Annual report pursuant to Section 13 and 15(d)

Note 4 - Stockholders' Equity (Tables)

Note 4 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

	Number of Warrants			Weighted Average Exercise Price
Outstanding, December 31, 2013:		2,364,183		$	5.00
Granted		1,325,155			3.25
Forfeited		(1,037,240	)		2.50
Exercised		-
Outstanding at December 31, 2014:		2,652,098		$	2.50
Granted		9,874,823			1.25
Forfeited		(1,200	)		30.00
Exercised		-
Outstanding at December 31, 2015		12,525,721		$	1.25

Exercisable warrants:
December 31, 2014		2,652,098		$	2.50
December 31, 2015		12,525,721		$	1.25

Summary of the stock option activity

	Number of Options			Weighted Average Exercise Price
Outstanding, December 31, 2013		117,110		$	15.00
Granted		321,833			5.00
Exercised		-
Expired		(112,903	)		22.50
Outstanding, December 31, 2014		326,040		$	15.00
Granted		52,000			3.29
Exercised		-
Expired		(3,240	)		61.00
Outstanding, December 31, 2015		374,800		$	4.88

Exercisable Options:
December 31, 2014		111,485		$	15.00
December 31, 2015		270,762		$	4.88

Summary of outstanding and exercisable stock options

		Outstanding Options						Exercisable Options
Range of Exercise Prices		Number of Options		Weighted-Average Remaining Contractual Life		Weighted-Average Exercise Price		Number of Options		Weighted-Average Exercise Price
$	2.50 to $7.50		373,833		3.34	$	4.76		266,555	$	3.66
$	7.51 to $50.00		908		.85		50.00		908		50.00
$	50.01 to $67.50		59		.71		65.54		59		62.54
			374,800						267,522

- 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.

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