STOCKHOLDER'S EQUITY

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

STOCKHOLDER'S EQUITY

NOTE 12 – STOCKHOLDER’S EQUITY

On August 24, 2015, the Company amended its certificate of incorporation to increase the number of its authorized shares of common stock from 300,000,000 shares to 500,000,000 shares. The Company had 187,854,139 and 163,538,289 shares issued and outstanding as of December 31, 2015 and 2014, respectively. In addition, the Company authorized 20,000,000 shares of preferred stock.

2015 Transactions:

In connection with the acquisition of MultiPay and in consideration of the purchased assets, the Company issued 6,101,517 shares of common stock in May 2015 valued at $860,491 (Note 7). In addition, the Company has reserved an additional 1,498,483 shares of common stock to be issued upon the MultiPay Shareholder’s payment of certain contingent liabilities amounting to $370,125.

In separate transactions occurring from September through December 2015, holders of convertible notes payable converted an aggregate $174,000 principal into 6,040,166 shares of the Company’s common stock.

During 2015, the Company issued 12,174,167 shares of common stock for consulting, legal, and other services valued at an aggregate of $856,150.

2014 Transactions:

In separate transactions occurring in 2014, holders of notes payable converted an aggregate $1,165,675 of principal and accrued interest into 2,915,000 shares of the Company’s common stock.

Warrants:

A summary of the warrant activity during the year ended December 31, 2015 is presented below:

	Number of Warrants		Weighted Average Exercise Price	Weighted Average Remaining Life
Outstanding, December 31, 2014	-	$	-	-
Granted pursuant to Promissory Notes Payable (Note 8)	10,354,168	$	0.21	4.8
Granted pursuant to Convertible Notes Payable (Note 9)	24,817,576	$	0.06	4.5
Outstanding, December 31, 2015	35,171,744	$	0.10	4.6
Exercisable, December 31, 2015	35,171,744	$	0.10	4.6