Quarterly report pursuant to Section 13 or 15(d)

NOTE 8 - COMMON STOCK PURCHASE WARRANTS

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NOTE 8 - COMMON STOCK PURCHASE WARRANTS
 6 Months Ended
Jun. 30, 2016
Other Liabilities Disclosure [Abstract]  
NOTE 8 - COMMON STOCK PURCHASE WARRANTS AND OPTIONS

NOTE 8 – COMMON STOCK PURCHASE WARRANTS

 

Warrants

 

The following is a summary of activity for warrants to purchase common stock for the six months ended June 30, 2016:

 

    June 30, 2016  
    Number of Warrants    

Weighted

Avg.

Exercise

Price

     Remaining Contractual Life (Years)  
Outstanding at the beginning of the year     609,340     $ .54       4.5  
Warrants expired     (5,250 )     6.67          
Warrants issued with debt or debt modifications     3,002,000     $ .35       4.6  
Warrants exchanged for common stock     (5,250 )   $ 6.67          
Outstanding at end of period     3,600,840     $ .36       4.5  
Exercisable at end of period     3,600,840     $ .36       4.5  

 

In the first quarter of 2016, 5,250 warrants were exchanged for 2,100 common shares resulting in a loss on exchange of $630 charged to operations.  During the same period, 1,500 warrants expired.

 

 

The Company has issued warrants for the purchase of 302,000 shares of the Company’s common stock, which the warrants have a 5-year term and an exercise price of $0.30.  (See Note 5)

 

During the second quarter of 2016, 2,700,000 warrants were issued with the Securities Purchase Agreement and the amended Placement Agent Agreement.  During the same period, 3,750 warrants expired.