Note 12 - Subsequent Events

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

12

.     

Subsequent Event

s

During

January

and

February 2018,

300

shares of Series D Preferred Stock were converted into

20,000,000

shares of common stock.

During

February 2018,

we issued

5,000,000

shares of our common stock in connection with entering into a financial advisory and investment banking agreement.

On

February 28, 2018,

we entered into a Senior Note Purchase Agreement with Georgia Research Alliance, Inc. (GRA) pursuant to which we issued a

five

-year Senior Promissory Note (the “Note”) in exchange for

$50,000.

The Note bears an annual interest rate of

5%,

payable monthly, with principal repayments beginning in the

second

year. In connection with the Note, we also issued to the GRA a

five

-year warrant to purchase

178,571

shares of our common stock at a purchase price of

$0.042

per share.

On

March

5,

2018,

we sold shares of our Series E convertible preferred stock to certain institutional investors for an aggregate purchase price of

$600,000.

The preferred stock is convertible at any time into shares of our common stock at

$0.08

per share (

7,500,000

shares in the aggregate), subject to possible adjustment as provided in the certificate of designation.