Note 6 - Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note

6.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included the following:

	December 31,		June 30 ,
	2016		2017
Accounts payable and accrued expenses	$	22,231	$	158,690
Payroll tax liability		137,500		137,500
Accrued officer bonus		80,000		—
Accrued interest		40,372		48,248
Total accounts payable and accrued expenses	$	280,103	$	344,438

The payroll tax liability is the Company’s estimate of payroll taxes due on the past services of independent contractors. The Company is currently attempting to reduce the liability to approximately

$5,000

through the IRS Voluntary Classification Settlement Program.

On

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 in

2016.

Each were paid the remaining

$40,000

in

January 2017.

During the

six

months ended

June 30, 2016

and

2017,

we issued

746,943

and

1,807,829

shares of common stock in lieu of fees for services provided by vendors, consultants and an officer, resulting in a grant date fair value of

$275,232

and

$168,022,

respectively, and recorded in selling, general and administrative expense.

During the

six

months ended

June 30, 2016

and

2017

we issued

546,157

and

683,875

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

$213,875

and

$337,246,

respectively. The shares were issued to settle our accrued interest liability, which is recorded as interest expense in our consolidated statements of operations.