Quarterly report pursuant to Section 13 or 15(d)

NOTE 9 - SUBSEQUENT EVENTS

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NOTE 9 - SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
NOTE 9 – SUBSEQUENT EVENTS

On October 9, 2015, the Company issued an aggregate of 42,334 shares of its common stock in exchange for 50 shares of the Company’s Series C Preferred Stock and accrued dividends.

On October 16, 2015, the Company issued an aggregate of 16,934 shares of its common stock in exchange for 20 shares of the Company’s Series C Preferred Stock and accrued dividends.

On October 20, 2015, the Company issued an aggregate of 84,667 shares of its common stock in exchange for 100 shares of the Company’s Series C Preferred Stock and accrued dividends.

On October 19, 2015, the Company issued options to purchase 100,000 shares of its common stock to a consultant for services at an exercise price of $1.56 per share; vesting annually over two years and expiring ten years from the date of issuance.

On October 20, 2015, the Company issued options to purchase an aggregate of 275,000 shares of its common stock to a board member for services at an exercise price of $1.56 per share with 25,000 options vesting over one year on a monthly basis and 250,000 vesting quarterly over three years .  All options expire ten years from the date of issuance.

On October 23, 2015, the Company entered into a securities purchase agreement with investors, pursuant to which we issued 216,669 shares of the Company’s common stock and warrants expiring October 23, 2018 to purchase 108,336 shares of our common stock for aggregate cash proceeds of $325,000. As part of this private placement transaction of our common stock and warrants, a related party had purchased an aggregate of 66,667 shares of common stock and a warrant to purchase 33,334 shares of common stock for an aggregate purchase price of $100,000.

In connection with the private placement, the Company issued 11,334 warrants to purchase our stock in connection with the placement services at the exercise price of $1.50 per share expiring October 23, 2018 for investment banking services.

On October 29, 2015, the Company entered into a securities purchase agreement with investors, pursuant to which we issued 86,667 shares of the Company’s common stock and warrants expiring October 29, 2018 to purchase 43,334 shares of our common stock for aggregate cash proceeds of $130,000.

In connection with the private placement, the Company issued 6,134 warrants to purchase our stock in connection with the placement services at the exercise price of $1.50 per share expiring October 29, 2018 for investment banking services.

On November 2, 2015, the Company issued an aggregate of 14,394 shares of its common stock in exchange for 17 shares of the Company’s Series C Preferred Stock and accrued dividends.