Note 7 - Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2017

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included the following:

	December 31,		March 31 ,
	2016		2017
Accounts payable and accrued expenses	$	22,231	$	57,363
Payroll tax liability		137,500		137,500
Officer bonus		80,000		—
Accrued interest		40,372		41,836
Total accounts payable and accrued expenses	$	280,103	$	236,699

The payroll tax liability is our estimate of payroll taxes due on the past services of independent contractors. We are currently attempting to reduce the liability to approximately

$5,000

through the IRS Voluntary Classification Settlement Program.

September

27,

2016,

the board approved a

$60,000

bonus for each of our Chief Executive and Chief Science Officers,

$20,000

of which was paid to each immediately. In

January

2017,

the remaining

$40,000

was paid to each.

During the

three

months ended

March

31,

2016

and

2017,

we issued

192,214

and

144,545

shares of common stock in lieu of fees for service provided by consultants, resulting in a grant date fair value of

$73,658

and

$82,480,

respectively, and recorded in selling general and administrative expense

During the

three

months ended

March

31,

2016

and

2017

we issued

282,240

and

310,404

shares of common stock resulting in a grant date fair value of

$99,492

and

$178,929,

respectively. The shares were issued to settle our accrued interest liability, which is

recorded as interest expense in our consolidated statement of operations.