- COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2015

- COMMITMENTS AND CONTINGENCIES [Abstract]

- COMMITMENTS AND CONTINGENCIES

NOTE 7 - COMMITMENTS AND CONTINGENCIES

Operating Leases

In May 2015, we moved and entered into a month-to-month lease agreement to lease office space in Tucson, Arizona.

Rent expense was approximately $12,000 and $37,000 for 2015 and 2014, respectively.

At December 31, 2015, we had approximately $325 in future minimum lease payments due in less than a year.

Guarantees

We agree to indemnify our officers and directors for certain events or occurrences arising as a result of the officers or directors serving in such capacity. The maximum amount of future payments that we could be required to make under these indemnification agreements is unlimited. However, we maintain a director's and officer's liability insurance policy that limits our exposure and enables us to recover a portion of any future amounts paid. As a result, we believe the estimated fair value of these indemnification agreements is minimal because of our insurance coverage and we have not recognized any liabilities for these agreements as of December 31, 2015 and 2014.

Litigation

We may from time to time be involved in legal proceedings arising from the normal course of business.