Annual Report

0001553350-16-001790.txt : 20160330 0001553350-16-001790.hdr.sgml : 20160330 20160330092653 ACCESSION NUMBER: 0001553350-16-001790 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160330 DATE AS OF CHANGE: 20160330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOCOPI TECHNOLOGIES INC/MD/ CENTRAL INDEX KEY: 0000888981 STANDARD INDUSTRIAL CLASSIFICATION: GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES) [3944] IRS NUMBER: 870406496 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20333 FILM NUMBER: 161537208 BUSINESS ADDRESS: STREET 1: 480 SHOEMAKER ROAD STREET 2: SUITE 104 CITY: KING OF PRUSSIA STATE: PA ZIP: 19406 BUSINESS PHONE: 6108349600 MAIL ADDRESS: STREET 1: 480 SHOEMAKER ROAD STREET 2: SUITE 104 CITY: KING OF PRUSSIA STATE: PA ZIP: 19406 10-K 1 nnup_10k.htm ANNUAL REPORT Annual Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal years ended December 31, 2015

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________ to __________________________

Commission file number 000-20333

Nocopi Technologies, Inc.

(Exact name of registrant as specified in its charter)


Maryland	87-0406496
State or other jurisdiction of incorporation or organization	(I.R.S. Employer Identification No.)

480 Shoemaker Road, Suite 104, King of Prussia, PA 19406

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (610) 834-9600

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Name of each exchange on which registered
None	Not Applicable

Securities registered pursuant to section 12(g) of the Act:

Common Stock $0.01 par value

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ¨ Yes þ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. ¨ Yes þ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). þ Yes ¨ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	þ
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) ¨ Yes þ No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. $519,000 at June 30, 2015 closing price of $0.01.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. 58,599,016 shares of common stock, $0.01 par value at March 15, 2016.

DOCUMENTS INCORPORATED BY REFERENCE

None

NOCOPI TECHNOLOGIES, INC.

TABLE OF CONTENTS


Item No.		Page No.

	Part I

1.	Business	1
1A.	Risk Factors	5
1B.	Unresolved Staff Comments	5
2.	Properties	5
3.	Legal Proceedings	6
4.	Mine Safety Disclosures	6

	Part II

5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	7
6.	Selected Financial Data	8
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8
7A.	Quantitative and Qualitative Disclosures About Market Risk	14
8.	Financial Statements and Supplementary Data	14
9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 20	14
9A.	Controls and Procedures	14
9B.	Other Information	15

	Part III

10.	Directors, Executive Officers and Corporate Governance	16
11.	Executive Compensation	18
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	19
13.	Certain Relationships and Related Transactions, and Director Independence	20
14.	Principal Accounting Fees and Services	21

	Part IV

15.	Exhibits, Financial Statement Schedules	21
Signatures		22

PART I

ITEM 1. BUSINESS

Background

Nocopi Technologies, Inc. (hereinafter "Nocopi", "Registrant" or the "Company") is a Maryland corporation organized in 1983 that currently develops and markets specialty reactive inks that it believes have applications in the large educational and toy products market. Registrant also develops and markets technologies for document and product authentication which it believes can reduce losses caused by fraudulent document reproduction or by product counterfeiting and/or diversion. Registrant derives its revenues primarily from licensing its technologies on an exclusive or non-exclusive basis to licensees who incorporate the technologies into their product offering and from selling products incorporating its technologies to the licensees or to their licensed printers.

In the three years preceding 2014, Registrant experienced a period of decline in revenues resulting in significant operating losses and a decline in financial condition and a period of adverse liquidity that affected its business operations through mid-2014 when revenue increases generated from (1) higher license fees and royalties from two licensees in the entertainment and toy products market and (2) higher ink sales to the licensed printer of certain of the Company’s licensees in the entertainment and toy products market began to positively impact Registrant’s cash flow. This causes of the revenue decline and Registrant’s remedial actions are more fully described in Registrant’s Comprehensive Form 10-K for the three years ended December 31, 2012, 2013 and 2014 filed with the Securities and Exchange Commission on September 11, 2015. As a result of the aforementioned positive effects on its revenues during 2014, Registrant generated revenues of $922,800 in 2014, an increase of 18% compared to $750,200 in 2013. Registrant experienced further revenue growth in 2015 as revenues increased 3% in 2015 to $950,800. Registrant’s net loss in 2015 of $18,000 compared to net income of $7,900 in 2014 is attributable in part to (1) expenses incurred in filing the three year comprehensive Form 10-K in September 2015 and (2) accretion of interest related to the extension of the maturity dates of $95,000 of subordinated debentures. During 2015 Registrant concluded a new multi-year license with one of its two major licensees in the entertainment and toy products market and signed a multi-year license with an Australia-based company in the entertainment and toy products market.

Registrant continues its efforts to raise additional capital, in the form of debt, equity or both to support its working capital requirements and to provide funding for other business opportunities. There are no assurances that Registrant will be able to attract such additional capital.

There can be no assurances that the marketing and product development activities of the Company’s licensees will produce a significant increase in operating revenues for the Company, nor can the timing of any potential revenue increases be predicted.

Entertainment and Toy Technologies and Products

Registrant’s technology for the entertainment and toy products market consists of removable dyes that can be produced in a variety of colors and can be revealed by rubbing with a fingernail or other firm object such as a plastic pen cap. This technology, introduced in 2004, has been named Rub-it & Color. Registrant believes that this technology does not compromise the confidentiality of its security and authentication technologies whose chemistry is similar but the specific formulations are different for each application. Applications include children’s activity products such as coloring books without crayons or restaurant place mats, educational instruction books and testing review manuals. Registrant has obtained certifications of non-toxicity from the Consumer Products Services, Inc. and the American Society for Testing and Materials Laboratories.

Since January 2012, Registrant has had a license agreement, expiring in 2017, with a licensee who has a significant presence in the entertainment and toy products market which permits this licensee to exclusively market (1) a specific line of products incorporating Registrant’s technologies through a specific distribution channel but permitting Registrant to license the covered technologies to others (including Bendon, Inc., as noted below) for applications and sale through channels of distribution not available to this licensee under the terms of the license and (2) since January 2013, an additional technology on an exclusive basis in certain geographic areas of the world and on a non-exclusive basis in other geographic areas of the world. The licensee displayed products incorporating this additional technology to the marketplace at the American International Toy Fair in February 2015 and initial sales of products incorporating this technology were realized in the second quarter of 2015.

Registrant has a license agreement, expiring in 2019, containing guaranteed minimum royalties over the term of the license, with Bendon, Inc. (Bendon), an international, well-known children’s coloring and activity book publishing company that permits Bendon to exclusively market products with other characteristics that incorporate Registrant’s technologies through a distinctly different channel of distribution. The new four-year license agreement with Bendon was completed.in June 2015, replacing a previous three-year license agreement.

These two licensees are well known and highly regarded participants in the entertainment and toy products market with significant market recognition and retail distribution. These two licensees have been distributing products incorporating Registrant’s technologies for more than three years. Since the inception of these licenses, sales of ink to the licensed printer of the licensees have been increasing. The agreements with both licensees contain renewal options but there can be no assurances that the licenses will continue in force at the same or more favorable terms beyond their current termination dates nor can there be any assurances that the relationships with these two licensees will generate significant additional operating revenues for Registrant in the future.

Since March 2011, Registrant has had a license agreement with a privately-held designer of creative educational products for children granting the licensee the exclusive right to utilize Registrant’s Rub-it & Color ink technology in a newly-created vertical market in the United States. In addition to an annual license fee, Registrant receives a royalty based on units of product produced. The license was renewed in July 2014 for a period of up to three years. There can be no assurances that the marketing efforts of Registrant’s licensee will generate significant additional operating revenues for the Registrant in the future.

Since November 2012, Registrant has had a license agreement with a privately-held children’s meal entertainment program provider that allows the licensee to use Registrant’s Rub-it & Color ink technology in children’s menus, placemats, butcher paper and certain other products for restaurant use and for sale in certain children’s retail outlets. In December 2014, the license was renewed for a period of six years, expiring in December 2020. There can be no assurances that the marketing efforts of Registrant’s licensee will generate significant additional operating revenues for the Registrant in the future.

Since April 2013, Registrant has had a license with a nationally known distributor of seasonal boxed greeting cards and other products which permits the licensee to market certain products distributed by the licensee that incorporate specific technologies of the Registrant. Unless renewed, the license terminates in December 2016. The licensee introduced products incorporating Registrant’s technologies in late 2014. Revenues were realized by Registrant in both 2014 and 2015. There can be no assurances that the marketing efforts of Registrant’s licensee will generate significant additional operating revenues for the Registrant in the future.

In October 2015, Registrant negotiated a multi-year license containing guaranteed minimum royalties with a privately-held international publisher of family products and publications based in Australia. Unless renewed, the license terminates in December 2018. The license allows the licensee to market certain products that incorporate specific technologies of the Registrant on an exclusive basis in certain specific countries and on a non-exclusive basis in other countries with the exclusion of the United States, Canada and Mexico. The license agreement contains a renewal option but there can be no assurances that the license will continue in force at the same or more favorable terms beyond its current termination date nor can there be any assurances that the relationship with this new licensee will generate significant additional operating revenues for the Registrant in the future.

Registrant continues to pursue additional licensing opportunities for its technologies in the large worldwide entertainment and toy products market through direct marketing efforts and attendance at trade shows. During 2015, Registrant derived approximately 80% of its 2015 total revenues from its licensees and their licensed printers in the entertainment and toy products market compared to approximately 76% derived from this market in 2014. There can be no assurances that the Registrant’s available resources, even with additional investment, if obtained, for marketing and further technical development of this product line will be sufficient to increase Registrant’s revenues.

Anti-Counterfeiting and Anti-Diversion Technologies and Products

Continuing developments in copying and printing technologies have made it ever easier to counterfeit a wide variety of documents. Product labels and packaging, retail receipts, event and transportation tickets and the like are all susceptible to counterfeiting, and Registrant believes that losses from such counterfeiting have increased substantially with improvements in the copying and printing technologies. Product counterfeiting has long caused losses to manufacturers of brand name products, and Registrant believes these losses have increased as the counterfeiting of labeling and packaging has become easier.

Registrant's proprietary document authentication technologies are useful to businesses desiring to authenticate a wide variety of printed materials and products. One product incorporating these technologies has the ability to print invisibly on certain areas of a document. When authentication of certain documents is required, the invisible printing can be activated or revealed by use of a special highlighter pen. This technology is marketed under the trademark COPIMARK. Other variations of the COPIMARK technology involve multiple color responses from a common pen, visible marks of one color that turn another color with the pen or visible and invisible marks that turn into a multicolored image. A related technology is Nocopi's RUB & REVEAL system, which permits the invisible printing of an authenticating symbol or code that can be revealed by rubbing a fingernail over the printed area. These technologies provide users with the ability to authenticate documents and detect counterfeit documents. Applications include the authentication of documents having intrinsic value, such as merchandise receipts, checks, travelers' checks, gift certificates and event tickets, and the authentication of product labeling and packaging. When applied to product labels and packaging such technologies allow detection of counterfeit products, the labels and packaging of which would not contain the authenticating marks invisibly printed on the packaging or labels of the legitimate product. Registrant has focused recent marketing efforts on specific industries it believes may be affected by product counterfeiting. These technologies also combat product diversion (i.e. sale of legitimate products through unauthorized distribution channels or in unauthorized markets). A related technology of Registrant, the invisible inkjet technology permits manufacturers and distributors to track the movement of products from production to ultimate consumption when coupled with proprietary software. Management believes that the “track and trace” capability provided by this technology can be attractive to brand owners and marketers. There are no assurances that its ongoing initiatives will result in additional revenues in the future.

Registrant currently participates in the retail receipt and document fraud market through licensing arrangements with seven printers and distributors in the United States and Canada who provide loss prevention products to retailers and other outlets. Registrant believes that these technologies are most efficiently marketed through the use of licensed printers and distributors. Registrant continues to use its available internal sales and technical resources to expand the number of licensees marketing its technologies in this market. During 2015, Registrant derived approximately 10% of its 2015 total revenues from its licensees in the retail loss prevention market compared to approximately 13% derived from this market in 2014. There can be no assurances that Registrant’s strategy for the retail loss prevention market will result in significant additional revenues and cash flow for Registrant.

The following table illustrates the approximate percentage of Registrant's revenues accounted for by each type of its products for each of the two last fiscal years:


	Year Ended December 31,
Product Type	2015			2014

Entertainment and Toy Technologies and Products		80	%		76	%
Anti-Counterfeiting and Anti-Diversion Technologies and Products		20	%		24	%

Marketing

Registrant’s marketing approach focuses on the sufficient flexibility in its products and technologies and its ability to provide innovative, cost effective technologies for the entertainment and toy products market as well as solutions to a wide variety of counterfeiting, diversion and copier fraud problems. As a technology company, Registrant generates revenues primarily by collecting license fees and royalties from market-specific businesses that incorporate Registrant's technologies into their products and, in certain cases, sales of Registrant’s inks to these licensees and their designated manufacturers. Registrant also licenses its technologies directly to end-users.

Registrant has identified two major markets for its technologies and products, the entertainment and toy product market and the anti-counterfeiting/anti-diversion market. Registrant’s adverse financial condition in the years from 2011 to the present has limited its sales efforts to direct selling by Registrant’s personnel. Sales travel, attendance at trade shows and marketing expenditures have been constrained. Current marketing efforts are focused on Registrant’s developed technologies that can be utilized in geographic or market areas not contractually committed to an existing licensee on an exclusive basis. There can be no assurances that the limited resources Registrant can dedicate to its marketing activities will result in significant additional revenues in the future.

Registrant presently markets its technologies through its own employees. In Europe, certain of its security technologies are marketed by Contrast Technologies, formerly known as Euro-Nocopi, S.A., and a former affiliate of the Registrant, which holds certain European marketing rights with respect to those technologies.

Major Customers

During 2015, Registrant made sales or obtained revenues equal to 10% or more of Registrant's 2015 total revenues from two non-affiliated customers who individually accounted for approximately 53% and 17%, respectively, of 2015 revenues of the Company. During 2014, Registrant made sales or obtained revenues equal to 10% or more of Registrant's 2014 total revenues from two non-affiliated customers who individually accounted for approximately 47% and 19%, respectively, of 2014 revenues of the Company.

Manufacturing

Registrant has a small facility for the manufacture of its security inks. Except for this facility, Registrant does not maintain manufacturing facilities. Registrant presently subcontracts the manufacture of its applications (mainly printing and coating) to third party manufacturers and expects to continue such subcontracting. Because some of the processes that Nocopi uses in its applications are based on relatively common manufacturing technologies, there appears to be no technical or economic reason for Registrant to invest capital in its own manufacturing facilities.

Registrant has established a quality control program that currently entails laboratory analysis of developed technologies. When warranted, Registrant’s specially trained technicians travel to third party production facilities to install equipment, train client staff and monitor the manufacturing process.

Patents

Since its inception, Registrant has received various patents in the United States, Canada, South Africa, Saudi Arabia, Australia, New Zealand, Japan, France, the United Kingdom, Belgium, the Netherlands, Germany, Austria, Italy, Sweden, Switzerland, Luxembourg, and Liechtenstein. Registrant currently has obtained patent protection on substantially all of its security inks including the RUB & REVEAL system and the Rub-it & Color technology. Registrant’s latest patent is on a certain newly developed technology that Registrant believes has applications in the entertainment and toy products market.

When a new product or process is developed, the developer may seek to preserve for itself the economic benefit of the product or process by applying for a patent in each jurisdiction in which the product or process is likely to be exploited. Generally speaking, in order for a patent to be granted, the product or process must be new and be inventively different from what has been previously patented or otherwise known anywhere in the world. Patents generally have a duration of twenty years from the date of application depending on the jurisdiction concerned, after which time any person is free to exploit the product or process covered by a patent. A person who is the owner of a patent has, within the jurisdiction in which the patent is granted, the exclusive right, either directly or through licensees, to prevent any person from infringing on the patent.

The granting of a patent does not prevent a third party from seeking a judicial determination that the patent is invalid. Such challenges to the validity of a patent are not uncommon and are occasionally successful. There can be no assurance that a challenge will not be filed to one or more of Registrant's patents and that, if filed, such challenge(s) will not be successful.

In the United States and some other countries, patent applications are automatically published at a specified time after filing. Nocopi is required to pay annuities from time to time on patents to keep them in force; with this in mind, Nocopi makes an annual evaluation of its patents in order to determine which patents it will continue to maintain. In Europe, the territory of Contrast Technologies, formerly known as Euro-Nocopi, S.A. (“Contrast”), annuities for European patents are paid by Contrast.

Research and Development

Registrant has been involved in research and development since its inception. Although Registrant’s financial condition has forced it to limit funding for research and development in recent years, it intends to continue its research and development activities in three areas, to the extent feasible. First, Registrant will seek to continue to refine its present family of products. Second, Registrant will seek to develop specific customer applications. Finally, Registrant will seek to expand its technology into new areas of implementation. There can be no assurances that Registrant will continue to have funds available to maintain its research and development activities at current or increased levels.

During the years ended December 31, 2015, and December 31, 2014, Registrant expended approximately $128,100 and $121,600, respectively, on research and development.

Competition

In the area of document and product authentication and serialization, Registrant is aware of other covert and overt surface marking technologies requiring decoding implements or analytical methods to reveal certain information. These technologies are offered by other companies for the same anti-counterfeiting and anti-diversion purposes for which the Registrant markets its covert technologies. These include, among others, biological DNA codes, microtaggants, thermochromic, UV and infrared inks as well as encryption, 2D symbology and laser engraving. Nonetheless, Registrant believes its patented and proprietary technologies provide a unique and cost-effective solution to the problem of counterfeiting and gray marketing in the document and product authentication markets it has traditionally sought to exploit.

The entertainment and toy products markets include numerous potential competitors who have significantly greater financial resources and presence in these markets than Registrant.

The loss prevention market includes numerous potential competitors, including large-publicly traded companies such as NCR Corporation and regional paper converters, many of whom have greater financial resources and presence in these markets than Registrant.

Registrant currently has limited resources and competes with businesses that have greater financial resources than Registrant. There can be no assurance that businesses with greater resources than Registrant will not enter Registrant’s markets and compete successfully with Registrant.

Contrast Technologies (formerly Euro-Nocopi, S.A.)

Contrast Technologies, formerly known as Euro-Nocopi, S.A., is a former affiliate of Registrant which, since June 2003, has held a perpetual royalty-free license to exploit certain of Registrant’s technologies in Europe.

Employees

At March 15, 2016 and December 31, 2015, Registrant had three full-time and two part-time employees.

Financial Information about Foreign and Domestic Operations

Registrant conducts its operations solely in the United States; however, it does have licensees and customers in Asia and Australia. These licensees and customers accounted for approximately 54% of Registrant’s gross revenues in 2015 and approximately 48% in 2014. Certain information concerning Registrant's foreign and domestic operations is contained in Note 14 to Registrant's Financial Statements included elsewhere in this Annual Report on Form 10-K.

ITEM 1A. RISK FACTORS

Not required for a smaller reporting company.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

Registrant's corporate headquarters, research and ink production facilities are located at 480 Shoemaker Road, Suite 104, King of Prussia, Pennsylvania 19406. Its telephone number is (610) 834-9600. These premises consist of approximately 6,100 square feet of space in a multi-tenant building leased by the Registrant from an unaffiliated third party pursuant to a lease that commenced in January 2014 and expires in April 2019. Current monthly rent under this lease is $3,778; this amount escalates an amount of approximately three percent each year. In addition to rent, Registrant is responsible for its pro-rata share of the operating costs of the building. Registrant incurred leasehold improvement expenditures of approximately $19,700 through March 15, 2016. Registrant believes that additional leasehold improvement expenditures will not be significant. Registrant believes that this space will be adequate for its current needs and that additional space will be available as needed.

ITEM 3. LEGAL PROCEEDINGS

Registrant is not aware of any pending litigation (other than ordinary routine litigation incidental to its business where, in management's view, the amount involved is not material) to which Registrant is or may be a party, or to which any of its properties is or may be subject, nor is it aware of any pending or contemplated proceedings against it by any governmental authority. Registrant knows of no material legal proceedings pending or threatened, or judgments entered against, any director or officer of Registrant in his capacity as such.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Registrant's Common Stock is currently traded on the OTC Pink tier of the over-the-counter (“OTC”) market under the symbol "NNUP". Investors can find Real-Time quotes and market information on the Company on www.otcmarkets.com. The table below presents the range of high and low sales prices of Registrant's Common Stock by calendar quarter for the last two full fiscal years and for a recent date, as reported by OTC Markets Group Inc.


	High	Low

January 1, 2014 to March 31, 2014	$.150	$.012
April 1, 2014 to June 30, 2014	$.020	$.012
July 1, 2014 to September 30, 2014	$.021	$.012
October 1, 2014 to December 31, 2014	$.013	$.006

January 1, 2015 to March 31, 2015	$.047	$.006
April 1, 2015 to June 30, 2015	$.025	$.009
July 1, 2015 to September 30, 2015	$.021	$.006
October 1, 2015 to December 31, 2015	$.039	$.004

January 1, 2016 to March 15, 2016	$.078	$.006

As of March 15, 2016, 58,599,016 shares of Registrant's Common Stock were outstanding. The number of holders of record of Registrant's Common Stock was approximately 600. However, Registrant estimates that it has a significantly greater number of common stockholders because a number of shares of Registrant's Common Stock are held of record by broker-dealers for their customers in street name. In addition to the 58,599,016 shares of Common Stock which are outstanding, Registrant, at March 15, 2016, has reserved for the issuance of approximately 5,832,000 shares of its Common Stock which underlie warrants to purchase Common Stock of the Registrant and the conversion of convertible debentures and interest into Common Stock of the Registrant.

The Company did not pay dividends in 2015 or 2014 and does not anticipate paying any such dividends in the foreseeable future. Any determination to pay dividends in the future will be at the discretion of the Company’s Board of Directors and will be dependent upon the Company’s results of operations, financial condition, contractual restrictions and other factors deemed relevant by the Board of Directors.

Information required with respect to Equity Compensation Plans in this Item 5 is included in Item 12 on page 20 of this report on Form 10-K.

Recent Sales of Unregistered Securities

On July 8, 2014, the Company issued a convertible debenture for $22,940 to Henry C. Friedman, brother-in-law of Michael A. Feinstein, the Company’s Chairman of the Board, which included warrants to purchase 114,700 shares of the Company’s Common Stock at $0.02 per share. The warrant is exercisable two years after issuance and expires seven years after issuance. The debenture is due in two years. At the option of the lender, the debenture and accrued interest is convertible in whole or part into Common Stock of the Company at $0.05 per share. The convertible debenture was issued in exchange for a $20,000 short-term loan along with accrued interest in a transaction approved by the disinterested members of the Company’s Board of Directors.

On July 8, 2014, the Company issued a convertible debenture for $5,333 to Herman M. Gerwitz, a Director, which included warrants to purchase 26,665 shares of the Company’s Common Stock at $0.02 per share. The warrant is exercisable two years after issuance and expires seven years after issuance. The debenture is due in two years. At the option of the lender, the debenture and accrued interest is convertible in whole or part into Common Stock of the Company at $0.05 per share. The convertible debenture was issued in exchange for a $4,500 short-term loan along with accrued interest in a transaction approved by the disinterested members of the Company’s Board of Directors.

On July 22, 2014, the Company issued a convertible debenture for $5,000 to an individual accredited investor, which included warrants to purchase 25,000 shares of the Company’s Common Stock at $0.02 per share. The warrant is exercisable two years after issuance and expires seven years after issuance. The debenture is due in two years. At the option of the lender, the debenture and accrued interest is convertible in whole or part into Common Stock of the Company at $0.05 per share.

The recipients of securities in these transactions had adequate access, through employment or business relationships, to information about the Company. No underwriters were involved in these transactions or received any commissions or other compensation. Proceeds of the sales of the convertible debentures were used to fund the Company’s working capital requirements.

In July 2015, the common stock private placement was extended to December 31, 2016 by the Company’s Board of Directors.

Issuer Repurchases of Equity Securities

None.

ITEM 6. SELECTED FINANCIAL DATA

Not required for a smaller reporting company.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Information

This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, regarding, among other things, anticipated improvements in operations, the Company’s plans, earnings, cash flow and expense estimates, strategies and prospects, both business and financial. All statements other than statements of current or historical fact contained in this report are forward-looking statements. The words “believe,’’ “expect,’’ “anticipate,’’ “should,’’ “plan,’’ “will,’’ “may,’’ “intend,’’ “estimate,’’ “potential,’’ “continue’’ and similar expressions, as they relate to the Company, are intended, where possible, to identify forward-looking statements.

The Company has based these forward-looking statements largely on its current expectations and projections about future events, financial trends, market opportunities, competition, and the adequacy of the Company’s available cash resources, which the Company believes may affect its financial condition, results of operations, business strategy and financial needs. This Form 10-K also contains forward-looking statements attributed to third parties. All such statements can be affected by inaccurate assumptions, including, without limitation, with respect to risks, uncertainties, anticipated operating efficiencies, new business prospects and the rate of expense increases. In light of these risks, uncertainties and assumptions, the forward-looking statements in this report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. For these reasons, and because of the uncertainty relating to the current financial conditions in today’s economic environment and the potential reduction in demand for the Company’s products, you should not consider this information to be a guarantee by the Company or any other person that its objectives and plans will be achieved. When you consider these forward-looking statements, you should keep in mind the “Risk Factors” and other cautionary statements set forth in this Item 7 and elsewhere in this Form 10-K. The Company’s forward-looking statements speak only as of the date made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and related notes, and keeping in mind this cautionary statement regarding forward-looking information.

Results of Operations

The Company’s revenues are derived from royalties paid by licensees of the Company’s technologies, fees for the provision of technical services to licensees and from the direct sale of (i) products incorporating the Company’s technologies, such as inks, security paper and pressure sensitive labels, and (ii) equipment used to support the application of the Company’s technologies, such as ink-jet printing systems. Royalties consist of guaranteed minimum royalties payable by the Company’s licensees in certain cases and additional royalties which typically vary with the licensee’s sales or production of products incorporating the licensed technology. Service fees and sales revenues vary directly with the number of units of service or product provided.

The Company recognizes revenue on its lines of business as follows:

a) License fees and royalties are recognized when the license term begins. Upon inception of the license term, revenue is recognized in a manner consistent with the nature of the transaction and the earnings process, which generally is ratably over the license term;

b) Product sales are recognized upon shipment of products, when the price is fixed or determinable and collectability is reasonably assured; and

c) Fees for technical services are recognized when (i) the service has been rendered; (ii) an arrangement exists; (iii) the price is fixed or determinable based upon a per diem or hourly rate; and (iv) collectability is reasonably assured.

The Company believes that, as fixed cost reductions beyond those it has achieved in recent years may not be achievable, its operating results are substantially dependent on revenue levels. Because revenues derived from licenses and royalties carry a much higher gross profit margin than other revenues, operating results are also substantially affected by changes in revenue mix.

Both the absolute amount of the Company’s revenues and the mix among the various sources of revenue are subject to substantial fluctuation. The Company has a relatively small number of substantial customers rather than a large number of small customers. Accordingly, changes in the revenue received from a significant customer can have a substantial effect on the Company’s total revenue, revenue mix and overall financial performance. Such changes may result from a customer’s product development delays, engineering changes, changes in product marketing strategies, production requirements and the like. In addition, certain customers have, from time to time, sought to renegotiate certain provisions of their license agreements and, when the Company agrees to revise such terms, revenues from the customer may be affected.

Comparison of the Years ended December 31, 2015 and 2014

Revenues for 2015 were $950,800, an increase of approximately 3%, or $28,000, from $922,800 in 2014. Licenses, royalties and fees decreased in 2015 by approximately 6%, or $20,100, to $338,700 from $358,800 in 2014. The decrease in licenses, royalties and fees is due primarily to lower licensing revenues from two existing licensees in the entertainment and toy products market, one of whom signed a new four-year license in the second quarter of 2015 and lower consulting revenue related to the expiration in 2014 of a consulting arrangement with a customer offset in part by higher licensing fees from two licensees in the entertainment and toy products market and initial licensing fees from a new licensee in the fourth quarter of 2015. Product and other sales increased by $48,100, or approximately 9%, to $612,100 in 2015 from $564,000 in 2014. The higher level of ink sales in 2015 compared to 2014 is due primarily to higher ink requirements of the licensed third party printers used by the Company’s licensees in the entertainment and toy products market. Sales of ink to the licensed printers of its licensees in the entertainment and toy products market were approximately $73,800 higher in 2015 compared to 2014. Sales of security ink to the Company’s licensees in the retail receipt and document fraud market decreased by approximately $27,700 in 2015 compared to 2014. The Company derived $757,300, or approximately 80% of total revenues, from licensees and their licensed printers in the entertainment and toy products market in 2015 compared to $699,400, or approximately 76% of total revenues, in 2014. The Company’s licensees in the entertainment and toy products market continue to develop new products for this market and improve their current offerings; however, their sales will be affected by marketplace reaction to the new and improved products, economic conditions that influence this market segment and the economy as a whole. Revenues that the Company derives from these licensees will be similarly affected. There can be no assurances that the marketing and product development activities of licensees in the entertainment and toy products market will produce increased revenues for the Company in future periods, nor can the timing of any potential revenue increases be predicted, particularly given the uncertain economic conditions currently being experienced worldwide.

Gross profit increased to $617,800, or approximately 65% of revenues, in 2015 from $598,500, or approximately 65% of revenues, in 2014. Licenses, royalties and fees have historically carried a higher gross profit than product sales, which generally consist of supplies or other manufactured products that incorporate the Company’s technologies or equipment used to support the application of its technologies. These items (except for inks which are manufactured by the Company) are generally purchased from third-party vendors and resold to the end-user or licensee and carry a lower gross profit than licenses, royalties and fees. The higher gross profit in 2015 compared to 2014 reflects higher product sales along with a favorable mix of product sales offset in part by lower licenses, royalties and fees.

As the variable component of cost of revenues related to licenses, royalties and fees is a low percentage of these revenues and the fixed component is not substantial, period to period changes in revenues from licenses, royalties and fees can significantly affect both gross profit from licenses, royalties and fees as well as overall gross profit. Due primarily to the lower revenues in 2015 compared to 2014, the gross profit from licenses, royalties and fees decreased to approximately 77% of revenues from licenses, royalties and fees in 2015 from approximately 79% in 2014.

Gross profit, expressed as a percentage of revenues, of product and other sales is dependent on both the overall sales volumes of product and other sales and on the mix of the specific goods produced and/or sold. As a result of both increased ink sales and favorable product mix, the gross profit from product and other sales increased to approximately 58% of revenues in 2015 compared to approximately 56% of revenues from product and other sales in 2014.

Research and development expenses were $128,100 in 2015 compared to $121,600 in 2014. The increase in 2015 compared to 2014 resulted primarily from higher employee salary and benefit expenses in 2015 compared to 2014.

Sales and marketing expenses of $202,800 in 2015 compared to $194,500 in 2014. The increase in 2015 compared to 2014 resulted primarily from higher commission expense in 2015 compared to 2014 resulting from a higher level of revenues in 2015 compared to 2014 and higher benefit expenses in 2015 compared to 2014.

General and administrative expenses increased to $325,600 in 2015 from $253,400 in 2014. The increase in 2015 compared 2014 is due primarily to higher expenses incurred in 2015 compared to 2014 related to the Company’s filing of the comprehensive annual report on Form 10-K and the first and second quarter 2015 Form 10-Q’s that were filed during the third quarter of 2015. These expenses included legal and audit fees incurred in 2015 as well as expenses related to the electronic filing of the documents.

Other income (expenses) includes, in 2015, the reversal of approximately $56,300 of accounts payable related to invoices received from 2001 through 2009 from a professional services business that provided legal services to the Company and an individual that provided consulting services to the Company in 2009 that the Company, with legal counsel, has determined to be no longer statutorily payable as the statute of limitations to bring claims has expired. Additionally, other income (expenses) includes interest on unsecured loans from five individuals, on convertible debentures held by ten investors and, in 2014, on funds borrowed under the Company’s promissory note with a bank. Also included in other income (expenses) is accretion of debt discounts related to the issuance of convertible debentures totaling $128,400 and, in 2015, the extension of the maturity dates of $95,000 of convertible debentures.

The net loss of $18,000 in 2015 compared to net income of $7,700 in 2014 resulted primarily from a higher gross profit on a higher level of revenues in 2015 compared to 2014 offset by higher overhead expenses in 2015 compared 2014 along with higher accretion of interest in 2015 compared to 2014.

Management of the Company does not believe that inflation and changing prices have had a significant effect on its revenues and results of operations during the years ended December 31, 2015 and 2014.

Plan of Operation, Liquidity and Capital Resources

The Company’s cash decreased to $11,400 at December 31, 2015 from $28,000 at December 31, 2014. During 2015, the Company generated $41,800 from its operating activities, used $8,900 for capital equipment, repaid $10,000 to a convertible debenture holder and repaid $39,500 to two individual lenders.

During 2015, the Company’s revenues increased primarily as a result of higher sales of ink to the authorized printer of four of the Company’s licensees in the entertainment and toy products market and higher license fees from two licensees, one of whom is in the entertainment and toy products market. The Company’s total overhead expenses increased 2015 compared 2014. As a result of these factors, the Company experienced a net loss of $18,000 in 2015. The Company had positive operating cash flow of $41,800 in 2015. At December 31, 2015, the Company had negative working capital of $364,000 and a stockholders’ deficiency of $438,100. For the full year of 2014, the Company had net income of $7,700 and had positive operating cash flow of $14,500. At December 31, 2014, the Company had negative working capital of $424,500 and a $438,200 stockholders’ deficiency.

From January 1, 2014 to December 31, 2015, the Company repaid $44,500 of $92,500 of short-term loans that had been outstanding at January 1, 2014 and converted $24,500 of these short-term loans into convertible debentures maturing in 2016. In 2015, the Company repaid $10,000 of convertible debentures and extended the maturity dates of $95,000 of convertible debentures from 2015 to 2017. In 2014, the Company repaid the remaining balance of a $100,000 promissory note with a bank. Borrowings and sales of common stock in recent years have allowed the Company to remain in operation through the current date. There can be no assurances that the Company will be able to secure sufficient additional funding through investments or borrowings that will allow the Company to fund losses that it presently believes may continue during 2016. The Company believes that without additional investment, it may be forced to cease operations at an undetermined date in the future. Information regarding the Company’s financing activities in periods prior to this Annual Report on Form 10-K is included in prior filings including the Company’s Comprehensive Annual Report on Form 10-K for the Years ended December 31, 2012, 2013 and 2014 filed with the Securities and Exchange Commission on September 11, 2015.

In July 2015, the common stock private placement was extended to December 31, 2016 by the Company’s Board of Directors.

Management of the Company believes that it may need to obtain additional capital in the future to support the working capital requirements associated with its existing revenue base and to fund potential operating losses that it believes may occur as the state of the worldwide economy remains uncertain. There can be no assurances that the Company will be successful in obtaining sufficient additional capital, or if it does, that the additional capital will enable the Company operate profitably in the future and develop new revenue sources to have a material positive effect on the Company’s operations and cash flow. The Company believes that without additional investment, it may be forced to cease operations at an undetermined time in the future.

There can be no assurances that the Company will be successful in obtaining additional investment. There can be no assurances that revenues in future periods will be sustained at levels that will allow it to achieve and maintain positive cash flow.

The Company continues to maintain a cost containment program including curtailment, where possible, of discretionary research and development and sales and marketing expenses.

The Company’s plan of operation for the twelve months beginning with the date of this annual report consists of concentrating available human and financial resources to continue to capitalize on the specific business relationships the Company has developed in the entertainment and toy products market including two licensees with a significant presence in the entertainment and toy products market that have been marketing products incorporating the Company’s technologies since 2012. These two licensees in the entertainment and toy products market are well known and highly regarded participants in this market. The Company believes that these two licensees will expand their offerings incorporating the Company’s technologies currently being marketed and will introduce new products incorporating available technologies covered by the license agreements that are not currently being marketed by them. The Company plans to continue developing applications for these licensees while expanding its licensee base in the entertainment and toy market. The Company has additional licensees marketing or developing products incorporating the Company’s technologies in certain geographic and niche markets of the overall entertainment and toy products market. The Company maintains its presence in the retail loss prevention market and believes that revenue growth in this market can be achieved through increased security ink sales to its licensees in this market. The Company will continue to adjust its production and technical staff as necessary. The Company will also, subject to available financial resources, invest in capital equipment needed to support potential growth in ink production requirements beyond its current capacity. Additionally, the Company will pursue opportunities to market its current technologies in specific security and non-security markets. There can be no assurances that these efforts will enable the Company to generate additional revenues and positive cash flow.

The Company has received and continues to seek additional capital, in the form of debt, equity or both, to support its working capital requirements. There can be no assurances that the Company will be successful in raising additional capital, or that such additional capital, if obtained, will enable the Company to generate additional revenues and positive cash flow.

The Company generates a significant portion of its total revenues from licensees in the entertainment and toy products market. These licensees generally sell their products through retail outlets. During the year, such sales may be adversely affected by changes in consumer spending that may occur as a result of an uncertain economic environment. As a result, the Company’s revenues, results of operations and liquidity may be negatively impacted as they were in previous years.

Risk Factors

The Company’s operating results, financial condition and stock price are subject to certain risks, some of which are beyond its control. These risks could cause the Company’s actual operating and financial results to differ materially from those expressed in its forward looking statements, including the risks described below and the risks identified in other documents which are filed and furnished with the SEC:

Limited Interim Historical Information. The Company filed a comprehensive annual report on Form 10-K for the fiscal years ended December 31, 2012, 2013 and 2014 on September 11, 2015. The Form 10-K contained summarized quarterly financial information for each of the quarters ended June 30 and September 30, 2012 and for each of the quarters ended March 31, June 30 and September 30, 2013 and 2014. As the complete periodic filings for those periods have not been filed, certain financial information, disclosures and discussions normally contained in a Form 10-Q were not included in the Form 10-K. The omission of the information that would have been contained in these periodic filings leaves current and prospective investors, customers, employees and others without this source of information about the Company’s business achievements and prospects and may negatively impact the Company’s business opportunities and its ability to raise capital. There can be no assurances that the Company will be able to remain current with its required SEC filing obligations in the future.

Access to Capital. The Company anticipates that it may need to raise capital in the future to fund its historical and new business operations. Negative or uncertain global economic conditions could make it more difficult for the Company to raise capital. If the Company is unable to secure capital, if needed, in the future, in the form of debt, equity or both, it may be forced to cease operations. There can be no assurances that, if required, the Company will be successful in obtaining additional investment in sufficient amounts to fund its ongoing business operations.

Dependency on Major Customers. The Company is dependent on its licensees to develop new products and markets that will generate increases in its licensing and product revenues. The inability of the Company’s licensees to maintain at least current levels of sales of products utilizing the Company’s technologies could adversely affect the Company’s operating results and cash flow. To the extent that the Company’s licensees are adversely affected by negative economic conditions, the Company’s revenues may also be negatively impacted. The Company has derived a significant percentage of its revenues through licensing relationships with two major customers. Revenues obtained directly from these customers and indirectly, through the customers’ third party licensed printer, equaled approximately 73% of the Company’s revenues in 2015. The Company also has, from time to time, substantial receivables from these businesses. The Company has a license agreement containing guaranteed minimum royalties expiring in 2019 with one of these two licensees and a license agreement with the second that expires in 2017. Products incorporating the Company’s technologies that are sold by these two licensees have certain dissimilar characteristics and are marketed generally through distinctly different channels of distribution. These two licensees are well known and highly regarded participants in the entertainment and toy products market. The agreements with both licensees contain renewal options but there can be no assurances that the licenses will continue in force at the same or more favorable terms beyond their current termination dates, nor can there be any assurances that the relationships with these two new licensees will generate increased revenues for the Company in the future.

Possible Inability to Develop New Business. While the Company raised cash through additional capital investment, sales of convertible debentures and loans from individuals in 2012, 2013 and 2014, it limited increases in its operating expenses, reduced its operating expenses when possible and deferred payment of certain obligations to employees and service providers. Management of the Company believes that any significant improvement in the Company’s cash flow must result from increases in revenues from traditional sources and from new revenue sources. The Company’s ability to develop new revenues may depend on the extent of both its marketing activities and its research and development activities, both of which are limited. There are no assurances that the resources that the Company can devote to marketing and to research and development will be sufficient to increase its revenues to levels that will enable it to return to and maintain positive operating cash flow in the future.

Inability to Obtain Raw Materials and Products for Resale. The Company’s adverse financial condition has required it from time to time to significantly defer payments due to (i) vendors who supply raw materials and other components of its security inks, (ii) providers of professional and other services and (iii) certain employees to whom salary and sales commissions are owed. As a result, the Company is required to pay cash in advance of shipment to certain of its suppliers. The inability to obtain materials on a timely basis and the possibility that certain vendors may permanently discontinue supplying the Company with needed products and services may result in delayed shipments to customers and further impact the Company’s ability to service its customers, thereby adversely affecting the Company’s relationships with its customers and licensees. There can be no assurances that the Company will be able to maintain its vendor relationships in an acceptable manner.

Uneven Pattern of Quarterly and Annual Operating Results. The Company’s revenues, which are derived primarily from licensing and sales of products incorporating its technologies as well as royalties from these products, are difficult to forecast; such forecasting difficulty is due to, among other reasons, the long sales cycle of the Company’s technologies, the potential for customer delay or deferral of implementation of the Company’s technologies, the size and timing of inception of individual license agreements, the success of the Company’s licensees and strategic partners in exploiting the market for the licensed products, modifications of customer budgets, and uneven patterns of royalty revenue and product orders. As the Company’s revenue base is not substantial, delays in the finalization of license contracts, the implementation of the technology to initiate the revenue stream and the ordering decisions of customers can have a material adverse effect on the Company’s quarterly and annual revenue expectations. As the Company’s operating expenses are substantially fixed, income expectations will be subject to a similar adverse outcome. As licensees for the entertainment and toy products markets are added, the predictability of the Company’s revenue stream may be further impacted.

Volatility of Stock Price. The market price for the Company’s common stock has historically experienced significant fluctuations and may continue to do so. With the exception of 2007, 2013 and 2014 from its inception, the Company has operated at a loss and has not produced revenue levels traditionally associated with publicly-traded companies. The Company’s common stock is not listed on a national or regional securities exchange and, consequently, the Company receives limited publicity regarding its business achievements and prospects. Additionally, securities analysts and traders do not extensively follow the Company’s stock and its stock is thinly traded. The Company’s market price may be affected by announcements of new relationships or modifications to existing relationships. The stock prices of many developing public companies, particularly those with small capitalizations, have experienced wide fluctuations not necessarily related to operating performance. Such fluctuations may adversely affect the market price of the Company’s common stock.

Intellectual Property. The Company relies on a combination of protections as may be available under applicable domestic, foreign or international patent, trademark and trade secret laws. The Company also relies on confidentiality, non-analysis and licensing agreements to establish and protect its rights in its proprietary technologies. While the Company attempts to protect these rights, its technologies may be compromised through reverse engineering, independent invention or other means. In addition, the Company’s ability to enforce its intellectual property rights through appropriate legal action has been and will continue to be limited by its adverse liquidity. There can be no assurances that the Company will be able to protect the basis of its technologies from discovery by third parties or to preclude third parties from conducting activities that infringe on the Company’s rights. The Company’s adverse liquidity situation also impacts its ability to obtain patent protection on its intellectual property and to maintain protection on previously issued patents. There can be no assurances that the Company will be able to continue to prosecute new patents and maintain issued patents. As a result, the Company’s customer and licensee relationships could be adversely affected, and the value of the Company’s technologies and intellectual property (including their value upon liquidation) could be substantially diminished.

Economic Conditions. The Company’s revenue is susceptible to changes in general economic conditions. The Company’s sales, liquidity and overall results of operations may be negatively affected by decreasing consumer confidence, slowdowns in consumer spending or other downturns in the U.S. economy as a whole or in any geographic markets from which the Company derives revenue. In addition, these factors may result in decreased customer and licensee demand for the Company’s products and may negatively impact the Company’s ability to develop new customers and licensees. Due to uncertainties surrounding the worldwide economy, the Company is unable to predict the effect of such conditions on its customers and licensees. Consequently, the Company cannot predict the scope or magnitude of the negative effect resulting from ongoing global financial uncertainties or economic slowdowns.

Recently Adopted Accounting Pronouncements

As of December 31, 2015 and for the year then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this Update provide guidance about management’s responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management is assessing the impact of the adoption to the financial statements.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

ITEM 7A. QUANTITIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required for a smaller reporting company.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

For information required with respect to this Item 8, see index to Financial Statements and Schedules on page F-1 of this report on Form 10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’s disclosure controls and procedures are designed to provide reasonable assurance that material information required to be included in its periodic SEC reports is recorded, processed, summarized and reported within the time periods specified in the relevant SEC rules and forms. The Company has carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded, as of the end of the period covered by this report, that the Company’s disclosure controls and procedures are effective.

Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with U.S. GAAP. Internal control over financial reporting includes maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, that receipts and expenditures of the Company are being made only with management authorization and provide reasonable assurance that unauthorized acquisition, use or disposition of Company assets that could have a material effect on the Company’s financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements in the Company’s financial statements on a timely basis.

Management assessed the effectiveness of the Company’s internal control over financial reporting based on the Committee of Sponsoring Organizations of the Treadway Commission in “Internal Control-Integrated Framework (1992).” Based on this assessment, management believes that, as of December 31, 2015, the Company’s internal control over financial reporting was effective.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. The attestation report requirement for non-accelerated filers was permanently removed from the Sarbanes-Oxley Act by Section 989C of the Dodd-Frank Act as adopted by the SEC.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting during the fourth quarter of 2015 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The directors, officers and named executive of the Company, their ages, present positions with the Company, and a summary of their business experience are set forth below.

Michael A. Feinstein, M.D., 69, Chairman of the Board of Directors since December 1999 and Nocopi’s Chief Executive Officer since February 2000, has been a practicing physician in Philadelphia for more than thirty years, serving for more than twenty-five years as the President of a group medical practice which includes three physicians. He is a Fellow of the American College of Obstetrics and Gynecology and of the American Board of Obstetrics and Gynecology. He received his B.A. from LaSalle University and his M.D. from Jefferson Medical College. He has represented Nocopi in numerous licensing negotiations, governmental meetings and capital raises. The Board of Directors believes that Dr. Feinstein’s considerable personal experience as a business owner and investor in publicly traded businesses makes him well suited to serve as a member of Nocopi Technologies’ Board of Directors.

Herman M. Gerwitz, CPA, 62, a director since May 2005, is the Treasurer of Keystone Property Group. Mr. Gerwitz has been with Keystone full time since 1998 and has been responsible for all the financial matters of a Real Estate Development Company that has grown to over 3 million square feet of commercial real estate and a $100,000,000 Real Estate Fund. Prior to joining Keystone, Mr. Gerwitz has spent 20 years as a partner in a public accounting firm. He has received a BBA from Temple University with master’s coursework at Widener University. He has been a member of both the Pennsylvania and American Institutes of Certified Public Accountants since 1983. The Board of Directors believes that Mr. Gerwitz’ many years as a Certified Public Accountant and his subsequent business management experience make him well suited to serve as a member of Nocopi Technologies’ Board of Directors and to serve on its Audit Committee.

Richard Levitt, 59, a director since December 1999, has been engaged in the computer and services segment of the computer industry since 1981. Mr. Levitt is currently a Senior Account Executive for Dell Computer in Pittsburgh, PA. He is in the Large Enterprise Group and is responsible for developing major accounts in Western Pennsylvania. Mr. Levitt has been with Dell since November 2005. In 2009, Mr. Levitt was awarded the “Circle of Excellence” award by Dell which is Dell’s highest corporate award given to less than 1% of its sales and support employees. In addition, he was awarded over the past three years the “Top Team Performer” and “Regional Top Performer” awards. In 1995, he participated in the founding of XiTech Corporation, a Pittsburgh, Pennsylvania-based provider of computing and computer networking hardware and network design and implementation services which in five years grew to over 100 employees and $50 million in annual sales. Since founding XiTech, Mr. Levitt served as one of its corporate principals, as a Network Consultant and as the Manager of its Network Sales Force. Mr. Levitt left XiTech in 2004. Before joining XiTech, Mr. Levitt served as a network sales executive for Digital Equipment Corporation from 1988 to 1994 and as a network consultant for TriLogic Corporation during 1994 and 1995. Mr. Levitt holds a B.S. in Marketing from Kent State University. The Board of Directors believes that Mr. Levitt’s sales and marketing experience in technology-based businesses, including start-ups and smaller businesses, makes him well suited to serve as a member of Nocopi Technologies’ Board of Directors.

Philip B. White, 77, has been a director since August 2006. Mr. White is currently an international consultant in the private sector providing regulatory and industry standards advice to international companies regulated by the Food and Drug Administration, the Consumer Product Safety Commission, and the Environmental Protection Agency. He also served as a Technical Advisor and Regulatory Liaison to Nocopi from 2002 to 2005. Before establishing his own global consulting practice in 2000, Mr. White was, from 1994 to 2000, Director of Medical Device Consulting at the international firm of AAC Consulting Group (now Kendle), Rockville, MD. In 1994, Mr. White retired from a 33-year career with the U.S. Food and Drug Administration. His last FDA position was Director of the Office of Standards and Regulations in the Center for Devices and Radiological Health. Previous FDA positions included Regional Director of FDA’s enforcement activities in the Southwestern Region, Deputy FDA Assistant Commissioner for Program Coordination, and Supervisory Food and Drug Inspector. He has served on the Board of Directors of the American National Standards Institute, the Association for Advancement of Medical Instrumentation, and the Regulatory Affairs Professionals Society. He is a 1961 graduate of Wilkes University, Wilkes-Barre, PA with a B.A. Degree in Biology. He also did graduate studies in 1967 and 1968 specializing in the Federal Food Drug and Cosmetic Act at the New York University Graduate Law School in New York City. The Board of Directors believes that Mr. White’s considerable experience with consumer product safety and regulatory matters gained from his many years at the Food and Drug Administration makes him well suited to serve as a member of Nocopi Technologies’ Board of Directors.

Terry W. Stovold, 53, Chief Operating Officer, has been employed by Nocopi for more than twenty-five years. Mr. Stovold previously served as the Company’s Director of Operations and Sales. Mr. Stovold received a Forestry Technician College degree from Algonquin College and studied business at McGill University. He holds numerous U.S. and foreign patents in the fields of printing technology and printing inks.

Rudolph A. Lutterschmidt, 69, has been Vice President and Chief Financial Officer of the Company for more than five years, serving in this capacity on a part-time basis since January 2000. Mr. Lutterschmidt has been a consultant to several southeast Pennsylvania businesses. He is a graduate of Syracuse University.

The terms of the current directors will expire at the 2016 annual meeting of stockholders of the Company.

Corporate Governance

The Board of Directors has determined that all of the directors, with the exception of Michael A. Feinstein, M.D., who serves as Chief Executive Officer, are independent as that term is defined by the SEC. The Company did not make any material changes to the procedures by which stockholders may recommend nominees to the Company’s Board of Directors during 2015.

Audit Committee Financial Expert

The Company has established a standing audit committee in accordance with Section 3(a) (58) (A) of the Securities Exchange Act of 1934 that makes recommendations to the Company’s Board of Directors regarding the selection of an independent registered public accounting firm, reviews the results and scope of the Company’s audits and other accounting-related services and reviews and evaluates the Company’s internal control functions. The audit committee does not presently have a written charter. The audit committee is comprised of Michael A. Feinstein, M.D., its Chairman of the Board, and Herman M. Gerwitz, CPA. The Board of Directors has determined that Mr. Gerwitz is an “audit committee financial expert” as currently defined under the SEC rules implementing Section 407 of the Sarbanes Oxley Act of 2002 and that Mr. Gerwitz meets the criteria for independence as defined by the SEC.

Code of Ethics

The Company has adopted a Code of Ethics that applies to its Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and persons performing similar functions. A copy of the Company’s Code of Ethics is incorporated by reference to Exhibit 14.1 of this report on Form 10-K.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires the Company’s executive officers and directors and any persons who beneficially own more than 10% of its Common Stock (collectively, “Reporting Persons”) to file reports of ownership and changes in ownership with the SEC. Reporting Persons are required by SEC regulations to furnish the Company with copies of all Section 16(a) forms they file.

Based solely on the Company’s review of the copies of any Section 16(a) forms received by it, the Company believes that with respect to the fiscal year ended December 31, 2015, all Reporting Persons complied with all applicable filing requirements.

ITEM 11. EXECUTIVE COMPENSATION

The following table sets forth information concerning compensation for 2015 and 2014 earned by Michael A. Feinstein, M.D., the Company’s Chairman who has served since February 2000 as the Company’s Chief Executive Officer and Terry W. Stovold, the Company’s Chief Operating Officer, the only employee to receive compensation in 2015 greater than $100,000 (the “Named Executive”).

SUMMARY COMPENSATION TABLE

Nonequity

Nonqualified

Name

incentive

deferred

and

Stock

Option

plan

compensation

All other

principal

Salary

Bonus

awards

compensation

earnings

compensation

Total

position

Year

($)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

Michael A. Feinstein, M.D.

2015

85,000

Chairman, President and

2014

85,000

Chief Executive Officer

Terry W. Stovold

2015

75,000

1,000

65,200

(1)

141,200

Chief Operating Officer

2014

75,000

1,000

55,200

(1)

131,200

———————

(1) Sales commissions

Dr. Feinstein entered into a written employment agreement effective June 1, 2008 under which he serves as President and Chief Executive Officer of the Company for an initial term of three years with successive one year renewal terms. In accordance with the terms of the employment agreement, the employment agreement renewed on December 1, 2015 for a period of one year effective June 1, 2016. The employment agreement provides for an annual base salary of $85,000 which may be increased annually at the discretion of the Board of Directors and an annual performance bonus determined by the Board of Directors. In certain situations, including a change in control, Dr. Feinstein may be eligible to receive his base salary for a period of up to twelve months following the termination of employment. The employment agreement prohibits him from competing with the Company during the term of this agreement and for two years after the termination of his employment with the Company. In each of the years ended December 31, 2015 and 2014, Dr. Feinstein deferred $85,000 of salary owed to him for each of those years. At December 31, 2015, Dr. Feinstein was owed a total of approximately $290,400 of salary deferred by him.

Mr. Stovold entered into a written employment agreement effective April 1, 2011 under which he served as the Company’s Director of Operations and Sales for an initial term of three years with successive one year renewal terms. The employment agreement provides for a base salary set by the Company’s Board of Directors, which is currently set at $75,000 per year beginning on January 1, 2012, along with a commission of seven percent on sales generated by his efforts. In certain situations, including but not limited to a change in control, Mr. Stovold may be eligible to receive his base salary for a period of up to six months following the termination of employment. The employment agreement prohibits him from competing with the Company during the term of the agreement and for one year after the termination of his employment with the Company. At December 31, 2015, Mr. Stovold was owed approximately $33,500 of currently payable commissions related to sales realized in 2015 through his efforts. In July 2014, the Company’s Board of Directors appointed Mr. Stovold Chief Operating Officer of the Company. There were no changes to the employment agreement with Mr. Stovold resulting from this appointment.

There are no outstanding stock or option awards at fiscal year end.

If Dr. Feinstein’s employment is terminated as a result of a change in control, Dr. Feinstein is entitled to receive severance payments equal to twelve months of his then base salary. If Mr. Stovold’s employment is terminated as a result of a change in control, Mr. Stovold is entitled to receive severance payments not to exceed six months of his then base salary.

Director Compensation

The following table summarizes compensation earned by the Company’s non-executive directors for the year ended December 31, 2015. All directors have been and will be reimbursed for reasonable expenses incurred in connection with attendance at meetings of the Board of Directors or other activities undertaken by them on behalf of the Company.

DIRECTOR COMPENSATION

Nonequity

Nonqualified

Fees

incentive

deferred

earned or

Stock

Option

plan

compensation

All other

paid in cash

awards

compensation

earnings

compensation

Total

Name

($)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Herman M. Gerwitz (1)

Richard Levitt

Philip B. White

———————

(1) At December 31, 2015, Mr. Gerwitz held 26,665 warrants that become exercisable in July 2016.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth, as of March 15, 2016, the stock ownership of (1) each person or group known by the Registrant to beneficially own 5% or more of Registrant’s Common Stock and (2) each director and Named Executive (as set forth under the heading “Executive Compensation”) individually, and (3) all directors and executive officers of the Company as a group. To the Company’s knowledge, except as set forth in the footnotes to this table and subject to applicable community property laws, each person named in the table below has sole voting and investment power with respect to the shares set forth opposite such person’s name. Except as otherwise indicated, the address of each of the persons in the table below is c/o Nocopi Technologies, Inc., 480 Shoemaker Road, Suite 104, King of Prussia, Pennsylvania, 19406.

Common Stock


	Number
	of Shares		Percentage
	Beneficially		of
Name of Beneficial Owner	Owned		Class (1)
5% Stockholders
Philip N. Hudson P.O. Box 160892 San Antonio, TX 78280-3092 (2)		5,687,918		9.7	%
Westvaco Brand Security, Inc. One High Ridge Park Stamford, CT 06905 (3)		3,917,030		6.7%
Ross. L Campbell 675 Lewis Lane Ambler, PA 19002 (4)		3,264,457		5.6	%

Directors, Officers and Named Executive
Michael A Feinstein, M.D. (5)		3,109,881		5.3	%
Herman M. Gerwitz (6)		376,549		*
Richard Levitt		299,000		*
Philip B. White (7)		286,745		*
Terry W. Stovold		0		*
All Executive Officers and Directors as a Group (6 individuals)		4,069,775		6.9	%

———————

* Less than 1.0%.


(1)	Where the Number of Shares Beneficially Owned (reported in the preceding column) includes shares which may be purchased upon the exercise of outstanding stock options and warrants which are or within sixty days will become exercisable (“presently exercisable options”) the percentage of class reported in this column has been calculated assuming the exercise of such presently exercisable options.
(2)	As reflected in a Schedule 13D dated August 11, 2008 filed on behalf of Philip N. Hudson and subsequent open market purchases as reported to the Company by Mr. Hudson.
(3)	As reflected in a Schedule 13D dated March 14, 2001 filed on behalf of Westvaco Brand Security, Inc.
(4)	As reflected in a Schedule 13D dated April 4, 2005 filed on behalf of Ross L. Campbell.
(5)	Includes 734,000 shares held by a pension plan of which Dr. Feinstein is the trustee and 100,000 shares held in an IRA.
(6)	Includes 50,000 shares held by a trust on behalf of a child of Mr. Gerwitz, 72,500 shares held by a child of Mr. Gerwitz and 6,000 shares held in an IRA.
(7)	Includes 5,000 shares held by Mr. White’s wife.

EQUITY COMPENSATION PLAN INFORMATION AS OF DECEMBER 31, 2015


Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights compensation plans		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
	(a)		(b)		(c)

Warrants issued in connection with convertible debentures, short-term loans and financing considerations (1)		756,365	$	0.022		-0-
Total		756,365	$	0.022		-0-

———————


(1)	Warrants issued in connection with the sale of convertible debentures totaling $138,273 in 2014 and 2013, the receipt of short term-notes totaling $45,000 from 2011 through 2013, and, in 2011, to a professional services provider related to certain fee payment considerations were approved by the Board of Directors. The warrants expire from five to seven years from the date of issuance.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

During 2014, with the approval of the disinterested members of the Board of Directors, the Company exchanged a $4,500 short-term loan held by Herman M. Gerwitz, a Director, together with accrued interest, for a $5,333 convertible debenture which included warrants to purchase 26,665 shares of the Company’s Common Stock at $0.02 per share. The warrant is exercisable two years after issuance and expires seven years after issuance. The debenture is due in two years. At the option of the lender, the debenture and accrued interest is convertible in whole or part into Common Stock of the Company at $0.05 per share.

During 2014, with the approval of the disinterested members of the Board of Directors, the Company exchanged a $20,000 short-term loan held by Dr. Feinstein’s brother-in-law together with accrued interest, for a $22,940 convertible debenture which included warrants to purchase 114,700 shares of the Company’s Common Stock at $0.02 per share. The warrant is exercisable two years after issuance and expires seven years after issuance. The debenture is due in two years. At the option of the lender, the debenture and accrued interest is convertible in whole or part into Common Stock of the Company at $0.05 per share.

The Board of Directors has determined that all the directors, with the exception of Michael A. Feinstein, M.D., who serves as President and Chief Executive Officer, are independent as that term is defined by the SEC.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Registrant has retained the public accounting firm of Morison Cogen LLP, whose principal business address is 484 Norristown Road, Suite 100, Blue Bell, PA 19422, to perform its annual audit for inclusion of its report in Form 10-K and perform SAS 100 reviews of quarterly information in connection with Form 10-Q filings.

Audit Fees

During 2015 and 2014, the aggregate fees billed for professional services rendered by Registrant’s principal accountant for the audit of Registrant’s annual financial statements and review of its quarterly financial statements were $47,000 and $35,000, respectively.

Audit-Related Fees

During 2015 and 2014, there were no fees billed for audit-related services.

Tax Fees

During 2015 and 2014, the aggregate fees billed for professional services rendered by Registrant’s principal accountant for tax compliance, tax advice and tax planning were $9,000 and $0, respectively.

All Other Fees

During 2015 and 2014, there were no fees billed for products and services provided by Registrant’s principal accountant other than those set forth above.

Audit Committee Approval

The Audit Committee, consisting of Michael A. Feinstein, M.D., Chairman, President and Chief Executive Officer, and Herman M. Gerwitz, CPA, evaluate and approve, in advance, the scope and cost of the engagement of an auditor before the auditor renders audit and non-audit services. All non-audit services were approved by the audit committee. Registrant does not rely on pre-approval policies and procedures.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

See Exhibit Index.

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	NOCOPI TECHNOLOGIES, INC.


Date: March 30, 2016	By:	/s/ Michael A. Feinstein, M.D.
		Michael A. Feinstein, M.D.
	Title:	Chairman of the Board, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Signature	Title	Date

/s/ Michael A. Feinstein, M.D.	Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)	March 30, 2016
Michael A. Feinstein, M.D.

/s/ Rudolph A. Lutterschmidt	Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Financial and Accounting Officer)	March 30, 2016
Rudolph A. Lutterschmidt

/s/ Herman M. Gerwitz	Director	March 30, 2016
Herman M. Gerwitz

/s/ Richard Levitt	Director	March 30, 2016
Richard Levitt

/s/ Philip B. White	Director	March 30, 2016
Philip B. White

INDEX TO FINANCIAL STATEMENTS


Report of Independent Registered Public Accounting Firm	F-2

Balance Sheets as of December 31, 2015 and 2014	F-3

Statements of Operations for the Years ended December 31, 2015 and 2014	F-4

Statement of Stockholders’ Deficiency for the Years ended December 31, 2015 and 2014	F-5

Statements of Cash Flows for the Years ended December 31, 2015 and 2014	F-6

Notes to Financial Statements	F-7

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors

of Nocopi Technologies, Inc.

King of Prussia, Pennsylvania

We have audited the accompanying balance sheets of Nocopi Technologies, Inc. as of December 31, 2015 and 2014, and the related statements of operations, stockholders' deficiency, and cash flows for each of the two years in the period ended December 31, 2015. Nocopi Technologies, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Nocopi Technologies, Inc. at December 31, 2015 and 2014, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company continues to have a working capital deficit which raises substantial doubt about its ability to continue as a going concern. Management’s plans in regard to this matter are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ MORISON COGEN LLP

Blue Bell, Pennsylvania

March 30, 2016

F-2

Nocopi Technologies, Inc.

Balance Sheets*


	December 31.
	2015			2014
*Assets*

Current assets
Cash	$	11,400		$	28,000
Accounts receivable less $5,000 allowance for doubtful accounts		253,300			287,800
Inventory		36,600			43,500
Prepaid and other		22,600			18,800
Total current assets		323,900			378,100

Fixed assets
Leasehold improvements		19,700			19,700
Furniture, fixtures and equipment		176,900			176,800
		196,600			196,500
Less: accumulated depreciation and amortization		175,700			178,400
		20,900			18,100
Total assets	$	344,800		$	396,200

*Liabilities and Stockholders’ Deficiency*

Current liabilities
Demand loans	$	23,500		$	63,000
Convertible debentures		32,800			102,900
Accounts payable		76,200			160,300
Accrued expenses		443,000			383,000
Deferred revenue		112,400			93,400
Total current liabilities		687,900			802,600

Commitments and contingencies

Convertible debentures, net of unaccreted discount of $0 at December 31, 2015 and $1,400 at December 31, 2014		95,000			31,800

Stockholders’ deficiency
Series A preferred stock, $1.00 par value
Authorized - 300,000 shares
Issued and outstanding - none		–			–
Common stock, $0.01 par value
Authorized - 75,000,000 shares
Issued and outstanding - 58,599,016 shares		586,000			586,000
Paid-in capital		12,426,600			12,408,500
Accumulated deficit		(13,450,700	)		(13,432,700	)
		(438,100	)		(438,200	)
Total liabilities and stockholders’ deficiency	$	344,800		$	396,200

*The accompanying notes are an integral part of these financial statements.

F-3

Nocopi Technologies, Inc.

Statements of Operations*


	Years ended December 31,
	2015			2014

Revenues
Licenses, royalties and fees	$	338,700		$	358,800
Product and other sales		612,100			564,000
		950,800			922,800

Cost of revenues
Licenses, royalties and fees		77,000			75,600
Product and other sales		256,000			248,700
		333,000			324,300
Gross profit		617,800			598,500

Operating expenses
Research and development		128,100			121,600
Sales and marketing		202,800			194,500
General and administrative		325,600			253,400
		656,500			569,500
Net income (loss) from operations		(38,700	)		29,000

Other income (expenses)
Reversal of accounts payable		56,300			–
Interest income		–			300
Interest expense, bank charges, financing cost and accretion of interest		(35,600	)		(21,600	)
		20,700			(21,300	)
Net income (loss)	$	(18,000	)	$	7,700

Net income (loss) per common share
Basic	$	(.00	)	$	.00
Diluted	$	(.00	)	$	.00

Weighted average common shares outstanding
Basic		58,599,016			58,599,016
Diluted		58,599,016			58,600,690

*The accompanying notes are an integral part of these financial statements.

F-4

Nocopi Technologies, Inc.

Statement of Stockholders’ Deficiency*

For the Period January 1, 2014 through December 31, 2015


	Common stock				Paid-in		Accumulated
	Shares		Amount		Capital		Deficit			Total

Balance - January 1, 2014		58,599,016	$	586,000	$	12,406,600	$	(13,440,400	)	$	(447,800	)

Fair value of warrants issued to convertible debenture holders						1,900					1,900

Net income								7,700			7,700
Balance - December 31, 2014		58,599,016		586,000		12,408,500		(13,432,700	)		(438,200	)

Debt discount to convertible debentures						18,100					18,100

Net loss								(18,000	)		(18,000	)
Balance - December 31, 2015		58,599,016	$	586,000	$	12,426,600	$	(13,450,700	)	$	(438,100	)

*The accompanying notes are an integral part of these financial statements.

F-5

Nocopi Technologies, Inc.

Statements of Cash Flows*


	Years ended December 31,
	2015			2014
Operating Activities
Net income (loss)	$	(18,000	)	$	7,700
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization		6,100			4,000
Reversal of accounts payable		(56,300	)		–
Accretion of interest – convertible debentures		21,200			4,600
		(47,000	)		16,300

(Increase) decrease in assets
Accounts receivable		34,500			(50,700	)
Inventory		6,900			(15,000	)
Prepaid and other		(3,800	)		12,700
Increase (decrease) in liabilities
Accounts payable and accrued expenses		32,200			71,600
Deferred revenue		19,000			(20,400	)
		88,800			(1,800	)
Net cash provided by operating activities		41,800			14,500

Investing Activities
Additions to fixed assets		(8,900	)		(20,600	)
Net cash used in investing activities		(8,900	)		(20,600	)

Financing Activities
Repayment of borrowings under promissory note		–			(18,800	)
Repayment of demand loans		(39,500	)		(5,000	)
Proceeds from convertible debenture		–			5,000
Repayment of convertible debenture		(10,000	)		–
Net cash used in financing activities		(49,500	)		(18,800	)
Decrease in cash		(16,600	)		(24,900	)
Cash
Beginning of year		28,000			52,900
End of year	$	11,400		$	28,000

Cash paid for interest	$	7,700		$	300

Supplemental disclosure of Non Cash Investing Activities
Write-off of fully depreciated leasehold improvements and furniture fixtures and equipment
Accumulated depreciation and amortization	$	(8,800	)	$	(82,900	)
Leasehold improvements		–		$	72,500
Furniture, fixtures and equipment	$	8,800		$	10,400

Supplemental Disclosure of Non Cash Financing Activities
Conversion of demand loans and interest to convertible debentures
Demand loans		–		$	(24,500	)
Accrued expenses		–		$	(3,800	)
Convertible debentures		–		$	26,400
Paid-in capital		–		$	1,900

*The accompanying notes are an integral part of these financial statements.

F-6

NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

Organization of the Company

Nocopi Technologies, Inc. (the “Company”) is organized under the laws of the State of Maryland. Its main business activities are the development and distribution of document security products and the licensing of its patented reactive ink technologies for the Entertainment and Toy and the Document and Product Authentication markets in the United States and foreign countries. The Company operates in one principal industry segment.

Significant Accounting Policies

Financial Statement Presentation - Amounts included in the accompanying financial statements have been rounded to the nearest hundred, except for number of shares and per share information.

Estimates - The preparation of the financial statements in conformity with Accounting Principles Generally Accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.

Cash consists of demand deposits with a major U.S. bank.

Accounts receivable and credit policies - Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices dated over 90 days old are considered delinquent.

The carrying amount of accounts receivable is reduced by an allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed 90 days from invoice date and based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected.

Inventory consists primarily of ink components and is stated at the lower of cost (determined by the first-in, first-out method) or market.

Fixed assets are carried at cost less accumulated depreciation and amortization. Furniture, fixtures and equipment are generally depreciated on the straight-line method over their estimated service lives. Leasehold improvements are amortized on a straight-line basis over the shorter of five years or the term of the lease. Major renovations and betterments are capitalized. Maintenance, repairs and minor items are expensed as incurred. Upon disposal, assets and related depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to income.

Patent costs are charged to expense as incurred due to the uncertainty of their recoverability as a result of the Company’s adverse liquidity situation.

Revenues - In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 605, Revenue Recognition, the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists or acceptance occurs, (ii) a retailer, distributor or wholesaler receives the goods, (iii) the price is fixed or determinable, and (iv) collectability of the sales revenue is reasonably assured. Subject to these criteria, the Company will generally recognize revenue upon shipment of product. Revenue from license fees and royalties will be recognized as earned over the license term.

Income taxes - Deferred income taxes are provided for all temporary differences and net operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

F-7

NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

Fair value - The carrying amounts reflected in the balance sheets for cash, receivables, accounts payable and accrued expenses approximate fair value due to the short maturities of these instruments. The carrying amount of the demand loans and the convertible debentures approximates fair value since the interest rate associated with the debt approximates the current market interest rates.

Convertible debentures, for which the embedded conversion feature does not qualify for derivative treatment, are evaluated to determine if the effective or actual rate of conversion per the terms of the convertible note agreement is below market value. In these instances, the Company accounts for the value of the beneficial conversion feature as a debt discount, which is then accreted to interest expense over the life of the related debt using the straight-line method, which approximates the effective interest method.

Stock-based payments - the Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight line method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees (“ASC 505-50”). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders’ equity over the applicable service periods. Non-employee equity based payments that do not vest immediately upon grant are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed.

Earnings (loss) per share - The Company follows FASB ASC 260 resulting in the presentation of basic and diluted earnings per share. Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock.

The table below presents the computation of basic and diluted weighted average common shares outstanding:


	2015		2014
Basic shares outstanding		58,599,016		58,599,016
Incremental shares from assumed conversion of warrants		–		1,674
Diluted shares outstanding		58,599,016		58,600,690

Comprehensive income (loss) - The Company follows FASB ASC 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income, comprehensive income (loss) is equal to net income (loss).

F-8

NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

Recoverability of Long-Lived Assets

The Company follows FASB ASC 360-35, “Impairment or Disposal of Long-Lived Assets.” The Statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company is not aware of any events or circumstances which indicate the existence of an impairment which would be material to the Company’s annual financial statements.

Recently Adopted Accounting Pronouncements

As of December 31, 2015 and for the year then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

Going Concern

Since its inception, with the exception of the years ended December 31, 2007 and December 31, 2013 and December 13, 2014, during which it generated net income of $386,000 and $10,300 and $7,700, respectively, the Company has incurred significant losses and, as of December 31, 2015, had accumulated losses of $13,450,700. For the year ended December 31, 2015, the Company had a net loss from operations of $38,700. For the year ended December 31, 2014 Company’s had net income from operations of $29,000. The Company had negative working capital of $364,000 at December 31, 2015 and $424,500 at December 31, 2014. Due in part to uncertainties in the US economy, the Company, which is substantially dependent on its licensees to generate licensing revenues, may incur further operating losses and experience negative cash flow in the future. Achieving profitability and positive cash flow depends on the Company’s ability to generate and sustain significant increases in revenues and gross profits from its traditional business. There can be no assurances that the Company will be able to generate sufficient revenues and gross profits to sustain profitability and return to positive cash flow in the future.

During 2014, the Company sold a $5,000 convertible debenture to an investor. Receipt of funds in earlier periods from investors and from demand loan holders have allowed the Company to remain in operation through the current date. Management of the Company believes that it may need additional capital in the future both to fund investments needed to increase its operating revenues to levels that will sustain its operations and to fund operating deficits that it anticipates will continue until revenue increases from traditional and new product lines can be realized. There can be no assurances that the Company will be successful in obtaining sufficient additional capital, or if it does, that the additional capital will enable the Company to impact its revenues so as to have a material positive effect on the Company’s operations and cash flow. The Company believes that without additional capital, whether in the form of debt, equity or both, it may be forced to cease operations at an undetermined future date.

F-9

NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

The Company’s independent registered public accountants have included a “going concern” explanatory paragraph in their audit report accompanying the 2015 financial statements. The paragraph states that the Company’s continuing working capital deficit raises substantial doubt about the Company’s ability to continue as a going concern and cautions that the financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Concentration of Credit Risk

Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of cash and accounts receivables. At December 31, 2015, the Company did not have deposits with a financial institution that exceed the FDIC deposit insurance coverage of $250,000. There is a concentration of credit risk with respect to accounts receivable due to the number of major customers.

Demand Loans

At December 31, 2015 and December 31, 2014, the Company had unsecured loans totaling $23,500 from two individuals and $63,000 from three individuals, respectively, outstanding. The loans bear interest at 8%. During the year ended December 31, 2015, the Company repaid $39,500 of the unsecured loans along with approximately $6,300 of accrued interest. During the year ended December 31, 2014, the Company repaid $5,000 of the unsecured loans.

Promissory Note

In early July 2014, the Company repaid the $6,250 remaining balance of a $100,000 promissory note with a bank. The promissory note resulted from the conversion in September 2010 of an outstanding line of credit with the bank. The promissory note was payable in forty-eight equal monthly installments, beginning in October 2010, of $2,083, plus interest at the bank’s prime rate of interest plus 0.5%. The interest rate throughout the term of the promissory note was 3.75%.

Convertible Debentures

At December 31, 2015, the Company had convertible debentures totaling $127,800 outstanding, of which $32,800 are due during the third quarter of 2016 and $95,000 are due during the third quarter of 2017. The convertible debentures bear interest at 7%. At the option of the lender, $95,000 principal of the debentures and accrued interest are convertible in whole or part into common stock of the Company at $0.025 per share and $32,800 principal of the debentures and accrued interest are convertible in whole or part into common stock of the Company at $0.05 per share. In July 2015, the Company repaid, with interest, a $10,000 convertible debenture that had matured. During the third quarter of 2015, the Company’s Board of Directors approved and the holders of $95,000 of convertible debentures maturing during the third quarter of 2015 accepted an offer of extension whereby the maturity dates of the convertible debentures are extended for two years and the conversion rate of the debentures and accrued interest into Common Stock of the Company is reduced from $0.05 to $0.025. In accordance with FASB ASC 470, this modification of the convertible debentures was recorded as a debt discount to the notes payable of approximately $18,100 with an offsetting credit to additional-paid in capital. In the year ended December 31, 2015, the entire $18,100 was accreted through interest expense.

During the third quarter of 2014, the Company, with the approval of its Board of Directors, exchanged two demand loans totaling $24,500 including one demand loan in the amount of $4,500 held by Herman M. Gerwitz, a Director, along with approximately $3,800 of accrued interest for convertible debentures totaling approximately $28,300. The debentures bear interest at 7% and are due and payable two years from the date of issuance. At option of the lender, the debentures and accrued interest are convertible in whole or part into common stock of the Company at $0.05 per share. The Company also granted warrants to purchase 141,365 shares of common stock of the Company at $0.02 per share to the debenture holders. The warrants are exercisable two years after issuance and expire seven years after issuance.

F-10

NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

During the third quarter of 2014, the Company received $5,000 through the issuance of a convertible debenture to an investor. The debenture bears interest at 7% and is due and payable two years from the date of issuance. At option of the lender, the debenture and accrued interest are convertible in whole or part into common stock of the Company at $0.05 per share. The Company also granted warrants to purchase 25,000 shares of the Company’s common stock at $0.02 per share to the holder of the debenture. The warrants are exercisable two years after issuance and expire seven years after issuance.

Additionally, the Company has warrants to purchase 525,000 shares of the Company’s common stock at $0.02 per share outstanding that were granted in conjunction with the issuance of $105,000 of convertible debentures to seven investors in 2013. The warrants are exercisable two years after issuance and expire seven years after issuance.

The fair value of the warrants was determined using the Black-Scholes pricing model. The relative fair value of the warrants was recorded as a discount to the notes payable with an offsetting credit to additional paid-in capital since the Company determined that the warrants were an equity instrument in accordance with FASB ASC 815. The debt discount related to the warrant issuances is being accreted through interest expense over the term of the notes payable. For the years ended December 31, 2015 and December 31, 2014, approximately $3,100 and $4,600, respectively, was accreted through interest expense.

Stockholders' Deficiency

In July 2015, the common stock private placement was extended to December 31, 2016 by the Company’s Board of Directors.

Other Income (Expenses)

10.

Income Taxes

There is no income tax benefit for the year ended December 31, 2015 due to the availability of net operating loss carryforwards (“NOL’s”) for which the Company had previously established a 100% valuation allowance for deferred tax assets due to the uncertainty of their recoverability. There is no provision for income taxes for the year ended December 31, 2014 due to the availability of net operating loss carryforwards. At December 31, 2015 and December 31, 2014, the Company had NOL’s approximating $4,627,000 and $4,601,000, respectively. The operating losses at December 31, 2015 are available to offset future taxable income; however, if not utilized, they expire in varying amounts through the year 2035. As a result of the sale of the Company's common stock in an equity offering in late 1997 and the issuance of additional shares, the amount of the NOL’s may be limited. Additionally, the utilization of these NOL’s, if available, to reduce future income taxes will depend on the generation of sufficient taxable income prior to their expiration. There were no material temporary differences for the years ended December 31, 2015 and December 31, 2014. The Company has established a 100% valuation allowance of approximately $1,943,000 and $1,933,000 at December 31, 2015 and December 31, 2014, respectively, for the deferred tax assets due to the uncertainty of their realization.

The Company has adopted the provisions of FASB ASC 740-10-50-15, “Unrecognized Tax Benefit Related Disclosures.” There were no unrecognized tax benefits as of the date of adoption and no unrecognized tax benefits at December 31, 2015. There was no change in unrecognized tax benefits during the year ended December 31, 2015 and there was no accrual for uncertain tax positions as of December 31, 2015.

F-11

NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

There were no interest and penalties recognized in the statement of operations and in the balance sheet. Tax years from 2011 through 2015 remain subject to examination by U.S. federal and state tax jurisdictions.

11.

Related Party Transactions

In each of the years ended December 31, 2015 and December 31, 2014, Michael A. Feinstein, M.D., the Company’s Chairman of the Board and Chief Executive Officer, deferred $85,000 of salary owed to him under an employment agreement with the Company. At December 31, 2015 and December 31, 2014, Dr. Feinstein was owed $290,400 and $215,400, respectively, of salary that was deferred by him in response to the adverse liquidity experienced by the Company beginning in 2012. There are no formal terms or arrangements for repayment of the deferred salary. In December 2015 and January 2016, the Company made payments of $10,000 and $15,000, respectively, to Dr. Feinstein, representing a portion of amounts owed to him. There is no interest payable on the deferred salary.

12.

Commitments and Contingencies

The Company conducts its operations in leased facilities under a non-cancelable operating lease expiring in 2019.

Future minimum lease payments under non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2015 are: $46,200 – 2016; $47,400 – 2017; $48,600 – 2018 and $16,300 – 2019.

Total rental expense under operating leases was $44,800 and $45,100 in 2014 and 2015, respectively.

The Company has an employment agreement, expiring in May 2017, with Michael A. Feinstein, M.D., its Chairman of the Board and Chief Executive Officer. The employment agreement contains one-year renewal provisions that became effective after the original term. Dr. Feinstein receives base compensation of $85,000 per year plus a performance bonus determined by the Company’s Board of Directors. The Company has an employment agreement, expiring in March 2017, with Terry W. Stovold, its Chief Operating Officer, whereby Mr. Stovold receives a salary set by the Company’s Board of Directors, currently set at $75,000, along with a commission of seven percent on sales generated by his efforts. The employment agreement contains one-year renewal provisions that became effective after the original term. Future minimum compensation payments under these employment agreements are: $160,000 to be paid in 2016 and $54,200 to be paid in 2017.

From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of its business.

13.

Stock Options, Warrants and 401(k) Savings Plan

The Company follows FASB ASC 718, Share Based Payment, which requires that the cost resulting from all share-based payment transactions be recognized in the Company’s financial statements. FASB ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations based on their fair values.

The 1999 Stock Option Plan provided for the granting of up to 2,000,000 incentive and non-qualified stock options to employees, non-employee directors, consultants and advisors to the Company. In the case of options designated as incentive stock options, the exercise price of the options granted must be not less than the fair market value of such shares on the date of grant. Non-qualified stock options may be granted at any amount established by the Stock Option Committee or, in the case of Discounted Options issued to non-employee directors in lieu of any portion of an Annual Retainer, in accordance with a formula designated in the Plan. The 1999 Stock Option Plan terminated in February 2009 and no further stock options can be granted under the plan; however, options granted before the termination date could be exercised through their expiration date.

The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award. There was no compensation expense recognized during the years ended December 31, 2015 and December 31, 2014 and there was no unrecognized portion of expense at December 31, 2015.

F-12

NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

A summary of stock options under the Company’s stock option plans follows:

Weighted

Exercise

Average

Number of

Price Range

Exercise

Shares

Per Share

Price

Outstanding at December 31, 2013

245,000

0.12

Options expired

245,000

0.12

Outstanding at December 31, 2014 and 2015

–

Option

Shares

Exercisable options at year end:

2015

Weighted average remaining contractual life (years)

–

Options available for future grant:

2015

At December 31, 2015, the Company had 756,365 warrants to purchase common stock of the Company outstanding at exercise prices ranging from $0.01 to $0.07 and expiring at various dates through July 2021. The warrants are held by ten investors who acquired convertible debentures from the Company in 2013 and 2014 and by three individuals who provided loans and professional services to the Company.

A summary of outstanding warrants follows:

Weighted

Exercise

Average

Number of

Price Range

Exercise

Shares

Per Share

Price

Outstanding at December 31, 2013

660,500

0.01 to 0.07

0.026

Warrants granted

166,365

0.02

Warrants canceled

24,500

0.03 and 0.07

0.037

Outstanding at December 31, 2014

802,365

0.01 to 0.07

0.025

Warrants expired

46,000

0.06 and 0.07

0.068

Outstanding at December 31, 2015

756,365

$0.01 to $0.07

$0.022

Weighted average remaining contractual life (years)

4.51

Weighted

Exercise

Average

Price Range

Exercise

Shares

Per Share

Price

Exercisable warrants at year end:

2015

590,000

$0.01 to $0.07

$0.023

Weighted average remaining contractual life (years)

4.23

At December 31, 2015, the Company has reserved 5,846,989 shares of common stock for possible future issuance upon exercise of 756,365 warrants and for the conversion of approximately $128,300 of convertible debentures and accrued interest into 5,090,624 shares of common stock.

F-13

NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

The Company sponsors a 401(k) savings plan, covering substantially all employees, providing for employee and employer contributions. Employer contributions are made at the discretion of the Company. There were no contributions charged to expense during 2015 or 2014.

14.

Major Customer and Geographic Information

The Company’s revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Company’s total revenues were:


	Year ended December 31
	2015			2014
Customer A		53	%		47	%
Customer B		17	%		19	%

The Company’s non-affiliate customers whose individual balances amounted to more than 10% of the Company’s net accounts receivable, expressed as a percentage of net accounts receivable, were:


	December 31
	2015			2014
Customer A		31	%		46	%
Customer B		25	%		35	%

The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company also maintains allowances for potential credit losses. The loss of a major customer could have a material adverse effect on the Company’s business operations and financial condition.

The Company’s revenues by geographic region are as follows:


	Year ended December 31
	2015		2014
North America	$	433,000	$	477,100
Asia		511,600		445,700
Australia		6,200		–
	$	950,800	$	922,800

15.

Subsequent Event

In March 2016, the Company repaid $4,000 of the principal of the outstanding demand loans.

F-14

Exhibit Index

The following Exhibits are filed as part of this Annual Report on Form 10-K:


Exhibit
Number		Description

3.1		Amended and Restated Articles of Incorporation (17)
3.2		Amended and Restated Bylaws (18)
4.1		Form of Certificate of Common Stock (14)
10.1†		Summary Plan Description for Nocopi Technologies, Inc. 401(k) Profit Sharing Plan (1)
10.2†		Nocopi Technologies, Inc. 1998 Stock Incentive Plan (2)
10.3†		Amended Summary Plan Description for Nocopi Technologies, Inc. 401(k) Profit Sharing Plan (3)
10.4		Director Indemnification Agreement (4)
10.5		Officer Indemnification Agreement (5)
10.6		Stock Purchase Agreement with Westvaco Brand Security, Inc. (6)
10.7		Registration Rights Agreement with Westvaco Brand Security, Inc. (7)
10.8		Subscription Agreement with Entrevest I Associates (8)
10.9		Lease Agreement dated March 19, 2003 relating to premises at 9 Portland Road, West Conshohocken, PA 19428 (9)
10.10		Settlement Agreement with Euro-Nocopi, S.A. (10)
10.11		Agreement of Terms with Entrevest I Associates (11)
10.12		Conversion Agreement (12)
10.13		Amendment dated July 18, 2007 to Lease Agreement dated March 19, 2003 relating to premises at 9 Portland Road, West Conshohocken, PA 19428 (15)
10.14†		Employment Agreement with Michael A. Feinstein, M.D. (16)
10.15		Business Loan Agreement, Promissory Note and Commercial Security Agreement dated August 19, 2008 between the Company and Sovereign Bank (19)
10.16†		Amended Summary Plan Description for Nocopi Technologies, Inc. 401(k) Profit Sharing Plan (20)
10.17†		Employment Agreement with Terry W. Stovold (21)
10.18		Conversion Agreement (22)
10.19		Form of Convertible Debenture Purchase Agreement and Exhibits (23)
10.20		Lease Agreement dated December 12, 2013 relating to premises at 480 Shoemaker Road, King of Prussia, PA 19406 (24)
14.1		Code of Ethics (13)
31.1*		Certification of Chief Financial Officer required by Rule 13a-14(a)
31.2*		Certification of Chief Executive Officer required by Rule 13a-14(a)
32.1*		Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		XBRL Instance Document
101.SCH*		XBRL Taxonomy Extension Schema Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		XBRL Taxonomy Extension Label Linkbase
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

———————


*		Exhibit filed with this Report.
†		Compensation plans and arrangements for executives and others.
(1)		Incorporated by reference to Registrant’s Annual Report on Form 10-K for the Year Ended December 31, 1993
(2)		Incorporated by reference to Exhibit 10.14 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 1998 filed on April 15, 1999
(3)		Incorporated by reference to Exhibit 10.15 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 1998 filed on April 15, 1999
(4)		Incorporated by reference to Exhibit 10.19 of the Registrant’s Quarterly Report on Form 10-QSB for the Three Months Ended September 30, 1999 filed on November 15, 1999
(5)		Incorporated by reference to Exhibit 10.20 of the Registrant’s Quarterly Report on Form 10-QSB for the Three Months Ended September 30, 1999 filed on November 15, 1999


(6)		Incorporated by reference to Exhibit 10.17 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 2000 filed on April 17, 2001
(7)		Incorporated by reference to Exhibit 10.18 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 2000 filed on April 17, 2001
(8)		Incorporated by reference to Exhibit 10.18 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 2002 filed on April 14, 2003
(9)		Incorporated by reference to Exhibit 10.19 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 2002 filed on April 14, 2003
(10)		Incorporated by reference to Exhibit 10.17 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 2003 filed on April 14, 2004
(11)		Incorporated by reference Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on September 16, 2004
(12)		Incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-QSB for the Three Months Ended September 30, 2004 filed on November 15, 2004
(13)		Incorporated by reference to Exhibit 14.1 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 2004 filed on March 31, 2005
(14)		Incorporated by reference to Exhibit 4.1 of the Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31, 2005 filed on April 7, 2006
(15)		Incorporated by reference to Exhibit 10.16 of the Registrant’s Quarterly Report on Form 10-QSB for the Three Months Ended September 30, 2007 filed on November 14, 2007
(16)		Incorporated by reference to Exhibit 10.17 of the Registrant’s Quarterly Report on Form 10-Q for the Three Months Ended June 30, 2008 filed on August 14, 2008
(17)		Incorporated by reference to Exhibit 3.1 of the Registrant’s Quarterly Report on Form 10-Q for the Three Months Ended September 30, 2008 filed on November 14, 2008
(18)		Incorporated by reference to Exhibit 3.2 of the Registrant’s Quarterly Report on Form 10-Q for the Three Months Ended September 30, 2008 filed on November 14, 2008
(19)		Incorporated by reference to Exhibit 10.18 of the Registrant’s Quarterly Report on Form 10-Q for the Three Months Ended September 30, 2008 filed on November 14, 2008
(20)		Incorporated by reference to Exhibit 10.19 of the Registrant’s Annual Report on Form 10-K for the Year Ended December 31, 2009 filed on March 31, 2010
(21)		Incorporated by reference to Exhibit 10.19 of the Registrant’s Annual Report on Form 10-K for the Year Ended December 31, 2011 filed on March 30, 2012
(22)		Incorporated by reference to Exhibit 10.20 of the Registrant’s Annual Report on Form 10-K for the Year Ended December 31, 2011 filed on March 30, 2012
(23)		Incorporated by reference to Exhibit 10.21 of the Registrant’s Annual Report on Form 10-K for the Year Ended December 31, 2014 filed on September 11, 2015
(24)		Incorporated by reference to Exhibit 10.22 of the Registrant’s Annual Report on Form 10-K for the Year Ended December 31, 2014 filed on September 11, 2015

EX-31.1 2 nnup_ex31z1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Certification

EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Michael A. Feinstein, M.D., Chief Executive Officer of Nocopi Technologies, Inc., certify that:

I have reviewed this annual report on Form 10-K of Nocopi Technologies, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 30, 2016

/s/ Michael A. Feinstein, M.D.

Michael A. Feinstein, M.D.

Chief Executive Officer

EX-31.2 3 nnup_ex31z2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Certification

EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Rudolph A. Lutterschmidt, Vice President and Chief Financial Officer of Nocopi Technologies, Inc., certify that:

I have reviewed this annual report on Form 10-K of Nocopi Technologies, Inc.;

(a)

(b)

(c)

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (registrant’s fourth fiscal quarter in the case of annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 30, 2016

/s/ Rudolph A. Lutterschmidt

Rudolph A. Lutterschmidt

Vice President and Chief Financial Officer

EX-32.1 4 nnup_ex32z1.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Certification

EXHIBIT 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Nocopi Technologies, Inc. (the "Company") on Form 10-K for the Year ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Michael A. Feinstein, M.D., Chief Executive Officer, and Rudolph A. Lutterschmidt, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that;

(1)

The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

/s/ Michael A. Feinstein, M.D.

Michael A. Feinstein, M.D.

/s/ Rudolph A. Lutterschmidt

Rudolph A. Lutterschmidt

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1. Organization of the Company Nocopi Technologies, Inc. (the Company) is organized under the laws of the State of Maryland. Its main business activities are the development and distribution of document security products and the licensing of its patented reactive ink technologies for the Entertainment and Toy and the Document and Product Authentication markets in the United States and foreign countries. The Company operates in one principal industry segment.

2. Significant Accounting Policies Financial Statement Presentation - Amounts included in the accompanying financial statements have been rounded to the nearest hundred, except for number of shares and per share information. Estimates - The preparation of the financial statements in conformity with Accounting Principles Generally Accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. Cash consists of demand deposits with a major U.S. bank. Accounts receivable and credit policies - Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices dated over 90 days old are considered delinquent. The carrying amount of accounts receivable is reduced by an allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed 90 days from invoice date and based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected. Inventory consists primarily of ink components and is stated at the lower of cost (determined by the first-in, first-out method) or market. Fixed assets are carried at cost less accumulated depreciation and amortization. Furniture, fixtures and equipment are generally depreciated on the straight-line method over their estimated service lives. Leasehold improvements are amortized on a straight-line basis over the shorter of five years or the term of the lease. Major renovations and betterments are capitalized. Maintenance, repairs and minor items are expensed as incurred. Upon disposal, assets and related depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to income. Patent costs are charged to expense as incurred due to the uncertainty of their recoverability as a result of the Companys adverse liquidity situation. Revenues - In accordance with Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 605, Revenue Recognition, the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists or acceptance occurs, (ii) a retailer, distributor or wholesaler receives the goods, (iii) the price is fixed or determinable, and (iv) collectability of the sales revenue is reasonably assured. Subject to these criteria, the Company will generally recognize revenue upon shipment of product. Revenue from license fees and royalties will be recognized as earned over the license term. Income taxes - Deferred income taxes are provided for all temporary differences and net operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Fair value - The carrying amounts reflected in the balance sheets for cash, receivables, accounts payable and accrued expenses approximate fair value due to the short maturities of these instruments. The carrying amount of the demand loans and the convertible debentures approximates fair value since the interest rate associated with the debt approximates the current market interest rates. Convertible debentures, for which the embedded conversion feature does not qualify for derivative treatment, are evaluated to determine if the effective or actual rate of conversion per the terms of the convertible note agreement is below market value. In these instances, the Company accounts for the value of the beneficial conversion feature as a debt discount, which is then accreted to interest expense over the life of the related debt using the straight-line method, which approximates the effective interest method. Stock-based payments - the Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight line method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees (ASC 505-50). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders equity over the applicable service periods. Non-employee equity based payments that do not vest immediately upon grant are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed. Earnings (loss) per share - The Company follows FASB ASC 260 resulting in the presentation of basic and diluted earnings per share. Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. The table below presents the computation of basic and diluted weighted average common shares outstanding: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: bottom">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: bottom; width: 67.2px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 67.2px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Basic shares outstanding </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom">Incremental shares from assumed conversion of warrants </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px">1,674 </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Diluted shares outstanding </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">58,600,690 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td></tr> </table> Comprehensive income (loss) - The Company follows FASB ASC 220 in reporting comprehensive income.  Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income.  Since the Company has no items of other comprehensive income, comprehensive income (loss) is equal to net income (loss). Recoverability of Long-Lived Assets The Company follows FASB ASC 360-35, Impairment or Disposal of Long-Lived Assets. The Statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Company is not aware of any events or circumstances which indicate the existence of an impairment which would be material to the Companys annual financial statements. Recently Adopted Accounting Pronouncements As of December 31, 2015 and for the year then ended, there were no recently adopted accounting pronouncements that had a material effect on the Companys financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. The amendments in this Update provide guidance about managements responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures. Substantial doubt about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management is assessing the impact of the adoption to the financial statements.

3. Going Concern Since its inception, with the exception of the years ended December 31, 2007 and December 31, 2013 and December 13, 2014, during which it generated net income of $386,000 and $10,300 and $7,700, respectively, the Company has incurred significant losses and, as of December 31, 2015, had accumulated losses of $13,450,700. For the year ended December 31, 2015, the Company had a net loss from operations of $38,700. For the year ended December 31, 2014 Companys had net income from operations of $29,000. The Company had negative working capital of $364,000 at December 31, 2015 and $424,500 at December 31, 2014. Due in part to uncertainties in the US economy, the Company, which is substantially dependent on its licensees to generate licensing revenues, may incur further operating losses and experience negative cash flow in the future. Achieving profitability and positive cash flow depends on the Companys ability to generate and sustain significant increases in revenues and gross profits from its traditional business. There can be no assurances that the Company will be able to generate sufficient revenues and gross profits to sustain profitability and return to positive cash flow in the future. During 2014, the Company sold a $5,000 convertible debenture to an investor. Receipt of funds in earlier periods from investors and from demand loan holders have allowed the Company to remain in operation through the current date. Management of the Company believes that it may need additional capital in the future both to fund investments needed to increase its operating revenues to levels that will sustain its operations and to fund operating deficits that it anticipates will continue until revenue increases from traditional and new product lines can be realized. There can be no assurances that the Company will be successful in obtaining sufficient additional capital, or if it does, that the additional capital will enable the Company to impact its revenues so as to have a material positive effect on the Companys operations and cash flow. The Company believes that without additional capital, whether in the form of debt, equity or both, it may be forced to cease operations at an undetermined future date. The Companys independent registered public accountants have included a going concern explanatory paragraph in their audit report accompanying the 2015 financial statements. The paragraph states that the Companys continuing working capital deficit raises substantial doubt about the Companys ability to continue as a going concern and cautions that the financial statements do not include any adjustments that might result from the outcome of this uncertainty.

4. Concentration of Credit Risk Certain financial instruments potentially subject the Company to concentrations of credit risk.  These financial instruments consist primarily of cash and accounts receivables. At December 31, 2015, the Company did not have deposits with a financial institution that exceed the FDIC deposit insurance coverage of $250,000. There is a concentration of credit risk with respect to accounts receivable due to the number of major customers.

5. Demand Loans At December 31, 2015 and December 31, 2014 the Company had unsecured loans totaling $23,500 from two individuals and $63,000 from three individuals, respectively, outstanding. The loans bear interest at 8%. During the year ended December 31, 2015, the Company repaid $39,500 of the unsecured loans along with approximately $6,300 of accrued interest. During the year ended December 31, 2014, the Company repaid $5,000 of the unsecured loans.

6. Promissory Note In early July 2014, the Company repaid the $6,250 remaining balance of a $100,000 promissory note with a bank. The promissory note resulted from the conversion in September 2010 of an outstanding line of credit with the bank. The promissory note was payable in forty-eight equal monthly installments, beginning in October 2010, of $2,083, plus interest at the banks prime rate of interest plus 0.5%. The interest rate throughout the term of the promissory note was 3.75%.

8. Stockholders' Deficiency In July 2015, the common stock private placement was extended to December 31, 2016 by the Companys Board of Directors.

9. Other Income (Expenses) Other income (expenses) includes, in 2015, the reversal of approximately $56,300 of accounts payable related to invoices received from 2001 through 2009 from a professional services business that provided legal services to the Company and an individual that provided consulting services to the Company in 2009 that the Company, with legal counsel, has determined to be no longer statutorily payable as the statute of limitations to bring claims has expired. Additionally, other income (expenses) includes interest on unsecured loans from five individuals, on convertible debentures held by ten investors and, in 2014, on funds borrowed under the Companys promissory note with a bank. Also included in other income (expenses) is accretion of debt discounts related to the issuance of convertible debentures totaling $128,400 and, in 2015, the extension of the maturity dates of $95,000 of convertible debentures.

10. Income Taxes There is no income tax benefit for the year ended December 31, 2015 due to the availability of net operating loss carryforwards (NOLs) for which the Company had previously established a 100% valuation allowance for deferred tax assets due to the uncertainty of their recoverability. There is no provision for income taxes for the year ended December 31, 2014 due to the availability of net operating loss carryforwards. At December 31, 2015 and December 31, 2014, the Company had NOLs approximating $4,627,000 and $4,601,000, respectively. The operating losses at December 31, 2015 are available to offset future taxable income; however, if not utilized, they expire in varying amounts through the year 2035. As a result of the sale of the Company's common stock in an equity offering in late 1997 and the issuance of additional shares, the amount of the NOLs may be limited. Additionally, the utilization of these NOLs, if available, to reduce future income taxes will depend on the generation of sufficient taxable income prior to their expiration. There were no material temporary differences for the years ended December 31, 2015 and December 31, 2014. The Company has established a 100% valuation allowance of approximately $1,943,000 and $1,933,000 at December 31, 2015 and December 31, 2014, respectively, for the deferred tax assets due to the uncertainty of their realization. The Company has adopted the provisions of FASB ASC 740-10-50-15, Unrecognized Tax Benefit Related Disclosures. There were no unrecognized tax benefits as of the date of adoption and no unrecognized tax benefits at December 31, 2015. There was no change in unrecognized tax benefits during the year ended December 31, 2015 and there was no accrual for uncertain tax positions as of December 31, 2015. There were no interest and penalties recognized in the statement of operations and in the balance sheet. Tax years from 2011 through 2015 remain subject to examination by U.S. federal and state tax jurisdictions.

Financial Statement Presentation - Amounts included in the accompanying financial statements have been rounded to the nearest hundred, except for number of shares and per share information.

Estimates - The preparation of the financial statements in conformity with Accounting Principles Generally Accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.

Cash consists of demand deposits with a major U.S. bank.

Accounts receivable and credit policies - Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices dated over 90 days old are considered delinquent. The carrying amount of accounts receivable is reduced by an allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed 90 days from invoice date and based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected.

Inventory consists primarily of ink components and is stated at the lower of cost (determined by the first-in, first-out method) or market.

Fixed assets are carried at cost less accumulated depreciation and amortization. Furniture, fixtures and equipment are generally depreciated on the straight-line method over their estimated service lives. Leasehold improvements are amortized on a straight-line basis over the shorter of five years or the term of the lease. Major renovations and betterments are capitalized. Maintenance, repairs and minor items are expensed as incurred. Upon disposal, assets and related depreciation are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to income.

Patent costs are charged to expense as incurred due to the uncertainty of their recoverability as a result of the Companys adverse liquidity situation.

Revenues - In accordance with Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 605, Revenue Recognition, the Company recognizes revenue when (i) persuasive evidence of a customer or distributor arrangement exists or acceptance occurs, (ii) a retailer, distributor or wholesaler receives the goods, (iii) the price is fixed or determinable, and (iv) collectability of the sales revenue is reasonably assured. Subject to these criteria, the Company will generally recognize revenue upon shipment of product. Revenue from license fees and royalties will be recognized as earned over the license term.

Income taxes - Deferred income taxes are provided for all temporary differences and net operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Fair value - The carrying amounts reflected in the balance sheets for cash, receivables, accounts payable and accrued expenses approximate fair value due to the short maturities of these instruments. The carrying amount of the demand loans and the convertible debentures approximates fair value since the interest rate associated with the debt approximates the current market interest rates.

Convertible debentures, for which the embedded conversion feature does not qualify for derivative treatment, are evaluated to determine if the effective or actual rate of conversion per the terms of the convertible note agreement is below market value. In these instances, the Company accounts for the value of the beneficial conversion feature as a debt discount, which is then accreted to interest expense over the life of the related debt using the straight-line method, which approximates the effective interest method.

Stock-based payments - the Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation - Stock Compensation" which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight line method. The Company accounts for stock-based compensation awards to nonemployees in accordance with FASB ASC 505-50, "Equity-Based Payments to Non-Employees (ASC 505-50). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. Any stock options issued to non-employees are recorded as an expense and additional paid in capital in stockholders equity over the applicable service periods. Non-employee equity based payments that do not vest immediately upon grant are recorded as an expense over the service period, as if the Company had paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services, the fair value of the equity based payments will be re-measured and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of equity based payments granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the equity based payments are fully vested or the service completed.

Earnings (loss) per share - The Company follows FASB ASC 260 resulting in the presentation of basic and diluted earnings per share. Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share are computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive, i.e. the exercise prices of the outstanding stock options were greater than the market price of the common stock. The table below presents the computation of basic and diluted weighted average common shares outstanding: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: bottom">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: bottom; width: 67.2px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 67.2px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Basic shares outstanding </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom">Incremental shares from assumed conversion of warrants </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px">1,674 </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Diluted shares outstanding </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">58,600,690 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td></tr> </table>

Comprehensive income (loss) - The Company follows FASB ASC 220 in reporting comprehensive income.  Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income.  Since the Company has no items of other comprehensive income, comprehensive income (loss) is equal to net income (loss).

Recoverability of Long-Lived Assets The Company follows FASB ASC 360-35, Impairment or Disposal of Long-Lived Assets. The Statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Company is not aware of any events or circumstances which indicate the existence of an impairment which would be material to the Companys annual financial statements.

Recently Adopted Accounting Pronouncements As of December 31, 2015 and for the year then ended, there were no recently adopted accounting pronouncements that had a material effect on the Companys financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. The amendments in this Update provide guidance about managements responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures. Substantial doubt about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management is assessing the impact of the adoption to the financial statements.

The table below presents the computation of basic and diluted weighted average common shares outstanding: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: bottom">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: bottom; width: 67.2px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 67.2px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Basic shares outstanding </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom">Incremental shares from assumed conversion of warrants </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px">1,674 </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom">Diluted shares outstanding </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">58,599,016 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">58,600,690 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td></tr> </table>

A summary of stock options under the Companys stock option plans follows: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.66px"></td><td style="width: 2.93px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 3.2px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Weighted </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Average </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px">Number of </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px">Price Range </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">Shares </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93.26px">Per Share </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 96.8px">Price </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Outstanding at December 31, 2013 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">245,000 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">0.12 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">0.12 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">Options expired </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 93px">245,000 </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 93.26px">0.12 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 96.8px">0.12 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Outstanding at December 31, 2014 and 2015 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 93px">0 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">   </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">   </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px">Option </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">Shares </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Exercisable options at year end: </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">2015 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 93px">0 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">Weighted average remaining contractual life (years) </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 93px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">Options available for future grant: </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">2015 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">0 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> </table>

A summary of outstanding warrants follows: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.66px"></td><td style="width: 2.93px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 3.2px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Weighted </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Average </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px">Number of </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px">Price Range </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">Shares </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93.26px">Per Share </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 96.8px">Price </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Outstanding at December 31, 2013 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">660,500 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">0.01 to 0.07 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">0.026 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Warrants granted </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93px">166,365 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93.26px">0.02 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 96.8px">0.02 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Warrants canceled </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 93px">24,500 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">0.03 and 0.07 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">0.037 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Outstanding at December 31, 2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93px">802,365 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93.26px">0.01 to 0.07 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 96.8px">0.025 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Warrants expired </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">46,000 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">0.06 and 0.07 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">0.068 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Outstanding at December 31, 2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: top; width: 93px">756,365 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93.26px">$0.01 to $0.07 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 96.8px">$0.022 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Weighted average remaining contractual life (years) </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px">4.51 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Weighted </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Average </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Price Range </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">Shares </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 90.06px">Per Share </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 90.06px">Price </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Exercisable warrants at year end: </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">2015 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">590,000 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">$0.01 to $0.07 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">$0.023 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Weighted average remaining contractual life (years) </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">4.23 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr></table>

The Companys revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Companys total revenues were: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 5.46px"></td><td style="width: 5.46px"></td><td style="width: 59.13px"></td><td style="width: 11.13px"></td><td style="width: 5.53px"></td><td style="width: 5.53px"></td><td style="width: 59.13px"></td><td style="width: 11.13px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.46px">  </td><td colspan="6" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 145.93px">Year ended December 31 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.46px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 64.6px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.53px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 64.66px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Customer A </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 59.13px">53 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 11.13px">% </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 59.13px">47 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 11.13px">% </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">Customer B </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 59.13px">17 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 11.13px">% </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 59.13px">19 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 11.13px">% </td></tr> </table>

The Companys non-affiliate customers whose individual balances amounted to more than 10% of the Companys net accounts receivable, expressed as a percentage of net accounts receivable, were: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 5.46px"></td><td style="width: 5.46px"></td><td style="width: 59.13px"></td><td style="width: 11.13px"></td><td style="width: 5.53px"></td><td style="width: 5.53px"></td><td style="width: 59.13px"></td><td style="width: 11.13px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.46px">  </td><td colspan="6" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 145.93px">December 31 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.46px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 64.6px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.53px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 64.66px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top"> Customer A </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 59.13px">31 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 11.13px">% </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 59.13px">46 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 11.13px">% </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top"> Customer B </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 59.13px">25 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 11.13px">% </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 59.13px">35 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 11.13px">% </td></tr> </table>

The Companys revenues by geographic region are as follows: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="6" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 147.86px">Year ended December 31 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 67.2px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 67.2px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">North America </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 6.73px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 60.46px">433,000 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 60.46px">477,100 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Asia </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 60.46px">511,600 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 60.46px">445,700 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Australia </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px">6,200 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">950,800 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">922,800 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td></tr> </table>

18100

Black-Scholes pricing model

24500 4500 3800 128400 95000 85000 85000 290400 215400 10000 15000 7. Convertible Debentures At December 31, 2015, the Company had convertible debentures totaling $127,800 outstanding, of which $32,800 are due during the third quarter of 2016 and $95,000 are due during the third quarter of 2017. The convertible debentures bear interest at 7%. At the option of the lender, $95,000 principal of the debentures and accrued interest are convertible in whole or part into common stock of the Company at $0.025 per share and $32,800 principal of the debentures and accrued interest are convertible in whole or part into common stock of the Company at $0.05 per share. In July 2015, the Company repaid, with interest, a $10,000 convertible debenture that had matured. During the third quarter of 2015, the Companys Board of Directors approved and the holders of $95,000 of convertible debentures maturing during the third quarter of 2015 accepted an offer of extension whereby the maturity dates of the convertible debentures are extended for two years and the conversion rate of the debentures and accrued interest into Common Stock of the Company is reduced from $0.05 to $0.025. In accordance with FASB ASC 470, this modification of the convertible debentures was recorded as a debt discount to the notes payable of approximately $18,100 with an offsetting credit to additional-paid in capital. In the year ended December 31, 2015, the entire $18,100 was accreted through interest expense. During the third quarter of 2014, the Company, with the approval of its Board of Directors, exchanged two demand loans totaling $24,500 including one demand loan in the amount of $4,500 held by Herman M. Gerwitz, a Director, along with approximately $3,800 of accrued interest for convertible debentures totaling approximately $28,300. The debentures bear interest at 7% and are due and payable two years from the date of issuance. At option of the lender, the debentures and accrued interest are convertible in whole or part into common stock of the Company at $0.05 per share. The Company also granted warrants to purchase 141,365 shares of common stock of the Company at $0.02 per share to the debenture holders. The warrants are exercisable two years after issuance and expire seven years after issuance. During the third quarter of 2014, the Company received $5,000 through the issuance of a convertible debenture to an investor. The debenture bears interest at 7% and is due and payable two years from the date of issuance. At option of the lender, the debenture and accrued interest are convertible in whole or part into common stock of the Company at $0.05 per share. The Company also granted warrants to purchase 25,000 shares of the Companys common stock at $0.02 per share to the holder of the debenture. The warrants are exercisable two years after issuance and expire seven years after issuance. Additionally, the Company has warrants to purchase 525,000 shares of the Companys common stock at $0.02 per share outstanding that were granted in conjunction with the issuance of $105,000 of convertible debentures to seven investors in 2013. The warrants are exercisable two years after issuance and expire seven years after issuance. The fair value of the warrants was determined using the Black-Scholes pricing model. The relative fair value of the warrants was recorded as a discount to the notes payable with an offsetting credit to additional paid-in capital since the Company determined that the warrants were an equity instrument in accordance with FASB ASC 815. The debt discount related to the warrant issuances is being accreted through interest expense over the term of the notes payable. For the years ended December 31, 2015 and December 31, 2014, approximately $3,100 and $4,600, respectively, was accreted through interest expense.

11. Related Party Transactions In each of the years ended December 31, 2015 and December 31, 2014, Michael A. Feinstein, M.D., the Companys Chairman of the Board and Chief Executive Officer, deferred $85,000 of salary owed to him under an employment agreement with the Company. At December 31, 2015 and December 31, 2014, Dr. Feinstein was owed $290,400 and $215,400, respectively, of salary that was deferred by him in response to the adverse liquidity experienced by the Company beginning in 2012. There are no formal terms or arrangements for repayment of the deferred salary. In December 2015 and January 2016, the Company made payments of $10,000 and $15,000, respectively, to Dr. Feinstein, representing a portion of amounts owed to him. There is no interest payable on the deferred salary.

12. Commitments and Contingencies The Company conducts its operations in leased facilities under a non-cancelable operating lease expiring in 2019. Future minimum lease payments under non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2015 are: $46,200 2016; $47,400 2017; $48,600 2018 and $16,300 2019. Total rental expense under operating leases was $44,800 and $45,100 in 2014 and 2015, respectively. The Company has an employment agreement, expiring in May 2017, with Michael A. Feinstein, M.D., its Chairman of the Board and Chief Executive Officer. The employment agreement contains one-year renewal provisions that became effective after the original term. Dr. Feinstein receives base compensation of $85,000 per year plus a performance bonus determined by the Companys Board of Directors. The Company has an employment agreement, expiring in March 2017, with Terry W. Stovold, its Chief Operating Officer, whereby Mr. Stovold receives a salary set by the Companys Board of Directors, currently set at $75,000, along with a commission of seven percent on sales generated by his efforts. The employment agreement contains one-year renewal provisions that became effective after the original term. Future minimum compensation payments under these employment agreements are: $160,000 to be paid in 2016 and $54,200 to be paid in 2017. From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of its business.

13. Stock Options, Warrants and 401(k) Savings Plan The Company follows FASB ASC 718, Share Based Payment, which requires that the cost resulting from all share-based payment transactions be recognized in the Companys financial statements. FASB ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations based on their fair values. The 1999 Stock Option Plan provided for the granting of up to 2,000,000 incentive and non-qualified stock options to employees, non-employee directors, consultants and advisors to the Company. In the case of options designated as incentive stock options, the exercise price of the options granted must be not less than the fair market value of such shares on the date of grant. Non-qualified stock options may be granted at any amount established by the Stock Option Committee or, in the case of Discounted Options issued to non-employee directors in lieu of any portion of an Annual Retainer, in accordance with a formula designated in the Plan. The 1999 Stock Option Plan terminated in February 2009 and no further stock options can be granted under the plan; however, options granted before the termination date could be exercised through their expiration date. The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award. There was no compensation expense recognized during the years ended December 31, 2015 and December 31, 2014 and there was no unrecognized portion of expense at December 31, 2015. A summary of stock options under the Companys stock option plans follows: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.66px"></td><td style="width: 2.93px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 3.2px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Weighted </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Average </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px">Number of </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px">Price Range </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">Shares </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93.26px">Per Share </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 96.8px">Price </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Outstanding at December 31, 2013 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">245,000 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">0.12 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">0.12 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">Options expired </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: bottom; width: 93px">245,000 </td><td style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 93.26px">0.12 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 96.8px">0.12 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Outstanding at December 31, 2014 and 2015 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 3px double; vertical-align: bottom; width: 93px">0 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">   </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">   </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px">Option </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">Shares </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Exercisable options at year end: </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">2015 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 93px">0 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">Weighted average remaining contractual life (years) </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 93px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">Options available for future grant: </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">2015 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">0 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> </table> At December 31, 2015, the Company had 756,365 warrants to purchase common stock of the Company outstanding at exercise prices ranging from $0.01 to $0.07 and expiring at various dates through July 2021. The warrants are held by ten investors who acquired convertible debentures from the Company in 2013 and 2014 and by three individuals who provided loans and professional services to the Company. A summary of outstanding warrants follows: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.66px"></td><td style="width: 2.93px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 3.2px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 90.06px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Weighted </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Average </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px">Number of </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93.26px">Price Range </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 96.8px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">Shares </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93.26px">Per Share </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 96.8px">Price </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Outstanding at December 31, 2013 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">660,500 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">0.01 to 0.07 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">0.026 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Warrants granted </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93px">166,365 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93.26px">0.02 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 96.8px">0.02 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Warrants canceled </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 93px">24,500 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">0.03 and 0.07 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">0.037 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Outstanding at December 31, 2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93px">802,365 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93.26px">0.01 to 0.07 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 96.8px">0.025 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Warrants expired </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">46,000 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">0.06 and 0.07 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">0.068 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Outstanding at December 31, 2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: top; width: 93px">756,365 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 93.26px">$0.01 to $0.07 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: bottom; width: 96.8px">$0.022 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Weighted average remaining contractual life (years) </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px">4.51 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Weighted </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Average </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Price Range </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: top; width: 90.06px">Exercise </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px"> </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 93px">Shares </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 90.06px">Per Share </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 90.06px">Price </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Exercisable warrants at year end: </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">2015 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">590,000 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93.26px">$0.01 to $0.07 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 96.8px">$0.023 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.66px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 2.93px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Weighted average remaining contractual life (years) </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.66px">  </td><td colspan="2" style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 93px">4.23 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 3.2px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 90.06px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> </table> At December 31, 2015, the Company has reserved 5,846,989 shares of common stock for possible future issuance upon exercise of 756,365 warrants and for the conversion of approximately $128,300 of convertible debentures and accrued interest into 5,090,624 shares of common stock. The Company sponsors a 401(k) savings plan, covering substantially all employees, providing for employee and employer contributions. Employer contributions are made at the discretion of the Company. There were no contributions charged to expense during 2015 or 2014.

14. Major Customer and Geographic Information The Companys revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Companys total revenues were: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 5.46px"></td><td style="width: 5.46px"></td><td style="width: 59.13px"></td><td style="width: 11.13px"></td><td style="width: 5.53px"></td><td style="width: 5.53px"></td><td style="width: 59.13px"></td><td style="width: 11.13px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.46px">  </td><td colspan="6" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 145.93px">Year ended December 31 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.46px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 64.6px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.53px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 64.66px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Customer A </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 59.13px">53 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 11.13px">% </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 59.13px">47 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 11.13px">% </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top">Customer B </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 59.13px">17 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 11.13px">% </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 59.13px">19 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 11.13px">% </td></tr> </table> The Companys non-affiliate customers whose individual balances amounted to more than 10% of the Companys net accounts receivable, expressed as a percentage of net accounts receivable, were: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 5.46px"></td><td style="width: 5.46px"></td><td style="width: 59.13px"></td><td style="width: 11.13px"></td><td style="width: 5.53px"></td><td style="width: 5.53px"></td><td style="width: 59.13px"></td><td style="width: 11.13px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.46px">  </td><td colspan="6" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 145.93px">December 31 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.46px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 64.6px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 5.53px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 64.66px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 11.13px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top"> Customer A </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 59.13px">31 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 11.13px">% </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 59.13px">46 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 11.13px">% </td></tr> <tr><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: top"> Customer B </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.46px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 59.13px">25 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 11.13px">% </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 5.53px">  </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 59.13px">35 </td><td style="margin-top: 0px; background-color: #FFFFFF; vertical-align: bottom; width: 11.13px">% </td></tr> </table> The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company also maintains allowances for potential credit losses. The loss of a major customer could have a material adverse effect on the Companys business operations and financial condition. The Companys revenues by geographic region are as follows: <table cellpadding="0" cellspacing="0" style="margin-top: 0px; font-size: 10pt; width: 100%"><tr style="height: 0px; font-size: 0"><td></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 6.73px"></td><td style="width: 60.46px"></td><td style="width: 6.73px"></td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="6" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 147.86px">Year ended December 31 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; vertical-align: top; width: 67.2px">2015 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td colspan="2" style="margin-top: 0px; border-bottom: #000000 1px solid; vertical-align: top; width: 67.2px">2014 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">North America </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 6.73px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; border-top: #000000 1px solid; vertical-align: bottom; width: 60.46px">433,000 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">$ </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 60.46px">477,100 </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px">  </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">Asia </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 60.46px">511,600 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; vertical-align: bottom; width: 60.46px">445,700 </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: top">Australia </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px">6,200 </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 6.73px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #000000 1px solid; vertical-align: bottom; width: 60.46px"> </td><td style="margin-top: 0px; background-color: #CCFFCC; border-bottom: #FFFFFF 1px solid; vertical-align: bottom; width: 6.73px"> </td></tr> <tr><td style="margin-top: 0px; vertical-align: top">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">950,800 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; vertical-align: bottom; width: 6.73px">  </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 6.73px">$ </td><td style="margin-top: 0px; border-bottom: #000000 3px double; vertical-align: bottom; width: 60.46px">922,800 </td><td style="margin-top: 0px; border-bottom: #FFFFFF 3px double; vertical-align: bottom; width: 6.73px">  </td></tr> </table>

15. Subsequent Event In March 2016, the Company repaid $4,000 of the principal of the outstanding demand loans.

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300,000 shares, Issued and outstanding - none Common stock, $0.01 par value Authorized - 75,000,000 shares Issued and outstanding - 58,599,016 shares Paid-in capital Accumulated deficit Total stockholders' deficiency Total liabilities and stockholders' deficiency Allowance for doubtful accounts Unaccreted discount on convertible debentures Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenues Licenses, royalties and fees Product and other sales Total revenues Cost of revenues Licenses, royalties and fees Product and other sales Total cost of revenues Gross profit Operating expenses Research and development Sales and marketing General and administrative Total operating expenses Net income (loss) from operations Other income (expenses) Reversal of accounts payable Interest income Interest expense, bank charges, financing cost and accretion of interest Total other income (expenses) Net income (loss) Net income (loss) per common share Basic Diluted Weighted average common shares outstanding Basic Diluted Statement [Table] Statement [Line Items] Equity Components [Axis] Balance Balance, shares Sales of common stock, value Sales of common stock, shares Conversion of demand notes and interest, value Conversion of demand notes and interest, shares Fair value of warrants issued to demand loan holders Fair value of warrants issued to convertible debenture holders Debt discount to convertible debentures Net income (loss) Balance Balance, shares Statement of Cash Flows [Abstract] Operating Activities Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation and amortization Reversal of accounts payable Accretion of interest - 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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Mar. 15, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	NOCOPI TECHNOLOGIES INC/MD/
Entity Central Index Key	0000888981
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 519,000
Entity Common Stock Shares Outstanding		58,599,016
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

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Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash	$ 11,400	$ 28,000
Accounts receivable less $5,000 allowance for doubtful accounts	253,300	287,800
Inventory	36,600	43,500
Prepaid and other	22,600	18,800
Total current assets	323,900	378,100
Fixed assets
Leasehold improvements	19,700	19,700
Furniture, fixtures and equipment	176,900	176,800
Fixed assets, gross	196,600	196,500
Less: accumulated depreciation and amortization	175,700	178,400
Total fixed assets	20,900	18,100
Total assets	344,800	396,200
Current liabilities
Demand loans	23,500	63,000
Convertible debentures	32,800	102,900
Accounts payable	76,200	160,300
Accrued expenses	443,000	383,000
Deferred revenue	112,400	93,400
Total current liabilities	$ 687,900	$ 802,600
Commitments and contingencies
Convertible debentures, net of unaccreted discount of $0 at December 31, 2015 and $1,400 at December 31, 2014	$ 95,000	$ 31,800
Stockholders' deficiency
Series A preferred stock, $1.00 par value, Authorized - 300,000 shares, Issued and outstanding - none
Common stock, $0.01 par value Authorized - 75,000,000 shares Issued and outstanding - 58,599,016 shares	$ 586,000	$ 586,000
Paid-in capital	12,426,600	12,408,500
Accumulated deficit	(13,450,700)	(13,432,700)
Total stockholders' deficiency	(438,100)	(438,200)
Total liabilities and stockholders' deficiency	$ 344,800	$ 396,200

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Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5,000	$ 5,000
Unaccreted discount on convertible debentures		$ 1,400
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	300,000	300,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	58,599,016	58,599,016
Common stock, shares outstanding	58,599,016	58,599,016

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Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Revenues
Licenses, royalties and fees	$ 338,700	$ 358,800
Product and other sales	612,100	564,000
Total revenues	950,800	922,800
Cost of revenues
Licenses, royalties and fees	77,000	75,600
Product and other sales	256,000	248,700
Total cost of revenues	333,000	324,300
Gross profit	617,800	598,500
Operating expenses
Research and development	128,100	121,600
Sales and marketing	202,800	194,500
General and administrative	325,600	253,400
Total operating expenses	656,500	569,500
Net income (loss) from operations	(38,700)	$ 29,000
Other income (expenses)
Reversal of accounts payable	$ 56,300
Interest income		$ 300
Interest expense, bank charges, financing cost and accretion of interest	$ (35,600)	(21,600)
Total other income (expenses)	20,700	(21,300)
Net income (loss)	$ (18,000)	$ 7,700
Net income (loss) per common share
Basic	$ 0.00	$ 0.00
Diluted	$ 0.00	$ 0.00
Weighted average common shares outstanding
Basic	58,599,016	58,599,016
Diluted	58,599,016	58,600,690

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Statement of Stockholders' Deficit - USD ($)	Common stock [Member]	Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2013	$ 586,000	$ 12,406,600	$ (13,440,400)	$ (447,800)
Balance, shares at Dec. 31, 2013	58,599,016
Fair value of warrants issued to convertible debenture holders		1,900		1,900
Net income (loss)			7,700	7,700
Balance at Dec. 31, 2014	$ 586,000	12,408,500	(13,432,700)	$ (438,200)
Balance, shares at Dec. 31, 2014	58,599,016			58,599,016
Debt discount to convertible debentures		18,100		$ 18,100
Net income (loss)			(18,000)	(18,000)
Balance at Dec. 31, 2015	$ 586,000	$ 12,426,600	$ (13,450,700)	$ (438,100)
Balance, shares at Dec. 31, 2015	58,599,016			58,599,016

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Operating Activities
Net income (loss)	$ (18,000)	$ 7,700
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	6,100	$ 4,000
Reversal of accounts payable	(56,300)
Accretion of interest - convertible debentures	21,200	$ 4,600
Net income (loss) adjusted for non-cash operating activities	(47,000)	16,300
(Increase) decrease in assets
Accounts receivable	34,500	(50,700)
Inventory	6,900	(15,000)
Prepaid and other	(3,800)	12,700
Increase (decrease) in liabilities
Accounts payable and accrued expenses	32,200	71,600
Deferred revenue	19,000	(20,400)
Total increase (decrease) in operating capital	88,800	(1,800)
Net cash provided by operating activities	41,800	14,500
Investing Activities
Additions to fixed assets	(8,900)	(20,600)
Net cash used in investing activities	$ (8,900)	(20,600)
Financing Activities
Repayment of borrowings under promissory note		(18,800)
Repayment of demand loans	$ (39,500)	(5,000)
Proceeds from convertible debentures		$ 5,000
Repayment of convertible debenture	$ (10,000)
Net cash used in financing activities	(49,500)	$ (18,800)
Decrease in cash	(16,600)	(24,900)
Cash
Beginning of year	28,000	52,900
End of year	11,400	28,000
Cash paid for interest	7,700	300
Write-off of fully depreciated leasehold improvements and furniture fixtures and equipment
Accumulated depreciation and amortization	$ (8,800)	(82,900)
Leasehold improvements		72,500
Furniture, fixtures and equipment	$ 8,800	10,400
Conversion of demand loans and interest to convertible debentures
Demand loans		(24,500)
Accrued expenses		(3,800)
Convertible debentures		26,400
Paid-in capital		$ 1,900

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Organization of the Company

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization of the Company

Organization of the Company

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Financial Statement Presentation - Amounts included in the accompanying financial statements have been rounded to the nearest hundred, except for number of shares and per share information.

Cash consists of demand deposits with a major U.S. bank.

Inventory consists primarily of ink components and is stated at the lower of cost (determined by the first-in, first-out method) or market.

Patent costs are charged to expense as incurred due to the uncertainty of their recoverability as a result of the Company’s adverse liquidity situation.

The table below presents the computation of basic and diluted weighted average common shares outstanding:


	2015		2014
Basic shares outstanding		58,599,016		58,599,016
Incremental shares from assumed conversion of warrants		–		1,674
Diluted shares outstanding		58,599,016		58,600,690

Recoverability of Long-Lived Assets

Recently Adopted Accounting Pronouncements

As of December 31, 2015 and for the year then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

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Going Concern

12 Months Ended

Dec. 31, 2015

Going Concern [Abstract]

Going Concern

Going Concern

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Concentration of Credit Risk

12 Months Ended

Dec. 31, 2015

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Concentration of Credit Risk

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Demand Loans

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Demand Loans

Demand Loans

At December 31, 2015 and December 31, 2014 the Company had unsecured loans totaling $23,500 from two individuals and $63,000 from three individuals, respectively, outstanding. The loans bear interest at 8%. During the year ended December 31, 2015, the Company repaid $39,500 of the unsecured loans along with approximately $6,300 of accrued interest. During the year ended December 31, 2014, the Company repaid $5,000 of the unsecured loans.

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Promissory Note

12 Months Ended

Dec. 31, 2015

Line of Credit Facility [Abstract]

Promissory Note

Promissory Note

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Convertible Debentures

12 Months Ended

Dec. 31, 2015

Convertible Debt [Abstract]

Convertible Debentures

Convertible Debentures

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Stockholders' Deficiency

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Deficiency

Stockholders' Deficiency

In July 2015, the common stock private placement was extended to December 31, 2016 by the Company’s Board of Directors.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Number Topic 4
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 25 R15.htm IDEA: XBRL DOCUMENT

Other Income (Expenses)

12 Months Ended

Dec. 31, 2015

Other Income and Expenses [Abstract]

Other Income (Expenses)

Other Income (Expenses)

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Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

10.

Income Taxes

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Related Party Transactions

12 Months Ended

Dec. 31, 2015

Related Party Transactions

11.

Related Party Transactions

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

XML 28 R18.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.

Commitments and Contingencies

The Company conducts its operations in leased facilities under a non-cancelable operating lease expiring in 2019.

Total rental expense under operating leases was $44,800 and $45,100 in 2014 and 2015, respectively.

From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of its business.

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Stock Options, Warrants and 401(k) Savings Plan

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options, Warrants and 401(k) Savings Plan

13.

Stock Options, Warrants and 401(k) Savings Plan

A summary of stock options under the Company’s stock option plans follows:

Weighted

Exercise

Average

Number of

Price Range

Exercise

Shares

Per Share

Price

Outstanding at December 31, 2013

245,000

0.12

Options expired

245,000

0.12

Outstanding at December 31, 2014 and 2015

–

Option

Shares

Exercisable options at year end:

2015

Weighted average remaining contractual life (years)

–

Options available for future grant:

2015

A summary of outstanding warrants follows:

Weighted

Exercise

Average

Number of

Price Range

Exercise

Shares

Per Share

Price

Outstanding at December 31, 2013

660,500

0.01 to 0.07

0.026

Warrants granted

166,365

0.02

Warrants canceled

24,500

0.03 and 0.07

0.037

Outstanding at December 31, 2014

802,365

0.01 to 0.07

0.025

Warrants expired

46,000

0.06 and 0.07

0.068

Outstanding at December 31, 2015

756,365

$0.01 to $0.07

$0.022

Weighted average remaining contractual life (years)

4.51

Weighted

Exercise

Average

Price Range

Exercise

Shares

Per Share

Price

Exercisable warrants at year end:

2015

590,000

$0.01 to $0.07

$0.023

Weighted average remaining contractual life (years)

4.23

- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References + Details

XML 30 R20.htm IDEA: XBRL DOCUMENT

Major Customer and Geographic Information

12 Months Ended

Dec. 31, 2015

Major Customer and Geographic Information [Abstract]

Major Customer and Geographic Information

14.

Major Customer and Geographic Information

The Company’s revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Company’s total revenues were:


	Year ended December 31
	2015			2014
Customer A		53	%		47	%
Customer B		17	%		19	%

The Company’s non-affiliate customers whose individual balances amounted to more than 10% of the Company’s net accounts receivable, expressed as a percentage of net accounts receivable, were:


	December 31
	2015			2014
Customer A		31	%		46	%
Customer B		25	%		35	%

The Company’s revenues by geographic region are as follows:


	Year ended December 31
	2015		2014
North America	$	433,000	$	477,100
Asia		511,600		445,700
Australia		6,200		–
	$	950,800	$	922,800

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

XML 31 R21.htm IDEA: XBRL DOCUMENT

Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Event

15.

Subsequent Event

In March 2016, the Company repaid $4,000 of the principal of the outstanding demand loans.

XML 32 R22.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Financial Statement Presentation

Financial Statement Presentation - Amounts included in the accompanying financial statements have been rounded to the nearest hundred, except for number of shares and per share information.

Estimates

Cash

Cash consists of demand deposits with a major U.S. bank.

Accounts receivable and credit policies

Inventory

Inventory consists primarily of ink components and is stated at the lower of cost (determined by the first-in, first-out method) or market.

Fixed assets

Patent costs

Patent costs are charged to expense as incurred due to the uncertainty of their recoverability as a result of the Company’s adverse liquidity situation.

Revenues

Income taxes

Fair value

Convertible debentures

Stock-based payments

Earnings (loss) per share

The table below presents the computation of basic and diluted weighted average common shares outstanding:


	2015		2014
Basic shares outstanding		58,599,016		58,599,016
Incremental shares from assumed conversion of warrants		–		1,674
Diluted shares outstanding		58,599,016		58,600,690

Comprehensive income (loss)

Recoverability of Long-Lived Assets

Recoverability of Long-Lived Assets

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

As of December 31, 2015 and for the year then ended, there were no recently adopted accounting pronouncements that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

XML 33 R23.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Schedule of Computation of Basic and Diluted Weighted Average Common Shares Outstanding

The table below presents the computation of basic and diluted weighted average common shares outstanding:


	2015		2014
Basic shares outstanding		58,599,016		58,599,016
Incremental shares from assumed conversion of warrants		–		1,674
Diluted shares outstanding		58,599,016		58,600,690

XML 34 R24.htm IDEA: XBRL DOCUMENT

Stock Options, Warrants and 401(k) Savings Plan (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Option Activity

A summary of stock options under the Company’s stock option plans follows:

Weighted

Exercise

Average

Number of

Price Range

Exercise

Shares

Per Share

Price

Outstanding at December 31, 2013

245,000

0.12

Options expired

245,000

0.12

Outstanding at December 31, 2014 and 2015

–

Option

Shares

Exercisable options at year end:

2015

Weighted average remaining contractual life (years)

–

Options available for future grant:

2015

Schedule of Warrants Outstanding

A summary of outstanding warrants follows:

Weighted

Exercise

Average

Number of

Price Range

Exercise

Shares

Per Share

Price

Outstanding at December 31, 2013

660,500

0.01 to 0.07

0.026

Warrants granted

166,365

0.02

Warrants canceled

24,500

0.03 and 0.07

0.037

Outstanding at December 31, 2014

802,365

0.01 to 0.07

0.025

Warrants expired

46,000

0.06 and 0.07

0.068

Outstanding at December 31, 2015

756,365

$0.01 to $0.07

$0.022

Weighted average remaining contractual life (years)

4.51

Weighted

Exercise

Average

Price Range

Exercise

Shares

Per Share

Price

Exercisable warrants at year end:

2015

590,000

$0.01 to $0.07

$0.023

Weighted average remaining contractual life (years)

4.23

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 35 R25.htm IDEA: XBRL DOCUMENT

Major Customer and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Schedule of Revenues from Non-affiliated Customers

The Company’s revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Company’s total revenues were:


	Year ended December 31
	2015			2014
Customer A		53	%		47	%
Customer B		17	%		19	%

Schedule of Non-affiliated Customers with Accounts Receivable More Than 10%

The Company’s non-affiliate customers whose individual balances amounted to more than 10% of the Company’s net accounts receivable, expressed as a percentage of net accounts receivable, were:


	December 31
	2015			2014
Customer A		31	%		46	%
Customer B		25	%		35	%

Schedule of Revenue by Geographic Region

The Company’s revenues by geographic region are as follows:


	Year ended December 31
	2015		2014
North America	$	433,000	$	477,100
Asia		511,600		445,700
Australia		6,200		–
	$	950,800	$	922,800

XML 36 R26.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Schedule of Basic and Diluted Weighted Average Common Shares Outstanding) (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Basic shares outstanding	58,599,016	58,599,016
Incremental shares from assumed conversion of stock options and warrants		1,674
Diluted shares outstanding	58,599,016	58,600,690

XML 37 R27.htm IDEA: XBRL DOCUMENT

Going Concern (Details) - USD ($)	12 Months Ended
Going Concern (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2007
Going Concern [Abstract]
Net loss (income)	$ 18,000	$ (7,700)	$ (10,300)		$ (386,000)
Accumulated deficit	13,450,700	13,432,700
Working capital deficit	364,000	424,500
Operating loss (income)	$ 38,700	(29,000)	12,900	$ 143,800
Proceeds from convertible debentures		$ 5,000	$ 105,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 38 R28.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk (Details)	Dec. 31, 2015 USD ($)
Risks and Uncertainties [Abstract]
Amount of cash unisured by FDIC	$ 0

XML 39 R29.htm IDEA: XBRL DOCUMENT

Demand Loans (Details) - USD ($)	12 Months Ended
Demand Loans (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Repayments of demand loans	$ 39,500	$ 5,000
Unsecured Loan [Member]
Short-term Debt [Line Items]
Debt instrument, face amount	$ 23,500	$ 63,000
Debt instrument, interest rate	8.00%	8.00%
Repayments of demand loans	$ 39,500	$ 5,000
Repayment of accrued interest	$ 6,300

XML 40 R30.htm IDEA: XBRL DOCUMENT

Promissory Note (Details) - Revolving Line of Credit [Member] - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2014	Sep. 30, 2010	Dec. 31, 2008	Dec. 31, 2009
Line of Credit Facility [Line Items]
Revolving line of credit, interest rate			3.75%
Revolving line of credit, basis spread over prime rate			0.50%
Revolving line of credit, amount outstanding				$ 100,000
Amount of monthly installment payments of principal, plus interest to repay line of credit facility		$ 2,083
Re-payment terms of line of credit facility		Forty-eight equal monthly installments
Revolving line of credit, required first payment date		Oct. 01, 2010
Repayment of line of credit	$ 6,250

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 41 R31.htm IDEA: XBRL DOCUMENT

Convertible Debentures (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Convertible Debentures (Details) - USD ($)	Jul. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Repayments of convertible debenture			$ 10,000
Interest expense			$ 35,600	$ 21,600
Debt discount recognized on notes payable				1,400
Convertible Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 127,800
Debt instrument, interest rate			7.00%
Convertible debt due during the third quarter of 2016			$ 32,800
Convertible debt due during the third quarter of 2017			$ 95,000
Repayments of convertible debenture	$ 10,000
Price per share of warrants			$ 0.02
Warrant exercisable term			2 years
Warrant expiration term			7 years
Debt discount recognized on notes payable	$ 18,100
Accretion of debt discount recognized as interest expense			$ 18,100
Convertible Debt [Member] \| Convertible Debt Due Third Quarter 2016 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			7.00%
Debt instrument, conversion price per share			$ 0.05
Convertible debt due during the third quarter of 2016			$ 32,800
Convertible Debt [Member] \| Convertible Debt Due Third Quarter 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			7.00%
Debt instrument, maturity date		extended for two years
Debt instrument, conversion price per share		$ 0.025	$ 0.025
Convertible debt due during the third quarter of 2017			$ 95,000
Convertible Debt [Member] \| Convertible Debt Issued to Seven Investors during 2013 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 105,000
Debt instrument, issuance date			During third quarter 2013
Number of shares of common stock that can be purchased through warrants			525,000
Price per share of warrants			$ .02
Warrant exercisable term			2 years
Warrant expiration term			7 years
Pricing model used to value warrants			Black-Scholes pricing model
Interest expense			$ 3,100	$ 4,600
Convertible Debt [Member] \| Convertible Debt Issued to Investor During Third Quarter 2014 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 5,000
Debt instrument, issuance date			During third quarter 2014
Debt instrument, interest rate			7.00%
Debt instrument, maturity date			Two years from date of issuance
Debt instrument, conversion price per share			$ .05
Number of shares of common stock that can be purchased through warrants			25,000
Price per share of warrants			$ 0.02
Warrant exercisable term			2 years
Warrant expiration term			7 years
Convertible Debt [Member] \| Convertible Debt Exchanged For Two Demand Loans [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 28,300
Debt instrument, issuance date			During third quarter 2014
Debt instrument, interest rate			7.00%
Debt instrument, maturity date			Two years from date of issuance
Debt instrument, conversion price per share			$ 0.05
Number of shares of common stock that can be purchased through warrants			141,365
Price per share of warrants			$ .02
Warrant exercisable term			2 years
Warrant expiration term			7 years
Value of demand loans exchanged for convertible debt			$ 24,500
Value of demand loans from Director exchanged for convertible debt			4,500
Value of accrued interest on demand loans exchanged for convertible debt			$ 3,800

XML 42 R32.htm IDEA: XBRL DOCUMENT

Other Income (Expenses) (Details) - USD ($)	12 Months Ended
Other Income (Expenses) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Other Income and Expenses [Abstract]
Reversal of accounts payable	$ 56,300
Total value of convertible debt that accretion of debt discounts was recognized during the period	128,400
Additional value of convertible debt that accretion of debt discounts was recognized during the period	$ 95,000

XML 43 R33.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Income tax provision
Net operating loss carryforwards	$ 4,627,000	$ 4,601,000
Deferred tax assets, valuation allowance	$ 1,943,000	$ 1,933,000
Unrecognized tax benefits
Change in unrecognized tax benefits during the period
Accrual for uncertain tax positions
Interest and penalties from tax examinations recognized in the statement of operations
Interest and penalties from tax examinations recognized on the balance sheet
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Tax years open for examination	2011
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, expiration date	Dec. 31, 2035
Tax years open for examination	2015

XML 44 R34.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) - Chief Executive Officer [Member] - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Amount of salary deferred by related party			$ 85,000	$ 85,000
Amount of deferred salary owed to related party		$ 290,400	$ 290,400	$ 215,400
Portions of deferred salary paid to related party		$ 10,000
Subsequent Event [Member]
Related Party Transaction [Line Items]
Portions of deferred salary paid to related party	$ 15,000

XML 45 R35.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Operating Leases) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Lease expiration date	Dec. 31, 2019
Future minimum payments due under operating leases:
2016	$ 46,200
2017	47,400
2018	48,600
2019	16,300
Total rent expense under operating lease agreement	$ 45,100	$ 44,800

XML 46 R36.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Employment Agreements) (Details) - Employment Agreement [Member]	12 Months Ended
	Dec. 31, 2015 USD ($)
Other Commitments [Line Items]
Future minimum compensation payments due 2016	$ 160,000
Future minimum compensation payments due 2017	$ 54,200
Chief Executive Officer [Member]
Other Commitments [Line Items]
Employment contract, expiration date	2017-05
Annual base compensation owed to employee per employment agreement	$ 85,000
Chief Operating Officer [Member]
Other Commitments [Line Items]
Employment contract, expiration date	2017-03
Annual base compensation owed to employee per employment agreement	$ 75,000
Commission rate owed to employee expressed as percentage of sales	7.00%

XML 47 R37.htm IDEA: XBRL DOCUMENT

Stock Options, Warrants and 401(k) Savings Plan (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan	2,000,000
Method used to value the grant date fair value of awards	Black-Scholes option pricing model
Compensation expense from options not yet recognized
Shares remaining available for grant
Employer contributions for 401(k) savings plan charged to expense during period
Stock option compensation expense recognized
Number of common shares reserved for possible future warrant issuance and debt conversion	5,846,989
Value of outstanding convertible debentures and accrued interest that could be converted	$ 128,300
Number of common shares reserved for possible future debt conversion	5,090,624
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants expiration date	2021-07

XML 48 R38.htm IDEA: XBRL DOCUMENT

Stock Options, Warrants and 401(k) Savings Plan (Summary of Stock Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Options outstanding at beginning of period		245,000
Options expired		245,000
Options outstanding at end of period
Options exercisable at end of period
Weighted Average Exercise Price
Options outstanding at beginning of period		$ 0.12
Options expired		$ 0.12
Options outstanding at end of period
Weighted average remaining contractual life	0 years

XML 49 R39.htm IDEA: XBRL DOCUMENT

Stock Options, Warrants and 401(k) Savings Plan (Summary of Warrants Activity) (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Warrants
Warrants outstanding at beginning of period	802,365	660,500
Granted	0	166,365
Cancelled/Expired	46,000	24,500
Warrants outstanding at end of period	756,365	802,365
Price
Warrants outstanding at beginning of period	$ 0.025	$ 0.026
Granted		0.02
Cancelled/Expired	0.068	0.037
Warrants outstanding at end of period	$ 0.022	$ 0.025

XML 50 R40.htm IDEA: XBRL DOCUMENT

Stock Options and Warrants (Summary of Warrants Outstanding by Price Range) (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options Exercise Price Range [Line Items]
Warrants outstanding exercise price range, lower limit	$ 0.01	$ 0.01	$ 0.01
Warrants outstanding exercise price range, upper limit	0.07	0.07	$ 0.07
Warrants granted exercise price range, upper limit		0.02
Warrants expired/cancelled exercise price range, lower limit	0.06	0.03
Warrants expired/cancelled exercise price range, upper limit	0.07	$ 0.07
Warrants exercisable exercise price range, lower limit	0.01
Warrants exercisable exercise price range, upper limit	$ 0.07
Weighted average remaining contractual life	4 years 6 months 4 days
Number exercisable	590,000
Weighted average exercise price, exercisable	$ 0.023
Warrants exercisable, weighted average remaining contractual life	4 years 2 months 23 days

XML 51 R41.htm IDEA: XBRL DOCUMENT

Major Customer and Geographic Information (Schedule of Revenues from Non-affiliated Customers) (Details) - Revenue [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Customer A [Member]
Revenue, Major Customer [Line Items]
Risk percentage	53.00%	47.00%
Customer B [Member]
Revenue, Major Customer [Line Items]
Risk percentage	17.00%	19.00%

XML 52 R42.htm IDEA: XBRL DOCUMENT

Major Customer and Geographic Information (Schedule of Non-affiliated Customers with Accounts Receivable) (Details) - Accounts Receivable [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Customer A [Member]
Concentration Risk [Line Items]
Risk percentage	31.00%	46.00%
Customer B [Member]
Concentration Risk [Line Items]
Risk percentage	25.00%	35.00%

XML 53 R43.htm IDEA: XBRL DOCUMENT

Major Customer and Geographic Information (Schedule of Revenue by Geographic Region) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 950,800	$ 922,800
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	433,000	477,100
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	511,600	$ 445,700
Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 6,200

XML 54 R44.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details) - USD ($)	1 Months Ended	12 Months Ended
Subsequent Events (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Repayments of outstanding demand loans		$ 39,500	$ 5,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Repayments of outstanding demand loans	$ 4,000

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