NOTE 11 SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 11     SUBSEQUENT EVENTS

In October 2016, the Company issued an aggregate of 20,000,000 common shares at $0.05 per share pursuant to the exercise of previously issued and outstanding warrants, and received cash proceeds of $1,000,000. The shares were issued without registration under the Securities Act of 1933, as amended (the Securities Act), in reliance upon exemptions from registration for securities sold in transactions under Section 4(a)(2) of the Securities Act. The warrants were originally issued to these stockholders in connection with the negotiation and execution of a Distribution and License Agreement dated November 2015, which provided exclusive distribution rights to the Company’s proprietary hospital disinfection technology in certain territories in South America (the Distribution Agreement).

In connection with an amendment to the Distribution Agreement, the Company granted warrants for the purchase of up to $1,000,000 of shares of common stock of the Company, exercisable for one year, commencing January 31, 2017 and expiring January 30, 2018, with the number of shares to be determined based on a 20-day average stock price prior to the date of exercise with the average stock price discounted by 40%.