  
$
-
    
$
-
  
Interest paid
  
$
8,065
    
$
-
  
 
See accompanying notes to condensed consolidated financial statements.
4

LD HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 – Nature of Organization

LD Holdings, Inc. (the Company), formerly Leisure Direct, Inc., was formed on January 1, 2000 under the name of ePoolSpas.com, Inc. The formation was effected by the issuance of 1,750,000 shares of the Company's common stock for the intangible assets of the former operating companies, Olympic Pools, Inc. and Preferred Concrete Placement, Inc.  The Company is located in Perrysburg, Ohio. The Company plans to acquire companies in a three (3) state area and then eventually roll out nationally.  In October 2010, as part of a broader plan, the Company opened the first of a series of diners it plans to open in the Midwest.  It closed its diner in Monroe, Michigan at the end of August, 2011 and opened a new diner in Toledo, Ohio in October 2011.  The diners catered to the baby boomer generation with a family orientation. In early 2014, the last of the diners closed.

LD Holdings, Inc., (symbol LDHL), has developed a business model that seeks to capitalize on the massive transfer of generational assets as the "Baby-Boomer" generation transitions from the ownership of small businesses into retirement.  The Company plans to focus its efforts on becoming a "known buyer" of these small companies that meet its acquisition criteria, which it intends to widely distribute to business sellers directly and to others on its websites.  The company's objective, through aggressive use of the Internet, is to put an outside investor base in place that shares the company's vision and objectives while the search for acquisitions is being conducted.  The company will stress on its affiliated websites and in its investor information that it is looking for long-term investors who are willing to hold their positions for a year or more.

Note 2 – Basis of Presentation

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of LD Holdings, Inc. (the "Company" or "LDH") as of September 30, 2016, the results of operations for the three and nine months ended September 30, 2016 and September 30, 2015, and statements of cash flows for the nine months ended September 30, 2016 and September 30, 2015.  These results are not necessarily indicative of the results to be expected for the full year.  The financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include disclosures normally made in an Annual Report on Form 10-K.  The December 31, 2015 balance sheet included herein was derived from the audited financial statements included in the Company's Annual Report on Form 10-K as of that date.  Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the United States Securities and Exchange Commission (the "SEC") on April 14, 2016 (the "Annual Report).

Note 3 – Summary of Significant Accounting Policies

During the nine months ended September 30, 2016, there have been no material changes in the Company's significant accounting policies to those previously disclosed in the Annual Report.

Note 4 – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred losses of $139,350 and $362,705 during the three and nine months ended September 30, 2016, respectively.  Also, as of September 30, 2016, the Company had $6,066 in cash, and current liabilities exceeded its current assets by $5,590,326. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans include raising additional funding from debt and equity transactions that will be used to acquire point of sale outlets that should in turn increase sales. Also, the implementation of strong cost management practices and an increased focus on business development should result in the elimination of the operating losses suffered and improvement of cash flows; however, any results of the Company's plans cannot be assumed. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.


Note 5 – Commitment and Contingencies

A judgment creditor has obtained an order to issue corporation unissued shares.  There are no unissued shares to issue at September 30, 2016.  The Company believes it is contrary to law and will be reversed on appeal.  The Company has accrued an amount of $200,000 in prior years toward this obligation and does not believe it will incur further exposure beyond this.

Note 6 – Stockholders' Deficit

During the nine months ended September 30, 2016 the Company issued 320,000 common stock subscriptions for $0.10 per share. The total amount of common stock subscriptions through the six months ended September 30, 2016 was $1,640,000 for $0.10 per share. The total amount received for the subscriptions was $164,000. The $164,000 subscription received is classified as liabilities to be settled in stock until the underlying shares are authorized.
5
LD HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued
(Unaudited)

Note 7 – Convertible Notes

During the three and nine months ended September 30, 2016, and for the year ended December 31, 2015, the Company issued a total of $2,500, $5,000 and $245,000, respectively, in promissory notes payable.  The notes bear interest at 10% per year, compounded annually and payable quarterly.  The 2016 notes mature December 31, 2018.  The other notes mature on December 31, 2017.  The Company may prepay the notes upon written notice to the holders.  The notes are convertible at any time by the holder at a conversion price of $0.25 per share.  Based on this fixed conversion ratio on the respective commitment dates, the Company recognized a debt discount of $8,373 for the beneficial conversion feature underlying these notes during 2015.  Any accrued interest may also be converted at the fixed conversion price; therefore it represents a contingent beneficial feature.  A total of $6,157 of the debt discount was amortized to interest expense during the nine months ended September 30, 2016.  A total of $6,175 of interest was accrued under these notes during the three months ended September 30, 2016.

Note 8 – Net Loss per Share

Net income per share has been computed according to Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC 260"), "Earnings per Share," which requires a dual presentation of basic and diluted income (loss) per share ("EPS"). Basic EPS represents net income (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services. 

 
  
Three Months
Ended
    
Three Months
Ended
  
 
  
September 30,
2016
    
September 30,
2015
  
Basic net loss per share computation:
            
  Net loss
  
$
(139,350
)
  
$
(86,696
)
  Weighted-average common shares outstanding
    
25,280,351
      
25,280,351
  
  Basic net  loss per share
  
$
(0.01
)
  
$
(0.06
)
Diluted net income per share computation
                
  Net loss
  
$
(139,350
)
  
$
(86,696
)
  Weighted-average common shares outstanding
    
25,280,351
      
25,280,351
  
  Incremental shares attributable to the assumed exercise of outstanding stock options and warrants
    
-
      
-
  
  Total adjusted weighted-average shares
    
25,280,351
      
25,280,351
  
 Diluted net  loss per share
  
$
(0.01
)
  
$
(0.00
)

 
  
Nine Months
 Ended
    
Nine Months
 Ended
  
 
  
September 30,
2016
    
September 30,
2015
  
Basic net loss per share computation:
            
  Net loss
  
$
(362,705
)
  
$
(319,584
)
Weighted-average common shares outstanding
    
25,280,351
      
25,250,241
  
  Basic net  loss per share
  
$
(0.01
)
  
$
(0.01
)
Diluted net loss per share computation
                
  Net loss
  
$
(362,705
)
  
$
(319,584
)
Weighted-average common shares outstanding
    
25,280,351
      
25,250,241
  
  Incremental shares attributable to the assumed exercise of outstanding stock options and warrants
    
-
      
-
  
  Total adjusted weighted-average shares
    
25,280,351
      
25,250,241
  
 Diluted net loss per share
  
$
(0.01
)
  
$
(0.01
)
 
6

LD HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued
(Unaudited)
 
 
Note 9 – New Accounting Pronouncements

No other recently issued accounting pronouncements had or are expected to have a material impact on the Company's condensed consolidated financial statements.
 
Note 10 – Income Taxes

Deferred income taxes are recorded to reflect the tax consequences or benefits to future years of any temporary differences between the tax basis of assets and liabilities, and of net operating loss carryforwards. The Company has experienced losses since its inception. As a result, it has incurred no Federal income tax. Under pronouncements of the FASB, recognition of deferred tax assets is permitted unless it is more likely than not that the assets will not be realized. The Company has recorded a 100% valuation allowance against deferred taxes.

Note 11 – Subsequent Events

The Company evaluated subsequent events, which are events or transactions that occurred after September 30, 2016 through the issuance of the accompanying financial statements and determined that no significant subsequent event need to be disclosed.
7

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

Forward Looking Statements

This Quarterly Report on Form 10-Q and other reports filed by the Company from time to time with the SEC (collectively the "Filings") contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company's management as well as estimates and assumptions made by Company's management.  Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof.  When used in the Filings, the words "anticipate", "believe", "estimate", "expect", "future", "intend", "plan", or the negative of these terms and similar expressions as they relate to the Company or the Company's management identify forward-looking statements.  Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on April 14, 2016, relating to the Company's industry, the Company's operations and results of operations, and any businesses that the Company may acquire.  Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements.  Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
 
Our financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP").  These accounting principles require us to make certain estimates, judgments and assumptions.  We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made.  These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented.  Our financial statements would be affected to the extent there are material differences between these estimates and actual results.  In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management's judgment in its application.  There are also areas in which management's judgment in selecting any available alternative would not produce a materially different result.  The following discussion should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this report.

Risk Factors

LD Holdings has very limited financial resources.  In order to implement its business plan, we will have to raise capital.  If we are unsuccessful in raising capital, our business will not grow.

Because of its limited operating history, LD Holdings has little historical financial data on which to base its plans for future operations.  Management will have to budget capital investment and expenses based, in large part, on its expectation of future revenues.  If those expectations are not met, LD Holdings Inc. may exhaust its capital resources before it achieves operational stability.
 
Corporate Strategy



LD Holdings, Inc., (Symbol LDHL), has developed a business model that seeks to capitalize on the massive transfer of generational assets as the "Baby-Boomer" generation transitions from the ownership of small businesses into retirement.  The Baby-Boomer generation is represented by almost 78 million individuals born between 1946 and 1964.  Over the next 20 years as these Baby-Boomers are retiring, there are going to be businesses worth trillions of dollars that need to be sold by this Boomer generation.



Historically, the sellers typically wanted to provide minimal or no financing to the buyer.  These types of transactions were too large for most individuals to finance, too risky for banks based upon the company's individual merits (as opposed to the buyer's personal balance sheet) and too small to interest most institutional investors (hedge funds and private equity groups) to consider.  The lack of liquidity makes it difficult to raise funds privately from anyone but friends and relatives.



The company seeks to take a seemingly negative funding situation and turn it into a positive one.  Many of these Baby Boomer businesses being sold, whether the sellers want to or not, will be forced to provide a major portion, or all, of the financing in order to sell their businesses or will be forced to sell them below their true market value in order to get the business sold.
 
The company plans to focus its efforts on becoming a "known buyer" of small companies that meet its acquisition criteria, which it intends to widely distribute to business sellers directly and to others on its websites.  The 5-Year Plan is to accumulate at least 45 of these small companies and to slowly meld them into cohesive business units.  Using $8.33 million of revenues as an average in years 1 through 3, and $10 million of revenues as an average in years 4 and 5, would result in consolidated total revenues of $420 Million by the end of year 5.

8



Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Corporate Strategy, continued



The company's objective, through aggressive use of the Internet, is to put an outside investor base in place that shares the company's vision and objectives while the search for acquisitions is being conducted.  The company will stress on its affiliated websites and in its investor information that it is looking for long-term investors who are willing to hold their positions for a year or more.
  
The company plans to acquire at least 3 companies with $25 million sales and EBIT of $2.5 million.  At 15x EBIT, this would place a market capitalization of $37 million on the company.  In order to accomplish its objectives, and as explained in the next section, the company has developed a 4-Step Process in which to accomplish its plans.

 

The company is establishing an Area Sales Director Business Model in a three state area (Ohio, Michigan and Indiana) initially.  If this three state model proves successful, a national rollout would follow.


Current Business Operations



LD Holdings, Inc., (Symbol LDHL), is a Financial and Management Holding Company that has identified a significant business opportunity that will fill a void in the small business world.  That void is the sale and transfer of businesses from one generation (the Baby Boomer) to the next.



With over 25 million small businesses in the USA and 15 trillion dollars of businesses to be sold over the next 15-20 years, there will be many opportunities for wealth generation.  The following services will be needed:


 
1* - There will be a need for Marketing, Sales and other Business Services to prepare the businesses for sale. 
   
 
2* - There will be a need for buyers for these businesses.
   
 
3* - There will be a need for entrepreneur managers to manage these businesses.
   
 
4* - There will be a need for the financing of these businesses.

LD Holdings, Inc., as a Financial and Management Holding Company, will take advantage of this opportunity and manage the portfolio companies in which LD Holdings, Inc. will have varying percentages of ownership.



LD Holdings, Inc. will concentrate on businesses with sales between $2 million and $20 million and EBIT between $500,000 and $3 million.  This is where the real void exists.   Owners of these businesses have a difficult time getting full value because the financing of these companies is too large for most individuals to finance, too risky for banks based upon the company's individual merits (as opposed to the buyer's personal balance sheet) and too small to interest most institutional investors (hedge funds and private equity groups) to consider.  A lack of liquidity makes it difficult to raise funds privately from anyone but friends and relatives.



LD Holdings, Inc. will provide the following services:



1* The Marketing, Sales and Other Business Services represent specifically target services to position client companies for both sales and profit growth in preparation for their eventual sale.  The lead service involves the client company outsourcing some portion of the sales function to us as an Independent Sales Organization (ISO).  This enhances the value of the company because it is no longer dependent upon the selling management's relationship with the company's customers.  We provide this service under a variety of formats and compensation arrangements.  Typically, these are long-term joint-venture marketing efforts that result in recurring revenue streams to the company.  The auxiliary consulting services provided include helping the client company to finance its growth and to prepare it for sale under the most advantageous terms possible to the client.  In many cases, we will participate in the incremental value created.



2* LD Holdings, Inc. maintains an ongoing data base of businesses for sale.  This allows the company to look for synergistic opportunities to combine one or more acquisition candidates at some future date.  This database also provides the company with a historical perspective of different industries and distribution channels along with any type of geographical variation in the valuation of businesses.



3* LD Holdings, Inc. maintains a database of individuals with specific backgrounds and expertise that will be available for both acquisition evaluation, and strategizing the post-acquisition business model for each potential acquisition candidate, once the financial aspects of the transaction are determined.  Particular attention will be given to developing relationships with those entrepreneurs and managers that want to perform in a results-driven environment, which has the associated incentives in place to create personal wealth for them and an above average return for the company's stockholders.  What distinguishes these individuals is that they are self-motivated, looking for a rewarding opportunity and are willing to put in whatever time is needed.
9

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations, continued


Current Business Operations, continued


4* LD Holdings, Inc. maintains an ongoing data base of investors that share the company's vision and objectives.  The company is looking for long-term investors who are willing to hold their positions for a year or more for superior rates of return.  Investors that want to participate in ground floor investment opportunities that the company's Business Model represents have a special wealth building vehicle available to them.  The company's stock is thinly traded with a relatively small float.  This will allow the company to look for synergistic opportunities to combine one or more acquisition candidates.



Boomer's Diner, Inc., a Michigan corporation and wholly owned subsidiary of LD Holdings, Inc. (LDHL), opened for business in Monroe, Michigan in October, 2010.  On August 28, 2011, the company closed its Monroe, Michigan diner, and on October 17, 2011, the company opened a Boomers Diner in Toledo, Ohio.  In January 2014, the Company closed its Toledo, Ohio diner.



This subsidiary's business plan complements the business plan of LDHL, which is to help facilitate the transfer of "Baby Boomer" businesses in the $2-$20 million annual sales range to younger generations.  Collaboration of business resources, lead generation and other business services will expand and leverage the footprint of LDHL.


Results of Operations

Three Months Ended September 30, 2016 and 2015:

Sales and Cost of Sales


For the three months ended September 30, 2016 LD Holdings had revenues of $15,000 as compared to $15,000 for the three months ended September 30, 3015, all from a related party.  For the three months ended September 30, 2016 LD Holdings incurred cost of sales of $4,500 as compared to $4,800 for the three months ended September 30, 2015.  

Operating Expenses


For the three months ended September 30, 2016 selling, general and administrative expenses decreased $1,029 (1.4%) to $75,071 as compared to $76,100 for the three months ended September 30, 2015. For the three months ended September 30, 2016 and 2015 selling, general and administrative expenses included fees for the services of John R. Ayling, Chairman and CEO in the amount of $30,000 and $30,000, respectively.  Mr. Ayling's fees have been accrued until the operations of the company permit payment, or the Chairman and CEO determines to take his fee in the form of stock. 

Interest Expenses

Interest expense increased to $74,779 for the three months ended September 30, 2016 as compared to $19,796 for the three months ended September 30, 2015 as a result of higher loan balances.

Net Loss


As a result of the above, the Company incurred a net loss of $139,350 for the three months ended September 30, 2016 as compared to a net loss of $85,696 for the three months ended September 30, 2015.
10

 

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations, continued


Results of Operations, continued

Nine Months Ended September 30, 2016 and 2015:

Sales and Cost of Sales


For the nine months ended September 30, 2016 LD Holdings had revenues of $45,000 as compared to $45,000 for the nine months ended September 30, 3015, all from a related party.  For the nine months ended September 30, 2016 LD Holdings incurred cost of sales of $11,920 as compared to $14,400 for the nine months ended September 30, 2015.  

Operating Expenses


For the nine months ended September 30, 2016 selling, general and administrative expenses decreased $16,242 (5.6%) to $272,011 as compared to $288,253 for the three months ended September 30, 2015. For the nine months ended September 30, 2016 and 2015 selling, general and administrative expenses included fees for the services of John R. Ayling, Chairman and CEO in the amount of $90,000 and $90,000, respectively.  Mr. Ayling's fees have been accrued until the operations of the company permit payment, or the Chairman and CEO determines to take his fee in the form of stock. 

Interest Expenses

Interest expense increased to $123,774 for the nine months ended September 30, 2016 as compared to $61,931 for the nine months ended September 30, 2015 as a result of higher loan balances.

Net Loss


As a result of the above, the Company incurred a net loss of $362,705 as compared to a net loss of $319,584 for the nine months ended September 30, 2015.

Liquidity and Capital Requirements



LD Holdings had a working capital deficit, at September 30, 2016, of $5,509,326. The working capital requirements of LD Holdings have been funded primarily with loans from shareholders, convertible promissory notes and through the issuance of common stock subscriptions.


LD Holdings had a working capital shortage and did not emphasize current operations.  Management has elected to devote all of its time seeking financing partners to further implement its Business Plan.
 
LD Holdings is seeking additional financing to continue developing its business plan and to begin its implementation. Management believes this amount will be substantial.


Off-Balance Sheet Arrangements

As of September 30, 2016, the Company had no material off-balance sheet arrangements.

Critical Accounting Policies

Our critical accounting policies are described in Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report. There have been no changes in our critical accounting policies. Our significant accounting policies are described in our notes to the 2016 consolidated financial statements included in our Annual Report.

The Company does consulting work for Capital First Management Inc. by sourcing clients for Capital First Management and uses its shareholder base and other leads to help build Capital First's website nanocapnation.com.  The Company also consults with Capital First's other businesses.  The services are performed under contract and revenue is recognized as services are performed.
11



Item 3.  Quantitative and Qualitative Disclosures about Market Risk

We do not hold any derivative instruments and do not engage in any hedging activities.

Item 4.  Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in the reports we file pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act") are recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our Chief Executive Officer ("CEO") and Chief Accounting Officer ("CAO"), to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide a reasonable assurance of achieving the desired control objectives, and in reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.  Management designed the disclosure controls and procedures to provide reasonable assurance of achieving the desired control objectives.

An evaluation of the effectiveness of the Company's disclosure controls and procedures as of September 30, 2016 was made under the supervision of John R. Ayling, the Chairman/Chief Executive Officer/Chief Accounting Officer. We carried out an evaluation, under the supervision and with the participation of our management, including our CEO and CAO, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report. Based upon that evaluation, the CEO and CA concluded that the Company's disclosure controls and procedures were ineffective.

(b) Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
12



PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries' officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

Item 1A.  Risk Factors.

We believe there are no changes that constitute material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on April, 14, 2016.

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

There were no unregistered sales of the Company's equity securities during the quarter ended September 30, 2016 other than those previously reported in a Current Report on Form 8-K.

Item 3.   Defaults upon Senior Securities.

There has been no default in the payment of principal, interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.

Item 4.   Mine Safety Disclosures.

Not applicable.  

Item 5.  Other Information.

There is no other information required to be disclosed under this item which was not previously disclosed.



Item 6.
Exhibits
 
 
31.1
Rule 13a-14(a) Certification*
 
 
32
Rule 13a-14(b) Certification*
 
 
101.ins
XBRL Instance*
 
 
101.xsd
XBRL Schema*
 
 
101.cal
XBRL Calculation*
 
 
101.def
XBRL Definition*
 
 
101.lab
XBRL Label*
 
 
101.pre
XBRL Presentation*



* Filed herewith
13
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.
 
 
LD Holdings, Inc.
 
 
 
 
 
 
Date: November 14, 2016
By:
 /s/ John R. Ayling
 
 
Name: John R. Ayling
 
 
Title:   Chairman
            Chief Executive Officer
            Chief Accounting Officer
           
 

14
 EX-31.1 2 exh31_1.htm RULE 13A-14(A) CERTIFICATION
Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
 
I, John R. Ayling, certify that:

1.
I have reviewed this Form 10-Q of LD Holdings, 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 present 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 control over financial reporting (as defined in Exchange Act Rules 13-a-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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us 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 our 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 our 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; and

d)
Disclosed in this report any change in the registrant's internal control over financing 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 our 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 and material weaknesses in the design or operation of internal control 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 involved management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 14, 2016
By: /s/ John R. Ayling
 
John R. Ayling
 
Chairman
Chief Executive Officer
Chief Accounting Officer
 
LD Holdings, Inc.

 
 EX-32.1 3 exh32_1.htm RULE 13A-14(B) CERTIFICATION
Exhibit 32

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 this Quarterly Report of LD Holdings, Inc. (the "Company"), on Form 10-Q for the quarter ended September 30, 2016, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, John R. Ayling, Chief Executive Officer and Chief Accounting Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1)
Such Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, 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 such Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, fairly presents, in all material respects, the financial condition and results of operations of the Company.
 

     
Date: November 14, 2016
By: 
/s/ John R. Ayling
 
 
John R. Ayling
 
 
Chairman
Chief Executive Officer
Chief Accounting Officer
LD Holdings, Inc.

 
 
 EX-101.INS 4 ldhl-20160930.xml XBRL INSTANCE DOCUMENT 7719 15543 13785 25281 13785 25281 2165547 2153675 191913 165734 773550 685677 150397 147897 2158704 2106076 5604111 5259059 244959 238802 5849070 5497861 974 974 25280 25280 4670338 4670338 -10531877 -10169172 -5835285 -5472580 13785 25281 0.001 0.001 974156 974156 974156 974156 974156 974156 0.001 0.001 25840351 25840351 25840351 25840351 25280351 25280351 15000 15000 45000 45000 4500 4800 11920 14400 10500 10200 33080 30600 75071 76100 272011 288253 75071 76100 272011 288253 -64571 -65900 -238931 -257653 74779 19796 123774 61931 -74779 -19796 -123774 -61931 -139350 -85696 -362705 -319584 <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'><u>Note 1 &#150; Nature of Organization</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.4pt;background:white'>LD Holdings, Inc. (the Company),&nbsp;formerly Leisure Direct, Inc., was formed on January&nbsp;1, 2000 under the name of ePoolSpas.com, Inc. The formation was effected by the issuance of 1,750,000 shares of the Company's common stock for the intangible assets of the former operating companies,&nbsp;Olympic Pools, Inc.&nbsp;and Preferred Concrete Placement,&nbsp;Inc.&nbsp; The Company is located&nbsp;in Perrysburg, Ohio. The Company plans to acquire companies in a three (3) state area and then eventually roll out nationally.&nbsp; In October 2010, as part of a broader plan, the Company opened the first of a series of diners it plans&nbsp;to open in the Midwest.&nbsp;&nbsp;It closed its diner in Monroe, Michigan at the end of August, 2011 and opened a new diner in Toledo, Ohio in October 2011.&nbsp; The diners catered to the baby boomer generation&nbsp;with a family orientation. In early&nbsp;2014, the last of the diners closed.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.4pt;background:white'>LD Holdings, Inc., (symbol LDHL), has developed a business model that seeks to capitalize on the massive transfer of generational assets as the &quot;Baby-Boomer&quot; generation transitions from the ownership of small businesses into retirement.&nbsp;&nbsp;The Company plans to focus its efforts on becoming a &quot;known buyer&quot; of these small companies that meet its acquisition criteria, which it intends to widely distribute to business sellers directly and to others on its websites.&nbsp;&nbsp;The company's objective, through aggressive use of the Internet, is to put an outside investor base in place that shares the company's vision and objectives while the search for acquisitions is being conducted.&nbsp;&nbsp;The company will stress on its affiliated websites and in its investor information that it is looking for long-term investors who are willing to hold their positions for a year or more.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'><u>Note 2 &#150; Basis of Presentation</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'>In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of LD Holdings, Inc. (the &#147;Company&#148; or &#147;LDH&#148;) as of September 30, 2016, the results of operations for the three and nine months ended September 30, 2016 and September 30, 2015, and statements of cash flows for the nine months ended September 30, 2016 and September 30, 2015.&nbsp;&nbsp;These results are not necessarily indicative of the results to be expected for the full year.&nbsp;&nbsp;The financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include disclosures normally made in an Annual Report on Form 10-K.&nbsp;&nbsp;The December 31, 2015 balance sheet included herein was derived from the audited financial statements included in the Company&#146;s Annual Report on Form 10-K as of that date.&nbsp;&nbsp;Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the United States Securities and Exchange Commission (the &#147;SEC&#148;) on April 14, 2016 (the &#147;Annual Report).</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'><u>Note 3&nbsp;&#150; Summary of Significant Accounting Policies</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'>During the nine months ended September 30, 2016, there have been no material changes in the Company&#146;s significant accounting policies to those previously disclosed in the Annual Report.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><u>Note 4&nbsp;&#150; Going Concern</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.4pt;background:white'>The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred losses of $139,350 and $362,705 during the three and nine months ended September 30, 2016, respectively.&nbsp;&nbsp;Also, as of September 30, 2016, the Company had $6,066 in cash, and current liabilities exceeded its current assets by $5,590,326. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans include raising additional funding from debt and equity transactions that will be used to acquire point of sale outlets that should in turn increase sales. Also, the implementation of strong cost management practices and an increased focus on business development should result in the elimination of the operating losses suffered and improvement of cash flows; however, any results of the Company's plans cannot be assumed. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.4pt;background:white'><u>Note 5&nbsp;&#150; Commitment and Contingencies</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.4pt;background:white'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.4pt;background:white'>A judgment creditor has obtained an order to issue corporation unissued shares.&nbsp; There are no unissued shares to issue at September 30, 2016.&nbsp; The Company believes it is contrary to law and will be reversed on appeal.&nbsp; The Company has accrued an amount of $200,000 in prior years toward this obligation and does not believe it will incur further exposure beyond this.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><u>Note 6&nbsp;&#150; Stockholders&#146; Deficit</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal;text-autospace:none'>During the nine months ended September 30, 2016 the Company issued 320,000 common stock subscriptions for $0.10 per share. The total amount of common stock subscriptions through the six months ended September 30, 2016 was $1,640,000 for $0.10 per share. The total amount received for the subscriptions was $164,000. The $164,000 subscription received is classified as liabilities to be settled in stock until the underlying shares are authorized.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><u>Note 7&nbsp;&#150; Convertible Notes</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal;text-autospace:none'>During the three and nine months ended September 30, 2016, and for the year ended December 31, 2015, the Company issued a total of $2,500, $5,000 and $245,000, respectively, in promissory notes payable.&nbsp; The notes bear interest at 10% per year, compounded annually and payable quarterly.&nbsp; The 2016 notes mature December 31, 2018.&nbsp; The other notes mature on December 31, 2017.&nbsp; The Company may prepay the notes upon written notice to the holders.&nbsp; The notes are convertible at any time by the holder at a conversion price of $0.25 per share.&nbsp; Based on this fixed conversion ratio on the respective commitment dates, the Company recognized a debt discount of $8,373 for the beneficial conversion feature underlying these notes during 2015.&nbsp; Any accrued interest may also be converted at the fixed conversion price; therefore it represents a contingent beneficial feature.&nbsp; A total of $6,157 of the debt discount was amortized to interest expense during the nine months ended September 30, 2016.&nbsp; A total of $6,175 of interest was accrued under these notes during the three months ended September 30, 2016.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><u>Note 8 &#150; Net Loss per Share</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'>Net income per share has been computed according to Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC 260&#148;), &#147;Earnings per Share,&#148; which requires a dual presentation of basic and diluted income (loss) per share (&#147;EPS&#148;). Basic EPS represents net income (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services.&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>Three Months Ended</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>Three Months Ended</b></p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>September 30, 2016</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>September 30, 2015</b></p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><b>Basic net loss per share computation:</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Net loss</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(139,350</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(85,696)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Weighted-average common shares outstanding</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Basic net&nbsp;&nbsp;loss per share</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(0.01</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(0.00)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><b>Diluted net income per share computation</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Net loss</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(139,350</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(85,696)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Weighted-average common shares outstanding</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Incremental shares attributable to the assumed exercise of </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>outstanding stock options and warrants</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>-</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>-</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Total adjusted weighted-average shares</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;Diluted net&nbsp;&nbsp;loss per share</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(0.01</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(0.00)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>Nine Months Ended</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>Nine Months Ended</b></p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>September 30, 2016</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>September 30, 2015</b></p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><b>Basic net loss per share computation:</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Net loss</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(362,705</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(319,584)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Weighted-average common shares outstanding</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,250,241</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Basic net&nbsp;&nbsp;loss per share</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(0.01</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(0.01)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><b>Diluted net loss per share computation</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Net loss</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(362,705</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(319,584)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Weighted-average common shares outstanding</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,250,241</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Incremental shares attributable to the assumed exercise of </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>outstanding stock options and warrants</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>-</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>-</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Total adjusted weighted-average shares</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,250,241</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;Diluted net&nbsp;loss per share</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(0.01</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(0.01)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> </table> </div> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Note 9 &#150; New Accounting Pronouncements</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:10.0pt'>No other recently issued accounting pronouncements had or are expected to have a material impact on the Company&#146;s condensed consolidated financial statements.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal'><u>Note 10 &#150; Income Taxes</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal'>Deferred income taxes are recorded to reflect the tax consequences or benefits to future years of any temporary differences between the tax basis of assets and liabilities, and of net operating loss carryforwards. The Company has experienced losses since its inception. As a result, it has incurred no Federal income tax. Under pronouncements of the FASB, recognition of deferred tax assets is permitted unless it is more likely than not that the assets will not be realized. The Company has recorded a 100% valuation allowance against deferred taxes. </p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal'><u>Note 11 &#150; Subsequent Events</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>The Company evaluated subsequent events, which are events or transactions that occurred after September 30, 2016 through the issuance of the accompanying financial statements and determined that no significant subsequent event need to be disclosed.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;line-height:11.0pt'>Net income per share has been computed according to Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC 260&#148;), &#147;Earnings per Share,&#148; which requires a dual presentation of basic and diluted income (loss) per share (&#147;EPS&#148;). Basic EPS represents net income (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services.&nbsp;</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>Three Months Ended</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>Three Months Ended</b></p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>September 30, 2016</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>September 30, 2015</b></p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><b>Basic net loss per share computation:</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Net loss</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(139,350</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(85,696)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Weighted-average common shares outstanding</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Basic net&nbsp;&nbsp;loss per share</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(0.01</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(0.00)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'></td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><b>Diluted net income per share computation</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Net loss</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(139,350</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(85,696)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Weighted-average common shares outstanding</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Incremental shares attributable to the assumed exercise of </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>outstanding stock options and warrants</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>-</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>-</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Total adjusted weighted-average shares</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;Diluted net&nbsp;&nbsp;loss per share</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(0.01</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(0.00)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>Nine Months Ended</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>Nine Months Ended</b></p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>September 30, 2016</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:11.0pt'><b>September 30, 2015</b></p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><b>Basic net loss per share computation:</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="21%" colspan="2" valign="bottom" style='width:21.98%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.48%;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Net loss</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(362,705</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(319,584)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Weighted-average common shares outstanding</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,250,241</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Basic net&nbsp;&nbsp;loss per share</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(0.01</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(0.01)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'><b>Diluted net loss per share computation</b></p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Net loss</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(362,705</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(319,584)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Weighted-average common shares outstanding</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,250,241</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Incremental shares attributable to the assumed exercise of </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>outstanding stock options and warrants</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>-</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>-</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;&nbsp;Total adjusted weighted-average shares</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>25,280,351</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:white;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:white;text-autospace:none'>25,250,241</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="49%" valign="bottom" style='width:49.88%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;Diluted net&nbsp;loss per share</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>$</p> </td> <td width="19%" valign="bottom" style='width:19.76%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>(0.01</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>)&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.72%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:11.0pt'>$</p> </td> <td width="20%" valign="bottom" style='width:20.26%;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>(0.01)</p> </td> <td width="1%" valign="bottom" style='width:1.48%;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:11.0pt'>&nbsp;</p> 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LINKBASE EX-101.LAB 8 ldhl-20160930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Common Stock Subscriptions - Amount Represents the monetary amount of Common Stock Subscriptions - Amount, during the indicated time period. Earnings Per Share, Policy Note 2 - Basis of Presentation Interest paid Amortization of debt discount Total other expense Promissory notes payable - related parties Document Fiscal Year Focus Common Stock Subscriptions Represents the Common Stock Subscriptions (number of shares), during the indicated time period. Common stock shares issued LIABILITIES & STOCKHOLDERS' EQUITY Class of Stock Amortization of debt discount-beneficial conversion features Promissory Note Payable Represents the monetary amount of PromissoryNotePayable, during the indicated time period. Net cash used in operating activities Net cash used in operating activities Adjustments to reconcile net loss to net cash used in operating activities: Basic income per common share Net sales - related party Accrued interest payable Entity Filer Category Note 9 - New Accounting Pronouncements Loss before income taxes Condensed Consolidated Statements of Operations Preferred stock shares authorized Stockholders' deficit: Accounts payable and accrued expenses Prepaid expenses Document Fiscal Period Focus Entity Current Reporting Status Document Type Details Note 10 - Income Taxes Note 6 - Stockholders' Deficit Note 1 - Nature of Organization Net cash provided by financing activities Net cash provided by financing activities Preferred stock shares outstanding Condensed Consolidated Balance Sheets Entity Voluntary Filers Amendment Flag Note 5 - Commitments and Contingencies Liabilities to be settled in stock Statement [Line Items] Schedule of Earnings Per Share, Basic and Diluted Tables/Schedules Note 8 - Net Loss Per Share Increase in accounts payable and other accrued expenses Increase in accounts payable and other accrued expenses Total liabilities and stockholders' equity Total liabilities and stockholders' equity Promissory notes payable Assets {1} Assets Statement [Table] Amount accrued in prior years toward obligation Note 4 - Going Concern Basic Net Loss Net Loss Net Income Loss Income tax provision (benefit) Common stock par value Total stockholders' equity Total stockholders' equity Accrued interest payable - related parties Represents the monetary amount of Accrued interest payable - related parties, as of the indicated date. Preferred Class A Common Class A Weighted average shares outstanding: Commitments Supplemental cash flow information: Net (decrease) increase in cash and cash equivalents Net (decrease) increase in cash and cash equivalents Advances from (repayments to) related party Increase in accrued interest payable Increase in accrued interest payable Diluted Interest expense Interest expense Loss from operations Loss from operations Selling, general and administrative Additional paid-in capital Common stock, 25,840,351 shares authorized, par value $0.001, 25,840,351 shares issued and 25,280,351 outstanding Current liabilities: Cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Current Assets Entity Well-known Seasoned Issuer Entity Common Stock, Shares Outstanding Policies Condensed Consolidated Statements of Cash Flows Diluted income per common share Common stock shares outstanding Current Fiscal Year End Date Class of Stock [Axis] Document and Entity Information: Recognition of debt discount from beneficial conversion features Represents the monetary amount of Recognition of debt discount from beneficial conversion features, during the indicated time period. Total operating expenses Operating expenses: Total Assets Total Assets Trading Symbol Increase in accrued interest payable - related parties Increase in accrued interest payable - related parties Represents the monetary amount of Increase in accrued interest payable - related parties, during the indicated time period. Changes in assets and liabilities: Cash Flows From Operating Activities: Gross Profit Gross Profit Preferred stock shares issued Condensed Consolidated Balance Sheets Parenthetical Series A, convertible preferred stock, par value $0.001; 974,156 shares authorized and outstanding Working Capital Represents the monetary amount of WorkingCapital, as of the indicated date. Note 11 - Subsequent Events Notes Common stock shares authorized Accumulated deficit Total Current Liabilities Total Current Liabilities Entity Registrant Name Note 7 - Convertible Notes Taxes paid Proceeds from Notes Payable Cash flows from financing activities: Shares issued for services Shares issued for services Preferred stock par value Total Liabilities Total Liabilities Total Current Assets Total Current Assets Entity Central Index Key Document Period End Date Note 3 - Summary of Significant Accounting Policies Proceeds from Common Stock Subscriptions Represents the monetary amount of Proceeds from Common Stock Subscriptions, during the indicated time period. Decrease (increase) in prepaid expenses Other income (expense): Cost of Sales Convertible promissory notes, net of unamortized discount EX-101.PRE 9 ldhl-20160930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2016
Nov. 14, 2016
Entity Registrant Name LD Holdings, Inc.  
Document Type 10-Q  
Document Period End Date Sep. 30, 2016  
Trading Symbol ldhl  
Amendment Flag false  
Entity Central Index Key 0001131089  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   25,840,351
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q3  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and cash equivalents $ 6,066 $ 9,738
Prepaid expenses 7,719 15,543
Total Current Assets 13,785 25,281
Total Assets 13,785 25,281
Current liabilities:    
Accounts payable and accrued expenses 2,165,547 2,153,675
Accrued interest payable 191,913 165,734
Accrued interest payable - related parties 773,550 685,677
Liabilities to be settled in stock 164,000  
Promissory notes payable 150,397 147,897
Promissory notes payable - related parties 2,158,704 2,106,076
Total Current Liabilities 5,604,111 5,259,059
Convertible promissory notes, net of unamortized discount 244,959 238,802
Total Liabilities 5,849,070 5,497,861
Commitments
Stockholders' deficit:    
Series A, convertible preferred stock, par value $0.001; 974,156 shares authorized and outstanding 974 974
Common stock, 25,840,351 shares authorized, par value $0.001, 25,840,351 shares issued and 25,280,351 outstanding 25,280 25,280
Additional paid-in capital 4,670,338 4,670,338
Accumulated deficit (10,531,877) (10,169,172)
Total stockholders' equity (5,835,285) (5,472,580)
Total liabilities and stockholders' equity $ 13,785 $ 25,281
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Balance Sheets Parenthetical - $ / shares
Sep. 30, 2016
Dec. 31, 2015
Condensed Consolidated Balance Sheets Parenthetical    
Preferred stock par value $ 0.001 $ 0.001
Preferred stock shares authorized 974,156 974,156
Preferred stock shares issued 974,156 974,156
Preferred stock shares outstanding 974,156 974,156
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 25,840,351 25,840,351
Common stock shares issued 25,840,351 25,840,351
Common stock shares outstanding 25,280,351 25,280,351
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Operations - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Condensed Consolidated Statements of Operations        
Net sales - related party $ 15,000 $ 15,000 $ 45,000 $ 45,000
Cost of Sales 4,500 4,800 11,920 14,400
Gross Profit 10,500 10,200 33,080 30,600
Operating expenses:        
Selling, general and administrative 75,071 76,100 272,011 288,253
Total operating expenses 75,071 76,100 272,011 288,253
Loss from operations (64,571) (65,900) (238,931) (257,653)
Other income (expense):        
Interest expense (74,779) (19,796) (123,774) (61,931)
Total other expense (74,779) (19,796) (123,774) (61,931)
Loss before income taxes (139,350) (85,696) (362,705) (319,584)
Income tax provision (benefit)
Net Loss $ (139,350) $ (85,696) $ (362,705) $ (319,584)
Basic income per common share $ (0.01) $ (0.00) $ (0.01) $ (0.01)
Diluted income per common share $ (0.01) $ (0.00) $ (0.01) $ (0.01)
Weighted average shares outstanding:        
Basic 25,280,351 25,280,351 25,280,351 25,250,241
Diluted 25,280,351 25,280,351 25,280,351 25,250,241
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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 $ (362,705) $ (319,584)
Adjustments to reconcile net loss to net cash used in operating activities:    
Shares issued for services   78,340
Amortization of debt discount 6,157 1,407
Changes in assets and liabilities:    
Decrease (increase) in prepaid expenses 7,824 (2,597)
Increase in accounts payable and other accrued expenses 11,872 5,889
Increase in accrued interest payable 26,179 8,501
Increase in accrued interest payable - related parties 87,873 54,670
Net cash used in operating activities (222,800) (173,374)
Cash flows from financing activities:    
Proceeds from Notes Payable 2,500 210,000
Proceeds from Common Stock Subscriptions 164,000  
Advances from (repayments to) related party 52,628 (28,124)
Net cash provided by financing activities 219,128 181,876
Net (decrease) increase in cash and cash equivalents (3,672) 8,502
Cash and cash equivalents at beginning of period 9,738 151
Cash and cash equivalents at end of period 6,066 8,653
Supplemental cash flow information:    
Taxes paid
Interest paid $ 8,065  
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Note 1 - Nature of Organization
 9 Months Ended
Sep. 30, 2016
Notes  
Note 1 - Nature of Organization

Note 1 – Nature of Organization

 

LD Holdings, Inc. (the Company), formerly Leisure Direct, Inc., was formed on January 1, 2000 under the name of ePoolSpas.com, Inc. The formation was effected by the issuance of 1,750,000 shares of the Company's common stock for the intangible assets of the former operating companies, Olympic Pools, Inc. and Preferred Concrete Placement, Inc.  The Company is located in Perrysburg, Ohio. The Company plans to acquire companies in a three (3) state area and then eventually roll out nationally.  In October 2010, as part of a broader plan, the Company opened the first of a series of diners it plans to open in the Midwest.  It closed its diner in Monroe, Michigan at the end of August, 2011 and opened a new diner in Toledo, Ohio in October 2011.  The diners catered to the baby boomer generation with a family orientation. In early 2014, the last of the diners closed.

 

LD Holdings, Inc., (symbol LDHL), has developed a business model that seeks to capitalize on the massive transfer of generational assets as the "Baby-Boomer" generation transitions from the ownership of small businesses into retirement.  The Company plans to focus its efforts on becoming a "known buyer" of these small companies that meet its acquisition criteria, which it intends to widely distribute to business sellers directly and to others on its websites.  The company's objective, through aggressive use of the Internet, is to put an outside investor base in place that shares the company's vision and objectives while the search for acquisitions is being conducted.  The company will stress on its affiliated websites and in its investor information that it is looking for long-term investors who are willing to hold their positions for a year or more.
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 2 - Basis of Presentation
 9 Months Ended
Sep. 30, 2016
Notes  
Note 2 - Basis of Presentation

Note 2 – Basis of Presentation

 

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of LD Holdings, Inc. (the “Company” or “LDH”) as of September 30, 2016, the results of operations for the three and nine months ended September 30, 2016 and September 30, 2015, and statements of cash flows for the nine months ended September 30, 2016 and September 30, 2015.  These results are not necessarily indicative of the results to be expected for the full year.  The financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include disclosures normally made in an Annual Report on Form 10-K.  The December 31, 2015 balance sheet included herein was derived from the audited financial statements included in the Company’s Annual Report on Form 10-K as of that date.  Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the United States Securities and Exchange Commission (the “SEC”) on April 14, 2016 (the “Annual Report).
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 3 - Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2016
Notes  
Note 3 - Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies

 

During the nine months ended September 30, 2016, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Annual Report.
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 4 - Going Concern
 9 Months Ended
Sep. 30, 2016
Notes  
Note 4 - Going Concern

Note 4 – Going Concern

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred losses of $139,350 and $362,705 during the three and nine months ended September 30, 2016, respectively.  Also, as of September 30, 2016, the Company had $6,066 in cash, and current liabilities exceeded its current assets by $5,590,326. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans include raising additional funding from debt and equity transactions that will be used to acquire point of sale outlets that should in turn increase sales. Also, the implementation of strong cost management practices and an increased focus on business development should result in the elimination of the operating losses suffered and improvement of cash flows; however, any results of the Company's plans cannot be assumed. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 5 - Commitments and Contingencies
 9 Months Ended
Sep. 30, 2016
Notes  
Note 5 - Commitments and Contingencies

Note 5 – Commitment and Contingencies

 

A judgment creditor has obtained an order to issue corporation unissued shares.  There are no unissued shares to issue at September 30, 2016.  The Company believes it is contrary to law and will be reversed on appeal.  The Company has accrued an amount of $200,000 in prior years toward this obligation and does not believe it will incur further exposure beyond this.
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 6 - Stockholders' Deficit
 9 Months Ended
Sep. 30, 2016
Notes  
Note 6 - Stockholders' Deficit

Note 6 – Stockholders’ Deficit

 

During the nine months ended September 30, 2016 the Company issued 320,000 common stock subscriptions for $0.10 per share. The total amount of common stock subscriptions through the six months ended September 30, 2016 was $1,640,000 for $0.10 per share. The total amount received for the subscriptions was $164,000. The $164,000 subscription received is classified as liabilities to be settled in stock until the underlying shares are authorized.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 7 - Convertible Notes
 9 Months Ended
Sep. 30, 2016
Notes  
Note 7 - Convertible Notes

Note 7 – Convertible Notes

 

During the three and nine months ended September 30, 2016, and for the year ended December 31, 2015, the Company issued a total of $2,500, $5,000 and $245,000, respectively, in promissory notes payable.  The notes bear interest at 10% per year, compounded annually and payable quarterly.  The 2016 notes mature December 31, 2018.  The other notes mature on December 31, 2017.  The Company may prepay the notes upon written notice to the holders.  The notes are convertible at any time by the holder at a conversion price of $0.25 per share.  Based on this fixed conversion ratio on the respective commitment dates, the Company recognized a debt discount of $8,373 for the beneficial conversion feature underlying these notes during 2015.  Any accrued interest may also be converted at the fixed conversion price; therefore it represents a contingent beneficial feature.  A total of $6,157 of the debt discount was amortized to interest expense during the nine months ended September 30, 2016.  A total of $6,175 of interest was accrued under these notes during the three months ended September 30, 2016.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 8 - Net Loss Per Share
 9 Months Ended
Sep. 30, 2016
Notes  
Note 8 - Net Loss Per Share

Note 8 – Net Loss per Share

 

Net income per share has been computed according to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 260”), “Earnings per Share,” which requires a dual presentation of basic and diluted income (loss) per share (“EPS”). Basic EPS represents net income (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services. 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

September 30, 2016

 

 

September 30, 2015

 

Basic net loss per share computation:

 

 

 

 

 

 

  Net loss

 

$

(139,350

) 

 

$

(85,696)

 

  Weighted-average common shares outstanding

 

 

25,280,351

 

 

 

25,280,351

 

  Basic net  loss per share

 

$

(0.01

) 

 

$

(0.00)

Diluted net income per share computation

 

 

 

 

 

 

 

 

  Net loss

 

$

(139,350

) 

 

$

(85,696)

 

  Weighted-average common shares outstanding

 

 

25,280,351

 

 

 

25,280,351

 

  Incremental shares attributable to the assumed exercise of

outstanding stock options and warrants

 

 

-

 

 

 

-

 

  Total adjusted weighted-average shares

 

 

25,280,351

 

 

 

25,280,351

 

 Diluted net  loss per share

 

$

(0.01

) 

 

$

(0.00)

 

 

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2016

 

 

September 30, 2015

 

Basic net loss per share computation:

 

 

 

 

 

 

  Net loss

 

$

(362,705

) 

 

$

(319,584)

 

  Weighted-average common shares outstanding

 

 

25,280,351

 

 

 

25,250,241

 

  Basic net  loss per share

 

$

(0.01

) 

 

$

(0.01)

 

Diluted net loss per share computation

 

 

 

 

 

 

 

 

  Net loss

 

$

(362,705

) 

 

$

(319,584)

 

  Weighted-average common shares outstanding

 

 

25,280,351

 

 

 

25,250,241

 

  Incremental shares attributable to the assumed exercise of

outstanding stock options and warrants

 

 

-

 

 

 

-

 

  Total adjusted weighted-average shares

 

 

25,280,351

 

 

 

25,250,241

 

 Diluted net loss per share

 

$

(0.01

) 

 

$

(0.01)

 
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 9 - New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2016
Notes  
Note 9 - New Accounting Pronouncements

Note 9 – New Accounting Pronouncements

 

No other recently issued accounting pronouncements had or are expected to have a material impact on the Company’s condensed consolidated financial statements.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 10 - Income Taxes
 9 Months Ended
Sep. 30, 2016
Notes  
Note 10 - Income Taxes

Note 10 – Income Taxes

 

Deferred income taxes are recorded to reflect the tax consequences or benefits to future years of any temporary differences between the tax basis of assets and liabilities, and of net operating loss carryforwards. The Company has experienced losses since its inception. As a result, it has incurred no Federal income tax. Under pronouncements of the FASB, recognition of deferred tax assets is permitted unless it is more likely than not that the assets will not be realized. The Company has recorded a 100% valuation allowance against deferred taxes.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 11 - Subsequent Events
 9 Months Ended
Sep. 30, 2016
Notes  
Note 11 - Subsequent Events

Note 11 – Subsequent Events

 

The Company evaluated subsequent events, which are events or transactions that occurred after September 30, 2016 through the issuance of the accompanying financial statements and determined that no significant subsequent event need to be disclosed.
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 8 - Net Loss Per Share: Earnings Per Share, Policy (Policies)
 9 Months Ended
Sep. 30, 2016
Policies  
Earnings Per Share, Policy

Net income per share has been computed according to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 260”), “Earnings per Share,” which requires a dual presentation of basic and diluted income (loss) per share (“EPS”). Basic EPS represents net income (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services. 
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 8 - Net Loss Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)
 9 Months Ended
Sep. 30, 2016
Tables/Schedules  
Schedule of Earnings Per Share, Basic and Diluted

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

September 30, 2016

 

 

September 30, 2015

 

Basic net loss per share computation:

 

 

 

 

 

 

  Net loss

 

$

(139,350

) 

 

$

(85,696)

 

  Weighted-average common shares outstanding

 

 

25,280,351

 

 

 

25,280,351

 

  Basic net  loss per share

 

$

(0.01

) 

 

$

(0.00)

Diluted net income per share computation

 

 

 

 

 

 

 

 

  Net loss

 

$

(139,350

) 

 

$

(85,696)

 

  Weighted-average common shares outstanding

 

 

25,280,351

 

 

 

25,280,351

 

  Incremental shares attributable to the assumed exercise of

outstanding stock options and warrants

 

 

-

 

 

 

-

 

  Total adjusted weighted-average shares

 

 

25,280,351

 

 

 

25,280,351

 

 Diluted net  loss per share

 

$

(0.01

) 

 

$

(0.00)

 

 

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2016

 

 

September 30, 2015

 

Basic net loss per share computation:

 

 

 

 

 

 

  Net loss

 

$

(362,705

) 

 

$

(319,584)

 

  Weighted-average common shares outstanding

 

 

25,280,351

 

 

 

25,250,241

 

  Basic net  loss per share

 

$

(0.01

) 

 

$

(0.01)

 

Diluted net loss per share computation

 

 

 

 

 

 

 

 

  Net loss

 

$

(362,705

) 

 

$

(319,584)

 

  Weighted-average common shares outstanding

 

 

25,280,351

 

 

 

25,250,241

 

  Incremental shares attributable to the assumed exercise of

outstanding stock options and warrants

 

 

-

 

 

 

-

 

  Total adjusted weighted-average shares

 

 

25,280,351

 

 

 

25,250,241

 

 Diluted net loss per share

 

$

(0.01

) 

 

$

(0.01)

 
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 4 - Going Concern (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Dec. 31, 2014
Details            
Net Income Loss $ 139,350 $ 85,696 $ 362,705 $ 319,584    
Cash and cash equivalents 6,066 $ 8,653 6,066 $ 8,653 $ 9,738 $ 151
Working Capital $ 5,590,326   $ 5,590,326      
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 5 - Commitments and Contingencies (Details)
Sep. 30, 2016
USD ($)
Details  
Amount accrued in prior years toward obligation $ 200,000
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 6 - Stockholders' Deficit (Details)
 9 Months Ended
Sep. 30, 2016
USD ($)
shares
Details  
Common Stock Subscriptions | shares 320,000
Common Stock Subscriptions - Amount $ 1,640,000
Liabilities to be settled in stock $ 164,000
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 7 - Convertible Notes (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2016
Dec. 31, 2015
Details      
Promissory Note Payable $ 2,500 $ 5,000 $ 245,000
Recognition of debt discount from beneficial conversion features     $ 8,373
Amortization of debt discount-beneficial conversion features $ 6,157    
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 8 - Net Loss Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Details        
Net Loss $ (139,350) $ (85,696) $ (362,705) $ (319,584)
Basic 25,280,351 25,280,351 25,280,351 25,250,241
Basic income per common share $ (0.01) $ (0.00) $ (0.01) $ (0.01)
Diluted 25,280,351 25,280,351 25,280,351 25,250,241
Diluted income per common share $ (0.01) $ (0.00) $ (0.01) $ (0.01)
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