Annual report pursuant to Section 13 and 15(d)

Stock Purchase Warrants

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Stock Purchase Warrants
12 Months Ended
Dec. 31, 2016
Stock Purchase Warrants [Abstract]  
STOCK PURCHASE WARRANTS
8. STOCK PURCHASE WARRANTS

 

As of December 31, 2016, the Company granted 2,585,000 warrants to investors in a private placement of common shares. 50,000 warrants were issued to “Placement Agents” for private placement of common stock. These warrants are exercisable for a period of five years with an exercise price of $.70.

 

A summary of the status of the Company’s outstanding stock warrants as of December 31, 2016 is as follows:

 

      Weighted     Shares Exercise  
      Average     Price  
  Outstanding January 1, 2016     2,607,801     $ .70  
  Granted     2,635,000       .70  
  Exercised     (1,357,072 )     .70  
  Forfeited     -0-       -0-  
  Outstanding December 31, 2016     3,885,729     $ .70  

 

As of March 27, 2017, there were a total of 3,167,157 warrants issued and outstanding.