Note 7 - Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note

7.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses included the following: 

	December		September
		31, 2017		30, 2018
Accounts payable and accrued expenses	$	88,381	$	242,113
Accrued interest		50,748		82,569
Accrued payroll		84,976		36,381
Total accounts payable and accrued expenses	$	224,105	$	361,063

Issuance of Common Stock in exchange for payment of payables

Payment of Officer Salaries

On

September 28, 2018,

we issued

249,258

shares of our common stock at

$0.27

per share in lieu of

$67,300

of accrued and unpaid obligations to

two

of our officers. The price-per-share was based on the closing price of our common stock on the last day of the month.

On

June 29, 2018,

we issued

176,947

shares of our common stock at

$0.43

per share in lieu of

$75,968

of accrued and unpaid obligations to

two

of our officers. The price-per-share was based on the closing price of our common stock on the last day of the month.

On

March 31, 2018,

we issued

323,030

shares of our common stock at

$0.26

per share in lieu of

$83,665

of accrued and unpaid obligations to

two

of our officers. The price-per-share was based on the closing price of our common stock on the last day of the month.

Payment of Consultant Fees

During the

nine

months ended

September 30, 2018,

we issued

1,390,813

shares of our common stock, at prices ranging between

$0.23

-

$0.41

per share, in lieu of

$417,965

of accrued and unpaid obligations to consultants.

During the

nine

months ended

September 30, 2017,

we issued

480,625

shares of our common stock, at prices ranging between

$0.43

-

$0.52,

in lieu of

$252,317

of accrued and unpaid obligations to consultants.

Payment of Accrued Interest

During the

nine

months ended

September 30, 2018,

we issued

2,002,868

shares of our common stock, at prices ranging between

$0.31

–

0.42

per share, in lieu of accrued interest totaling

$514,959.

During the

nine

months ended

September 30, 2017,

we issued

1,034,762

shares of our common stock, at prices ranging between,

$0.41

–

$0.70

per share, in lieu of accrued interest totaling

$507,621.

All of these offerings and sales were made in reliance on the exemption from registration contained in Section 

4

(

2

) of the Securities Exchange Act and/or Regulation D promulgated thereunder as

not

involving a public offering of securities.