UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


SCHEDULE 14A

(Rule 14a-101)



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Spine Injury Solutions, Inc.
(formerly Spine Pain Management, Inc.)
(Name of Registrant as Specified In Its Charter)


                                                                                             
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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SPINE PAIN MANAGEMENT,INJURY SOLUTIONS, INC.

(formerly Spine Pain Management, Inc.)
5225 Katy Freeway, Suite 600

Houston, Texas 77007


NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD JUNE 28, 2012

NOVEMBER 10, 2015


We hereby give notice that the Annual Meeting of Stockholders of Spine Injury Solutions, Inc. (formerly Spine Pain Management, Inc.) will be held on June 28, 2012,November 10, 2015, at 4:2:00 p.m. local time, at 5225 Katy Freeway, Suite 600, Houston, Texas 77007, for the following purposes:

(1)   To elect sixfive directors;

(2)   To ratify the appointmentselection of Ham, Langston & Brezina, LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2012;2015; and

(3)   To transact such other business as may properly come before the meeting.

Under Delaware law, only stockholders of record on the record date, which is May 18, 2012,September 24, 2015, are entitled to notice of and to vote at the Annual Meeting or any adjournment. It is important that your shares of common stock be represented at this meeting so that the presence of a quorum is assured.

Your vote is important. Even if you plan to attend the meeting in person, please date and execute the enclosed proxy and return it promptly in the enclosed postage-paid envelope as soon as possible. If you attend the meeting, you may revoke your proxy and vote your shares in person.

 By Order of the Board of Directors,
 graphic
June 1, 2012October 9, 2015William F. Donovan, M.D.
 Chief Executive Officer and Chairman of the Board


 
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders to be held June 28, 2012.November 10, 2015.
 

The Proxy Statement, form of proxy card and Annual Report are available at:

www.spinepaininc.com/investor-information.

www.spinepaininc.com
 

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SPINE PAIN MANAGEMENT,INJURY SOLUTIONS, INC.

(formerly Spine Pain Management, Inc.)
5225 Katy Freeway, Suite 600

Houston, Texas 77007

PROXY STATEMENT

INFORMATION CONCERNING THE ANNUAL MEETING

Change of Name.  Effective October 1, 2015, we amended our Certificate of Incorporation, as amended, to change our name from Spine Pain Management, Inc. to Spine Injury Solutions, Inc.  The amendment was duly approved by our Board of Directors on September 24, 2015 and was effective with the Delaware Secretary of State on October 1, 2015.  Stockholder approval of this amendment was not required pursuant to Section 242(b)(1) of the General Corporation Law of Delaware.  Our common stock will continue to trade on the ticker symbol “SPIN.”  The CUSIP number for our common stock also changed in connection with the name change.

Mailing and Solicitation. Proxies are being solicited on behalf of the Board of Directors of Spine Pain Management,Injury Solutions, Inc.  This Proxy Statement and accompanying form of proxy card will be sent on or about June 1, 2012October 9, 2015 to stockholders entitled to vote at the Annual Meeting.  The cost of the solicitation of proxies will be paid by us. The solicitation is to be made primarily by mail but may be supplemented by telephone calls and personal solicitation by our officers and other employees.

Annual Report on Form 10-K. A copy of our Annual Report on Form 10-K for the year ended December 31, 2011,2014, as filed with the Securities and Exchange Commission, has been mailed with this Proxy Statement to all stockholders entitled to vote at the Annual Meeting.

Proxies. Whether or not you plan to attend the Annual Meeting, we request that you date and execute the enclosed proxy card and return it in the postage-paid return envelope.  If your shares are held in “street name” through a brokerage, bank or other institution, telephone and internet instructions are also provided on the proxy card you receive. The availability of telephone and internet proxy will depend on the nominee’s proxy processes.  A control number, located on the proxy card, is designed to verify your identity, allow you to vote your shares, and confirm that your voting instructions have been properly recorded.

If your shares are registered in the name of a bank, broker, or other nominee, follow the proxy instructions on the form you receive from the nominee. The availability of telephone and internet proxy will depend on the nominee’s proxy processes.

Under the rules of the New York Stock Exchange (“NYSE”), brokers who hold shares in “street name” for customers are precluded from exercising voting discretion with respect to the approval of non-routine matters (so called “broker non-votes”) where the beneficial owner has not given voting instructions. Effective July 1, 2009, the NYSE amended its rule regarding discretionary voting by brokers on uncontested elections of directors such that any investor who does not instruct the investor’s broker on how to vote in an election of directors will cause the broker to be unable to vote that investor’s shares on an election of directors. Previously, the broker could exercise its own discretion in determining how to vote the investor’s shares even when the investor did not instruct the broker on how to vote. Accordingly, withWith respect to the election of directors (see Proposal(Proposal 1), a broker is not entitled to vote the shares of common stock unless the beneficial owner has given instructions. With respect to the ratification of the appointmentselection of Ham, Langston & Brezina, LLP as our independent registered public accounting firm (see Proposal(Proposal 2), a broker will have discretionary authority to vote the shares of common stock if the beneficial owner has not given instructions.

Revocation of Proxies. The proxy may be revoked by the stockholder at any time before a vote is taken by notifying our President in writing at the address of Spine Pain Management,Injury Solutions, Inc. given above; by executing a new proxy bearing a later date or by submitting a new proxy by telephone or internet; or by attending the Annual Meeting and voting in person.

Voting in Accordance with Instructions. The shares represented by your properly completed proxy will be voted in accordance with your instructions marked on it. If you properly sign, date, and deliver to us your proxy but you mark no instructions on it, the shares represented by your proxy will be voted for the election of the director nominees as proposed (see Proposal(Proposal 1), and for the ratification of Ham, Langston & Brezina, LLP as our independent registered public accounting firm for 2012 (see Proposal2015 (Proposal 2).  The Board of Directors is not aware of any other matters to be presented for action at the Annual Meeting, but if other matters are properly brought before the Annual Meeting, shares represented by properly completed proxies received by mail will be voted in accordance with the judgment of the persons named as proxies.

Quorum. The presence in person or by proxy of a majority of the shares of common stock outstanding on the record date constitutes a quorum for purposes of voting on a particular matter and conducting business at the meeting.

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Required Vote. A plurality of the common stock present in person or represented by proxy at the Annual Meeting will elect as directors the nominees proposed (see Proposal(Proposal 1). The ratification of Ham, Langston & Brezina, LLP as our independent registered public accounting firm for 2012 (see Proposal2015 (Proposal 2) requires the affirmative vote of a majority of the votes cast by the common stock present in person or represented by proxy.  Abstentions and broker non-votes will be counted for purposes of determining the presence or absence of a quorum. Abstentions and broker non-votes will not be counted as having voted either for or against a proposal.

Record Date. The close of business on May 18, 2012September 24, 2015 has been fixed as the record date of the Annual Meeting, and only stockholders of record at that time will be entitled to vote.  As of May 18, 2012,September 24, 2015, there were 17,815,88219,755,882 shares of common stock issued and outstanding and entitled to vote at the Annual Meeting.  Each stockholder is entitled to one vote for each share of common stock held.

No Dissenters’ Rights. Under the Delaware General Corporation Law, stockholders are not entitled to dissenters’ rights with respect to the matters to be voted on at the Annual Meeting.

PROPOSAL 1 - ELECTION OF DIRECTORS

General Information

Under our bylaws, the Board of Directors consists of at least one director and may consist of such number of directors as may be fixed from time to time by action of the stockholders or of the Board of Directors.  Directors are elected to hold office until the next annual meetingAnnual Meeting of stockholdersStockholders and until their successors are elected and qualified or until their earlier resignation or removal.  As of the date hereof,Presently, the Board of Directors consists of five members.members, William F. Donovan, M.D., John Bergeron, Jerry Bratton, Peter L. Dalrymple and Franklin A. Rose, M.D.  Our Board of Directors has approveddid not nominate Franklin A. Rose for re-election to the increase in the numberBoard.

Our Board of members of the Board from five to six, and hasDirectors approved and recommendedrecommends to stockholders the election of sixfive nominees to serve on the Board.  These nominees are William F. Donovan, M.D., John A. Talamas, John Bergeron, Jerry Bratton, FranklinPeter L. Dalrymple and Jeffrey A. Rose, M.D. and William Lawrence. FiveCronk, D.C.  Four of the nominees including William F. Donovan, M.D., John A. Talamas, John Bergeron, Jerry Bratton and Franklin A. Rose, M.D., presently serve as members of our Board of Directors, including Dr. Donovan, Mr. Bergeron, Mr. Bratton and are accordingly standing for re-election. The remaining nominee, William Lawrence,Mr. Dalrymple.  Dr. Cronk currently holds no positionpositions with us.the company.  There are no family relationships among any of our directors, director nominees or executive officers.


The persons named in the enclosed Proxy (“Proxy”) have each been selected by the Board of Directors to serve as proxy and will vote the shares represented by valid proxies at the Annual Meeting and adjournments thereof.  Unless otherwise instructed or unless authority to vote is withheld, the enclosed Proxy will be voted for the election of the nominees listed below.  Each duly elected director will hold office until his successor shall have been elected and qualified.  Although our Board of Directors does not contemplate that any of the nominees will be unable to serve, if such a situation arises prior to the Annual Meeting, the person named in the enclosed Proxy will vote for the election of such other person(s) as may be nominated by the Board of Directors.

Information Regarding Nominees

The names of the nominees for election to the Board, their principal occupations and certain other information follow:


William F. Donovan, M.D. – age 6972 – Dr. Donovan has served as our Chief Executive Officer since January 2009 and as our President since May 2010. He has served as one of our Directorsdirectors since April 2008. He is a Board Certified Orthopedic Surgeon, and has been involved with venture funding and management for over 25 years. He was the co-founder of DRCA (later known as I.O.I) and became Chairman of this company that went from the pink sheets, to NASDAQ and then to the AMEX before being acquired by a subsidiary of the Bass Family. He was a founder of “I Need A Doc,” later changed to IP2M that was acquired by Dialog Group, a publicly traded company. He was the Chairman of House of Brussels, an international chocolate company and president of ChocoMed, a specialized confectionery company combining Nutraceuticals with chocolate bars. Dr. Donovan has been practicing as a physician in Houston, Texas since l975. Throughout his career as a physician, he has been involved in projects with both public and private enterprises. He received his Orthopedic training at Northwestern University in Chicago. He was a Major in the USAF for two2 years at Wright Patterson Air Force base in Dayton, Ohio. He established Northshore Orthopedics in 1975 and continues in active practice in Houston, Texas specializing in Orthopedic Surgery.

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John A. TalamasBergeron, CPA – age 56 – Mr. Talamas has served as one of our Directors since May 2011. He previously served as our Chief Operating Officer from February 2009 to July 2009, and again from May 2010 to May 2012. He has also previously served as our Director of Operations. He is currently the Chief Executive Officer of Quality Drill Media LLC, a full service advertising company, a position he has held since August 2003. While with Quality Drill Media, he has developed and launched care management service programs facilitating patients who require appropriate medical and chiropractic treatment. Prior to working for Quality Drill Media, Mr. Talamas also previously held the following positions: Special Projects Accountant for Radio–One, Inc.; Director of Media Affiliates for IP2M, Inc.; Chief Financial Officer for Signtex Imaging, Inc.; and Financial Manager for Eller Media Co. Inc. Mr. Talamas has an extensive business background in developing and launching successful marketing programs for attorneys, doctors treating injured workers, and medical facilities associated with these types of patients. Mr. Talamas earned a Bachelor’s of Business Administration with a concentration in Accounting from Laredo State University, Cum Laude, in May 1981.

John Bergeron, CPA – age 5558 – Mr. Bergeron has served as our Chief Financial Officer since October 2011 and as one of our Directorsdirectors since July 2010. He currently servesFrom May 2008 through September 2014, he served as President of Jolpeg Inc., a private firm that consults on financial matters in service industries, a position he has held since May 2008. Also since May 2008, he has worked as Controller of Christian Brothers Automotive Corporation, of which he also currently owns and operates a franchise.industries. From May 20052002 until May 2008, Mr. Bergeron served as Divisional Controller of Able Manufacturing, a division of NCI Group, Inc, where his responsibilities included financial reporting, budgeting and Sarbanes-Oxley Act compliance. Prior to that, Mr. Bergeron worked as controller of different internet companies and as an accounting manager for several other private firms. He has also worked as an auditor for Arthur Andersen. Mr. Bergeron has more than thirty years of experience in financial management and corporate development of manufacturing and service industry companies. He has extensive experience in financial reporting of public companies, risk management, business process re-engineering, structuring and implementing accounting procedures and internal control programs for Sarbanes-Oxley Act compliance. Mr. Bergeron is a Certified Public Accountant. He received a Bachelor of Business Administration in Accounting from Lamar University in 1979. He is also currently the President of the Montgomery County MUD #83.


Jerry Bratton, J.D., MBA – age 5963 – Mr. Bratton has served as one of our Directorsdirectors since July 2010. He has served as President of Bratton Steel, L.P. since 2006 and previously with Bratton Steel, Inc. (its predecessor) since 1991. Bratton Steel is a structural steel fabricating company. As President, Mr. Bratton has grown the company from a startup to a company that employs up to approximately 75 employees. He has significant experience in overseeing sales, estimating, project management and contracting. Mr. Bratton served as President of the Texas Structure Steel Institute from 2007 to 2008. He is also a member of the American Institute of Steel Construction. Mr. Bratton has business and investment background in medical software, personal medical information records storage, RFID security products and energy ventures. Mr. Bratton is a licensed attorney in the State of Texas and previously served as an assistant general counsel in the construction industry. Mr. Bratton earned Juris Doctorate and Master of Business Administration degrees from Texas Tech University in 1977.

Franklin A. Rose, M.D.


Peter L. Dalrymple – age 6072Dr. RoseMr. Dalrymple joined our Board of Directors in August 2014.  Since July 2012, he has served as General Partner of LPD Investments Ltd. and Manager of DLD Oil & Gas LLC.  Prior to that, he was one of our Directors sincethe co-founders and owners of the Royal Purple Synthetic Lubricants Company, which at the time of its sale in 2012, was one of the largest synthetic lubricants companies in North America. While with Royal Purple, he was in charge of Sales and Marketing. After the company was sold to Calumet Specialty Products Partner, a New York Stock Exchange company, in July 2010.of 2012, Mr. Dalrymple became a very active investor in several companies.  He is also a Board Certified plastic and reconstructive surgeon. He has been in private practice since 1984 and currently has hospital affiliations in Houston, Texas with First Street Surgical Center, Woman’s Hospitaltrustee of Texas, Memorial Hermann Hospital-Northwest and Twelve Oaks Hospital. Dr. Rose is an experienced surgeon, well acquainted with various surgical and medical procedures. He has also been involved in investing with multiple micro-cap medical companies. Dr. Rose earned a Doctor of Medicine degreeNorwich University, from the University of Colorado in 1977, andwhich he holds a Bachelor of Science degree fromDegree in Engineering Management. He previously served as a Lieutenant with the UniversityUnited States Army Corp. of Wisconsin, Madison in 1973. HeEngineers.

Jeffrey A. Cronk, D.C., J.D. – age 53 – Dr. Cronk is a membernominee for election to our Board of Directors.  Since 2010 he has been the CEO and owner of American Medical Association,Spinal Injury and Impairment Consultants, which provides spinal injury and impairment educational programs and spinal expert review/witness services.  From 2010 to 2015, he was the American SocietyDirector of Plastic Surgeons, the Lipolysis SocietyEducation for Spinal Kinetics LLC, a company that provides assessment services of North America and the American Society of North America. He is also the attending plastic surgeon to The Texas Institute of Plastic Surgery.

William A. Lawrence, MBA – age 52 – Mr. Lawrence is currently Partner, President and Chief Financial Officer of C&J Cladding LLC, located in Houston, Texas. Mr. Lawrence and his business partner acquired C&J Cladding in March 2007 and have transformed it into one of the premier cladding companies in the Americas.spinal soft-tissue injuries.  Prior to acquiring C&J Cladding, Mr. Lawrence served for 23 yearsthis, he was the owner of National Injury Diagnostics from 2005 to 2010.  Dr. Cronk graduated from Palmer College of Chiropractic with a Bachelor’s Degree in progressive corporate and operational roles from analyst, treasurer, and controller to finance leadership, always with an eye on improving processes, accountability, financial disclosure and overall business performance. He has held management positions with companies such as NCI Building Systems, one of the nation’s largest integrated manufacturers of products for the metal construction industry; Telxon Corporation, a global manufacturer of wireless handheld computing devices; Monarch Marking Systems, a supplier of bar-code products to retail and industrial customers worldwide; and Lockheed Martin, a global security and aerospace company. Mr. Lawrence thrives in roles in which he can improve and redefine an organization, and position it for accelerated growth, both through exceptional financial and operational management, and through a focus on employee development and collaboration. He is an alumnus of the University of Florida, where he earned a Bachelor of Science in Finance (with honors) in 1982General Sciences and a MasterDoctorate Degree in Chiropractic in 1988. That same year he became a Licensed Doctor of Business Administration in 1984.

Chiropractic.  In 2013 he completed his law degree with a special emphasis on personal injury law.

OUR BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE ELECTION

OF THE NOMINEES LISTED ABOVE.

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Information Regarding Executive Officers

Executive officers are appointed to serve at the discretion of the Board.  Our current executive officers are as follows:

Name Age Position(s) and Office(s)
William F. Donovan, M.D. 6972 Chief Executive Officer, President and Director (Chairman)
John Bergeron 5558 Chief Financial Officer and Director
Eric K. Groteke, D.C.40Chief Technology Officer and Senior Vice President of Sales/Marketing

Biographical information of Dr. Groteke is set forth below.

See “Information Regarding Nominees” above for biographical information of Dr. Donovan and Mr. Bergeron.

Eric K. Groteke, D.C. – age 40 – In May 2012, Dr. Groteke was appointed as our Chief Technology Officer and Senior VP of Sales/Marketing position. He has owned and operating outpatient clinics in Florida from May 2005 through present day as a managing partner and Chiropractic Physician. He was co-founder and co-developer of MSDR, a musculoskeletal health risk assessment tool, while he authored an IRB approved research study on The Quantification and Tracking of Osteoarthritis that was published in the March/April Issue of The Journal of Medicine in 2009. During this time he served as an adjunct professor at NY Chiropractic College in their Research Department and collaborated with Georgetown University Medical Center, Department of Anesthesia to make this research study possible. In September 2009, Dr. Groteke presented this research at the National PAINWeek Conference in Las Vegas, Nevada. In July 2008, Dr. Groteke was awarded a patent on a cervical orthopedic device that supports the head and neck, and he has several other patents that are currently pending in medical algorithms and other types of medical devices. In addition to the above, he was runner up for the Tampa Bay healthcare hero award in 2009 for Innovation and Research. Dr. Groteke graduated from New York Chiropractic College in 1996, then went in private practice in Pennsylvania, where he owned and operated multidisciplinary group practices from 1997 to 2005.

In September 2010, Dr. Groteke was forced to file Chapter 7 bankruptcy due to business debt that he personally guaranteed. The bankruptcy occurred after Dr. Groteke and his partners could not reach an amicable resolution. The bankruptcy has been discharged.


CORPORATE GOVERNANCE MATTERS

Meetings of the Board

All directors are expected to make every effort to attend meetings of the Board, meetings of any Board Committees on which such director serves, and annual meetings of stockholders.  The Board of Directors held five meetings during the fiscal year ended December 31, 2011.2014.  The Board of Directors also executed one consent to action in lieu of a meeting of the Board of Directors, which was approved unanimously. We currently havehas an Audit Committee, a Compensation Committee and a Nominating Committee.  During 2011,2014, the Audit Committee held fourthree meetings, the Compensation Committee held one meeting, and the Nominating Committee held one meeting.  Also during 2014, the independent members of the Board of Directors held one “executive session” meeting.  Of our currentincumbent directors, during 2011, none2014 only Franklin A. Rose, M.D. attended fewer than 75 percent of the aggregate of (i) the total number of meetings of the Board of Directors (including consents to action in lieu of a meeting) held during the period for which he has been a director, and (ii) the total number of meetings held by all committees of the Board on which he served during the periods that he served.

  Four directors attended the 2014 Annual Meeting of Stockholders.

Stockholder Communications with Directors

Any stockholder desiring to contact the Board, or any specific director(s), may send written communications to: Board of Directors (Attention: (Name(s) of director(s), as applicable)), c/o President, 5225 Katy Freeway, Suite 600, Houston, Texas 77007.  Any communication so received will be processed and conveyed to the member(s) of the Board named in the communication or to the Board, as appropriate, except for junk mail, mass mailings, product or service complaints or inquiries, job inquiries, surveys, business solicitations or advertisements, or patently offensive or otherwise inappropriate material.

Director Independence


We currently have two independent directors on our Board, Jerry Bratton, J.D. and Franklin A. Rose, M.D.  Dr. Rose is not standing for reelection at the 2015 Annual Meeting.  Additionally, William Lawrence, whoa director nominee, Jeffrey A. Cronk, D.C., J.D., is a nominee for election to the Board, is deemed independent.  The definition of “independent” used herein is arbitrarily based on the independence standards of The NASDAQ Stock Market LLC.  The Board performed a review to determine the independence of Franklin A. Rose, M.D., Jerry Bratton and William LawrenceJeffrey Cronk and made a subjective determination as to each of these directors and/or nominees that no transactions, relationships or arrangements exist that, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director of Spine Pain Management,Injury Solutions, Inc.  In making these determinations, the Board reviewed information provided by these individualsdirectors with regard to each’seach individual’s business and personal activities as they may relate to us and our management.

Board Leadership Structure and Role in Risk Oversight

Our Board is currently composed of five directors, with William F. Donovan, M.D. carrying the title of “Chairman” of the Board.  In addition to serving on the Board, Dr. Donovan also currently serves as President and Chief Executive Officer.  Accordingly, there is often little separation in Dr. Donovan’s role as principal executive officer and his role as Chairman.  To mitigate any apparent conflicts this Board leadership structure may create, we previously maintainedhave chosen to maintain a Board of Directors consisting of a majority ofthat includes independent directors.  In September 2011, however, we appointed oneCurrently two of our five directors are independent, and if all five nominees are elected at the 2015 Annual Meeting, two of five of our directors John Bergeron, as Chief Financial Officer. This appointment made Mr. Bergeron no longer an independent director, reducing the number of independent directors from three to two. We have, however, nominated William Lawrence for election to the Board, and we anticipate appointing an additional independent director in the near future.will be independent.  We believe maintaining a majority of independent directors allows the Board to better oversee and manage risk.  None of our independent directors holdholds the title of “lead” independent director.  Accordingly, all of our independent directors have an equal role in the leadership of the Board.  We believe that our overall leadership structure is appropriate based on our current size.

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As a part of its oversight function, the Board of Directors monitors how management operates the company.  Risk is an important part of deliberations at the Board and committee level throughout the year.  Committees consider risks associated with their particular areas of responsibility.  The Board of Directors as a whole considers risks affecting us.  The Board and its committees consider, among other things, the relevant risks to the company when granting authority to management and approving business strategies. Through this risk oversight process, the Board reserves the right to make changes to our leadership structure in the future if it deems such changes are appropriate and in the best interest of our stockholders.

Audit Committee

We maintain a separately-designated standing audit committee.  The Audit Committee currently consists of Peter Dalrymple and our two independent directors, Jerry Bratton and Franklin Rose, M.D.  Mr. Bratton is the Chairman of the Audit Committee, and the Board of Directors has determined that he is an audit committee financial expert as defined in Item 5(d)(5) of Regulation S-K. The primary purpose of the Audit Committee is to oversee our accounting and financial reporting processes and audits of our financial statements on behalf of the Board of Directors.  The Audit Committee meets privately with our management and with our independent registered public accounting firm and evaluates the responses by our management both to the facts presented and to the judgments made by our outside independent registered public accounting firm.  Our Audit Committee has reviewed and discussed our audited financial statements for the year ended December 31, 20102014 with our management.

In January 2011, our Board adopted a charter for the Audit Committee.  A copy of the Charter of the Audit Committee can be found in our website at www.spinepaininc.com/investor-information.www.spinepaininc.com.  The Charter establishes the independence of our Audit Committee and sets forth the scope of the Audit Committee's duties.  A majority of the members of the Audit Committee will be independent.  The Audit Committee is objective, and reviews and assesses the work of our independent registered public accounting firm and our internal accounting.


Report of the Audit Committee


The Audit Committee has reviewed and discussed with management the audited financial statements of Spine Pain Management,Injury Solutions, Inc. for the fiscal year ended December 31, 2011.2014.  The Audit Committee has discussed with Ham, Langston & Brezina, LLP, our independent auditors (“HLB”), the matters required to be discussed by the statement on Auditing Standards No. 61, as amended (AICPA, Professional Standards, Vol. 1, AU section 380), as adopted by the Public Company Accounting Oversight Board in Rule 3200T.  The Audit Committee has received the written disclosures and the letter from HLB required by applicable requirements of the Public Company Accounting Oversight Board regarding HLB’s communications with the Audit Committee concerning independence, and has discussed with HLB the independence of HLB.


Based on the review and discussions referred to in the paragraph above, the Audit Committee recommended to the Board of Directors that the audited financial statements be included in our annual report on Form 10-K for the fiscal year ended December 31, 2011.2014.  This report is furnished by the Audit Committee of our Board of Directors, whose members are:


Jerry Bratton (Chairman of the Audit Committee),;
Peter L. Dalrymple; and

Franklin Rose, M.D.


All information within this “Audit Committee” section of the Proxy Statement, including but not limited to the Report of the Audit Committee, shall not be deemed to be “soliciting material,” or to be “filed” with the SEC or subject to Regulation 14A or 14C (17 CFR 240.14a-1 through 240.14b-2 or 240.14c-1 through 240.14c-101) or to the liabilities of section 18 of the Exchange Act.  Such information will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

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Compensation Committee

We have a Compensation Committee whose members are Jerry Bratton, Peter Dalrymple and Franklin Rose, M.D.  Our Compensation Committee does not currently have a written charter.  Our Compensation Committee makes recommendations to the Board of Directors as to employee benefit programs and officer, director and employee compensation.  The primary objectives of our executive compensation programs are to: (1) attract, retain and motivate skilled and knowledgeable individuals; (2) ensure that compensation is aligned with our corporate strategies and business objectives; (3) promote the achievement of key strategic and financial performance measures by linking short-term and long-term cash  and equity incentives to the achievement of measurable corporate and individual performance goals; and (4) align executives’ and directors’ incentives with the creation of stockholder value.  To achieve these objectives, our Compensation Committee evaluates our executive compensation program with the objective of setting compensation at levels it believes will allow us to attract and retain qualified executives and directors.  The Compensation Committee will take under consideration recommendations from executive officers and directors regarding its executive compensation program.  The Compensation Committee also has the authority to obtain advice and assistance from external advisors, including compensation consultants, although the Compensation Committee did not elect to retain a compensation consultant to assist with determining executive compensation during 2011.

2014.


Nominating Committee


We have a Nominating Committee whose members are Jerry Bratton, Peter Dalrymple and Franklin Rose, M.D.  The Nominating Committee’s primary duties are to indentify,identify, evaluate and recommend to the Board nominees for director.  See “Procedures for Director Nominations” below for the criteria it uses to evaluate nominee candidates. Based on our size, the Nominating Committee does not yet have a written charter and does not have a written policy with regard to the consideration of any director candidates recommended by stockholders.  The Nominating Committee will, however, consider written nominations of candidates for election to the Board properly submitted by stockholders. For information regarding the procedures for stockholder nominations to the Board, see “Procedures for Director Nominations” below.

Procedures for Director Nominations

Members of the Board are expected to collectively possess a broad range of skills, industry and other knowledge and expertise, and business and other experience useful for the effective oversight of our business.  All candidates must meet the minimum qualifications and other criteria established from time to time by the Board and the Nominating Committee.  In considering possible candidates for election as director, the Board and Nominating Committee are guided by the following standards:


(1)   Each director should be an individual of the highest character and integrity;

(2)   Each director should have substantial experience that is of particular relevance to us;

(3)   Each director should have sufficient time available to devote to the affairs of the company; and

(4)   Each director should represent the best interests of the stockholders as a whole.

We also consider the following criteria, among others, in our selection of directors:

(1)   Medical, technical, scientific, academic, financial and other expertise, skills, knowledge and achievements useful to the oversight of our business;

(2)   Diversity of viewpoints, backgrounds, experiences and other demographics; and

(3)   The extent to which the interplay of the candidate’s expertise, skills, knowledge and experience with that of other Board members will build a Board that is effective, collegial and responsive to the needs of the company.

7

The Nominating Committee evaluates suggestions concerning possible candidates for election to the Board submitted to us, including those submitted by Board members (including self-nominations) and stockholders. All candidates, including those submitted by stockholders, will be similarly evaluated by the Nominating Committee using the Board membership criteria described above and in accordance with applicable procedures, including such procedures prescribed by the SEC. Once candidates have been identified, the Nominating Committee will determine whether such candidates meet our qualifications for director nominees and select and recommend nominees to the Board accordingly.

As noted above, the Nominating Committee will consider qualified director nominees recommended by stockholders when such recommendations are submitted in accordance with applicable SEC requirements and any other applicable law, rule or regulation regarding director nominations. When submitting a nomination to us for consideration, a stockholder must provide certain information that would be required under applicable SEC rules, including the following minimum information for each director nominee: full name and address; age; principal occupation during the past five years; current directorships on publicly held companies and registered investment companies; and number of shares of our common stock owned, if any.  No candidates for director nominations were submitted to the Board by any stockholder in connection with the 20122014 Annual Meeting.


COMPENSATION DISCUSSION


The following table provides summary information for the years 20112014 and 20102013 concerning cash and non-cash compensation paid or accrued to or on behalf of certain executive officers:

officers (“named executive officers”).


Summary Executive Compensation Table

Name and

Principal

Position

Year 

Salary

($)

  

Bonus

($)

  

Stock

Awards ($)

  

Option

Awards

($)

  

Non-Equity

Incentive

Plan

Compensation

($)

  

Change in

Pension

Value

and

Nonqualified

Deferred

Compensation

($)

  

All Other

Compensation

($)

  

Total

($)

 
William Donovan, M.D.2011  -   -   -   81,890(1)  -   -   -   81,890 
CEO and President2010  -   -   -   -   -   -   -   - 
                                  
John Talamas2011  -   -   -   40,945(2)  -   -   -   40,945 
COO 2010  -   -   45,000(3)  -   -   -   -   45,000 
                                  
John Bergeron2011  12,750   -   94,000(4)  -   -   -   -   106,750 
CFO2010  -   -    -  -   -   -   -   - 


Name and
Principal
Position
   
Salary
($)
  
Bonus
($)
  
Stock
Awards
($)
  
Option
Awards
($)
  
Non-Equity
Incentive
Plan
Compensation
($)
  
Change in
Pension
Value
and
Nonqualified
Deferred
Compensation
($)
  
All Other
Compensation
($)
  
Total
($)
 
William Donovan, M.D.
 
2014
 $102,461  $-  $-  $62,110(1) $-  $-  $-  $164,571 
CEO and President
 
2013
  96,000   -   -   144,000(1)  -   -   -   240,000 
                                   
John Bergeron
 
2014
  88,988   -       44,000(2)  -   -       132,988 
CFO
 
2013
  90,000   8,509       48,000(2)  -           146,509 
(1)On June 6, 2011, we granted Dr. Donovan stock options to purchase 600,000 shares of common stock at an exercise price of $0.77 per share.  We granted the options as consideration for his employment as Chief Executive Officer and President.  The options vest and become exercisable in twelve quarterly periods for the first three years of the five-year life of the options.  The fair value of the options was $432,000, of which $81,890$62,110 and $144,000 in compensation expense was recognized in the Statement of Operations for the yearyears ended December 31, 2011.2014 and December 31, 2013, respectively. (See Note 78 of the accompanying financial statements in our Form 10-K for the year ended December 31, 2011)statements)
  
(2)On June 6, 2011,November 30, 2012 we granted to Mr. TalamasBergeron 200,000 unvested stock options to purchase 300,000 shares of common stock at an exercise price of $0.77$0.54 per share.  We grantedThe stock options will expire on December 1, 2017, and 50,000 of the stock options as consideration for his employment as Chief Operating Officer.  The optionswill vest and become exercisable in twelve quarterly periods forevery six months during the first three yearsterm of the five-year lifeagreement.  If at any time during the term of the options.  The fair value of theagreement Mr. Bergeron’s employment with us should end, all unvested stock options was $216,000, of which $40,945 in compensation expense was recognized in the Statement of Operations for the year ended December 31, 2011. (See Note 7 of the financial statements in our Form 10-K for the year ended December 31, 2011)
(3)In May 2010, we issued 50,000 restricted shares of common stock to Mr. Talamas as consideration for his employment as Chief Operating Officer.
(4)In October 2011, we issued 100,000 restricted shares of common stock to Mr. Bergeron as consideration for his employment as Chief Financial Officer.will be relinquished.

8

Employment Agreements

On FebruarySeptember 16, 2012,2014, we entered into an employment agreement with our President and Chief Executive Officer, William F. Donovan, M.D.   On February 20, 2012, the agreement was amended to eliminate certain stock award provisions. The employment agreement, as amended, (i) terminates and supersedes the previous employment agreement that we entered into with Dr. Donovan on or about May 17, 2010, which was to expire on in May 2012 unless earlier terminated, (ii) has a term that ends on March 31, 2014, and (iii)contract provides that we will pay Dr. Donovan an annual base salary of $96,000.$120,000. The agreement also provides that we may grant Dr. Donovan performance bonuses from time to time at the discretion of the Board of Directors.  The agreement has a confidentiality provision and provides that Dr. Donovan cannot compete with us for a period upon termination of Dr. Donovan’s May 2010the agreement.
Mr. Bergeron’s employment agreement accordingly terminated his right under that agreement to receive 1,000,000 restricted shares of common stock if he is employed by us on June 30 of the calendar year in which we achieve an annual fully diluted earnings per share of at least $0.01 as reflected in the audited financial statements filed with an annual report on Form 10-K filed with the SEC.

In May 2010, we entered into an employment agreement with our then Chief Operating Officer, John A. Talamas.  Pursuant to the employment agreement, which had a term thatcontract expired on May 1, 2012, we issued Mr. Talamas 50,000 shares of restricted common stock as consideration for his new employment.  The agreement also provided that we may grant Mr. Talamas performance bonuses from time to time at the discretion of the Board of Directors. Additionally, the employment agreement provided that we will transfer to Mr. Talamas 500,000 restricted shares of common stock if Mr. Talamas is employed by us under his employment agreement on JuneNovember 30, of the calendar year in which we achieve an annual fully diluted earnings per share of at least $0.01 as reflected in the audited financial statements filed with an annual report on Form 10-K filed with the SEC. After discussions with management, however, on February 26, 2012 Mr. Talamas confirmed in writing that he was waiving his right to receive these 500,000 shares. After the expiration of his employment agreement, Mr. Talamas stepped down as Chief Operating Officer on May 9, 2012 but has continued to serve as one of our Directors.

In September 2011, we entered into an employment agreement with our Chief Financial Officer, John Bergeron. The employment agreement’s term began on October 1, 2011 and will expire on September 30, 2012. The agreement provides that Mr. Bergeron receive an annual base salary of $51,000 and a signing bonus of 100,000 shares of restricted common stock as consideration for his new employment. The agreement also provides that we may grant Mr. Bergeron performance bonuses from time to time at the discretion of the Board of Directors.

2014. 

Outstanding Equity Awards at Fiscal Year End 

The following table details all outstanding equity awards held by our named executive officers at December 31, 2011:

  Option Awards 

Name

 Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
  Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable
  

Equity

Incentive

Plan Awards: Number of

Securities

Underlying

Unexercised

Unearned

Options

(#)

  Option
Exercise
Price
($)
  Option
Expiration
Date
 
William F. Donovan, M.D.  50,000(1)   500,000   -   0.77   6/6/2016 
John A. Talamas  25,000(2)   250,000   -   0.77   6/6/2016 

2014:
  Option Awards 
 
Name
 
Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
  
Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable
  
Equity
Incentive
Plan Awards: Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
  
Option
Exercise
Price
($)
  
Option
Expiration
Date
 
William F. Donovan, M.D.
  
550,000
(1)
  
-
  
  
-
  
  
0.77
  
  
06/06/2016
  
John R. Bergeron (3)
  
200,000
(2)
  
-
  
  
-
  
  
0.54
  
  
12/01/2017
 

 (1)On June 6, 2011, we granted Dr. Donovan stock options to purchase 600,000 shares of common stock at an exercise price of $0.77 per share.  We granted the options as consideration for his employment as Chief Executive Officer and President.  The options vestvested and becomebecame exercisable in twelve quarterly periods for the first three years of the five-year life of the options.  Dr. Donovan exercised 50,000 of the options on September 9, 2011.
2012.
 (2)On June 6, 2011,November 30, 2012, we granted Mr. TalamasBergeron stock options to purchase 300,000200,000 shares of common stock at an exercise price of $0.77$0.54 per share.  We granted the options as consideration for his employment as Chief OperatingFinancial Officer.  The options vestvested and becomebecame exercisable in twelve quarterlyfour six month periods for the first threetwo years of the five-year life of the options.  Mr. Talamas exercised 25,000 of
(3)In addition to the options on September 9, 2011.

Compensation of Directors

At present, we do not pay our Directors for attending meetings of the Board of Directors, although we may adopt a Director compensation policy in the future. We have no standard arrangement pursuant to which Directors are compensated for any services they provide or for committee participation or special assignments.  We did, however, provide compensation to certain Directors during the year ended December 31, 2011 as follows:

Summary Director Compensation Table

Name 

Fees Earned or Paid in Cash

($)

  

Stock Awards

($)

  

Option Awards

($)

  

Non-Equity Incentive Plan Compensation

($)

  

Nonqualified Deferred Compensation Earnings

($)

  

All Other Compensation

($)

  

Total

($)

 
John Bergeron  -   -   16,250(1)  -   -   -   16,250 
Jerry Bratton  -   -   16,250(2)  -   -   -   16,250 
William Donovan, M.D.  -   -   -(3)  -   -   -   - 
Franklin Rose, M.D.  -   -   16,250(4)  -   -   -   16,250 
John Talamas  -   -   -(5)  -   -   -   - 

(1)In June 2011,detailed in the table, Mr. Bergeron also holds certain option that we granted Mr. Bergeron three-yearto him as consideration for serving on the Board of Directors, including stock options to purchase 25,000 shares of common stock at an exercise price of $1.15 per share that expire in June 2015 and stock options to purchase 25,000 shares of common stock at an exercise price of $0.77 per share. The options vested and became exercisable immediately. The fair value of the options was $16,250, which was recognizedshare that expired in the Statement of Operations for the year ended December 31, 2011. (See Note 7 of the financial statements in our Form 10-K for the year ended December 31, 2011)June 2014.

(2)In June 2011, we granted Mr. Bratton three-year stock options to purchase 25,000 shares of common stock at an exercise price of $0.77 per share. The options vested and became exercisable immediately. The fair value of the options was $16,250, which was recognized in the Statement of Operations for the year ended December 31, 2011. (See Note 7 of the financial statements in our Form 10-K for the year ended December 31, 2011)

(3)Dr. Donovan received no compensation in his capacity as a Director during the year ended December 31, 2011.  He did, however, receive compensation in his capacity as an executive officer.  (See the “Summary Executive Compensation Table” above.)

(4)In June 2011, we granted Dr. Rose three-year stock options to purchase 25,000 shares of common stock at an exercise price of $0.77 per share. The options vested and became exercisable immediately. The fair value of the options was $16,250, which was recognized in the Statement of Operations for the year ended December 31, 2011. (See Note 7 of the financial statements in our Form 10-K for the year ended December 31, 2011)

(5)Mr. Talamas received no compensation in his capacity as a Director during the year ended December 31, 2011.  He did, however, receive compensation in his capacity as an executive officer.  (See the “Summary Executive Compensation Table” above.)


Compensation of Directors
In May 2013, we adopted a director compensation policy pursuant to which each outside Board member received a director fee of $300 for each Board or committee meeting that he attended.  In November 2014, however, the Board elected to discontinue this policy, and currently Board members are not compensated for attending meetings nor do they receive any other form of compensation in their capacity as Board members.  We anticipate the Board will revisit the issue of Board member compensation at a later date.  Compensation to directors during the year ended December 31, 2014 was as follows:
Summary Director Compensation Table

Name 
Fees Earned or Paid in Cash
($)
  
Stock Awards
($)
  
Option Awards
($)
  
Non-Equity Incentive Plan Compensation
($)
  
Nonqualified Deferred Compensation Earnings
($)
  
All Other Compensation
($)
  
Total
($)
 
John Bergeron
  
-
   
-
   
-
   
-
   
-
   
-
   
0
 
Jerry Bratton
  
600
   
-
   
-
   
-
   
-
   
-
   
600
 
William Donovan, M.D.
  
-
   
-
   
-
   
-
   
-
   
-
   
-
 
Franklin Rose, M.D.
  
300
   
-
   
-
   
-
   
-
   
-
   
300
 
Peter Dalrymple
  
-
   
-
   
-
   
-
   
-
   
-
   
-
 
9


Compensation Policies and Practices as they Relate to Risk Management


We attempt to make our compensation programs discretionary, balanced and focused on the long term.  We believe goals and objectives of our compensation programs reflect a balanced mix of quantitative and qualitative performance measures to avoid excessive weight on a single performance measure. Our approach to compensation practices and policies applicable to employees and consultants is consistent with that followed for its executives.  Based on these factors, we believe that our compensation policies and practices do not create risks that are reasonably likely to have a material adverse effect on us.


Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires our directors and executive officers, and persons who own beneficially more than ten percent of our common stock, to file reports of ownership and changes of ownership with the Securities and Exchange Commission. Based solely upon a review of Forms 3, 4 and 5 furnished to us we are aware of five people who, during the fiscal year ended December 31, 20112014, we believe that the directors, executive officers, and greater than ten percent beneficial owners have complied with all applicable filing requirements during the fiscal year ended December 31, 2014, except for (i) a Form 4 that was filed late by William Donovan, our Chief Executive Officer, (ii) a Form 3 and two Form 4s that were Directors, officers, orfiled late by Peter Dalrymple, a Director, and (iii) a Form 3 and Form 4 that were filed late by LPD Investments, Ltd, a beneficial ownersowner of more than ten percent10% of our common stock over which Mr. Dalrymple has voting and who failed to file, on a timely basis, reports required by Section 16(a) of the Securities Exchange Act of 1934, as follows:

John Bergeron, our Chief Financial Officer and Director, failed to timely file a Form 4 in connection with our issuance to him of stock options on June 6, 2011.  He ultimately filed this report, however, on June 20, 2011.

Jerry Bratton, our Director, failed to timely file a Form 4 in connection with our issuance to him of stock options on June 6, 2011.  He ultimately filed this report, however, on June 20, 2011.

William Donovan, M.D., our Chief Executive Officer and Director, failed to timely file a Form 4 in connection with our issuance to him of stock options on June 6, 2011.  He ultimately filed this report, however, on June 17, 2011.

Franklin Rose, M.D., our Director, failed to timely file a Form 4 in connection with our issuance to him of stock options on June 6, 2011. He ultimately filed this report, however, on June 20, 2011.

John Talamas, our Director and former Chief Operating Officer, failed to timely file a Form 4 in connection with our issuance to him of stock options on June 6, 2011. He ultimately filed this report, however, on June 20, 2011.

investment authority.

Related Person Transactions


We have an agreement with Northshore Orthopedics, Assoc. ("NSO"), which is 100% owned by our Chief Executive Officer, William Donovan, M.D., to provide medical services as our independent contractor. Under the agreement, we incurred $635,700 worth of debt during the year ended December 31, 2011, against which we paid NSO $211,000 during the year. As of December 31, 20112013 and 2010,2012, we had balances payable to NSO of $1,020,200$0 and $740,500,$10,406, respectively. This outstanding payable is non-interest bearing, due on demand and does not follow any specific repayment schedule. We do not directly pay Dr. Donovan (in his individual capacity as a physician) any fees in connection with NSO. However, Dr. Donovan is the sole owner of NSO, and we pay NSO under the terms of our agreement. During the year ended December 31, 2010, we issued 285,714 shares of common stock to Dr. Donovan for the conversion of $200,000 of outstanding debt owed by us to NSO. There were no shares issued for conversion of outstanding debt during the twelve months ended December 31, 2011. In February 2012, however, NSO agreed to convert into common stock $1,020,200 of outstanding debt at the price of $1.83 per share, which was the closing market price on Friday, February 17, 2012. This resulted in us issuing to NSO 557,486 restricted shares of common stock on February 28, 2012.


Additionally, as shown in Note 56 of the accompanying financial statements, in our Form 10-K for the year endedat December 31, 2011, at both December 31, 20112014 and 2010,2013, we had a balancebalances of $310,699$0 and $135,699, respectively, due to Dr. Donovan, in his individual capacity, for working capital advances and payments made on behalf of us. This outstanding payable is non-interest bearing, due on demand and does not follow any specific repayment schedule.

We


On August 29, 2012, we issued Peter Dalrymple a $1,000,000 three-year secured promissory note bearing interest at 12% per year, with thirty-five monthly payments of interest commencing on September 29, 2013, and continuing thereafter on the 29th day of each successive month throughout the term of the promissory note.  Under the terms of the secured promissory note, the holder received a detachable warrant to purchase 333,333 shares of our common stock at the price of $1.60 per share that expires on August 29, 2015.  This promissory note is secured by $3,000,000 in gross accounts receivable.  On the maturity date, one balloon payment of the entire outstanding principal amount plus any accrued and unpaid interest is due.

On August 20, 2014, we entered into a Financing Agreement with Mr. Dalrymple whereby he agreed to assist us in obtaining financing in the form of a $2,000,000 revolving line of credit (see line of credit below) from a commercial lender and personally guaranty the line of credit. Under the terms of the Financing Agreement, upon finalization of the line of credit with Wells Fargo Bank on September 8, 2014, we (i) extended the term of the $1,000,000 promissory note by one year to mature on August 29, 2016, (ii) reduced the interest rate on the promissory note to 6%, (iii) extended the expiration date on the warrants issued in connection with a major stockholder (a beneficial ownerthe promissory note by one year to an expiration date of over 5%August 29, 2016 and (iv) used $500,000 of our common stock) on June 30, 2011. The note matures on June 30, 2013 and accrues interest atadvances under the rateline of 6% per annum. Allcredit as payment of principal and accrued but unpaid interest is payable in one paymenton the promissory note.

Additionally, as consideration for agreeing to extend the promissory note and reduce the interest rate, we issued to Mr. Dalrymple 200,000 unvested and restricted shares of common stock, which stock vested upon maturityfinalization of the line of credit with Wells Fargo Bank on June 30, 2013. At December 31, 2011, the related party receivable was $163,703. There was no note receivable at December 31, 2010.

We have had anSeptember 8, 2014.

10


On September 3, 2014, we entered into a $2,000,000 revolving line of credit agreement with Wellness WoRx Center, PLLC ("WWC"), whichWells Fargo Bank that is 100% ownedpersonally guaranteed by our Senior VPMr. Dalrymple. Under the terms of Salesthe financing agreement previously discussed, we granted 800,000 unvested and Marketing/Chief Technology Officer, Eric Groteke, D.C.,restricted shares of common stock to provide medical servicesMr. Dalrymple with 100,000 shares vesting upon finalization of the line of credit agreement on September 8, 2014, and the remaining shares vesting, in 100,000 share increments, quarterly so long as our independent contractor at certain Florida centers. We pay WWC varying amounts per month under the agreement, which amounts averaged approximately $85,000 per month based on the year ended December 31, 2011.

revolving credit remains in effect.


Security Ownership of Certain Beneficial Owners and Management


The following table sets forth certain information, at May 18, 2012 with respect toas of September 24, 2015, concerning, except as indicated by the beneficial ownership of shares of common stock byfootnotes below, (i) each person known to us whowhom we know beneficially owns beneficially more than 5% of the outstanding shares ofour common stock, (based upon reports which have been filed and other information known to us), (ii) each of our Directorsdirectors, (iii) each of our Director nominees,named executive officers, (iv) all of our directors and executive officers as a group, and (v) each of our executive officersnominees for election to the Board of Directors.  We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and (v) all of our executive officers and Directors as a group.  Unless otherwise indicated, each stockholder hasentities named in the table below have sole voting and investment power with respect to the shares shown.  As of May 18, 2012, there were 17,815,882all shares of common stock outstanding.

Name and Address of Beneficial Owner Number of Common Shares
Beneficially Owned
  Percent of Class 
William F. Donovan, M.D. (1)  3,774,427(2)  21.01%
John A. Talamas (1)  600,000(3)  3.35%
Franklin A. Rose, M.D. (1)  175,000   0.98%
John Bergeron (1)  175,000(4)  0.98%
Jerry Bratton (1)  1,581,100(5)  8.86%
Eric K. Groteke, D.C. (1)  85,000   0.48%
All Directors and executive officers as a group (6 persons)  6,390,527   35.32%
William A. Lawrence (6)  -   0%
Rene Hamouth (7)  3,000,000   16.84%

that they beneficially own, subject to applicable community property laws. Applicable percentage ownership is based on 19,755,882 shares of common stock outstanding at September 24, 2015. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person, we deemed outstanding shares of common stock subject to stock options or warrants held by that person that are currently exercisable or exercisable within 60 days of September 24, 2015. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person. Unless otherwise noted, stock options and warrants referenced in the footnotes below are currently fully vested and exercisable.

Name and Address of Beneficial Owner 
Number of Common Shares
Beneficially Owned
  Percent of Class 
William F. Donovan, M.D. (1)
  
4,357,427
(2) 
  
21.46%
 
Franklin A. Rose, M.D. (1)
  
200,000
(3) 
  
1.01%
 
John Bergeron (1)
  
385,000
(4) 
  
1.93%
 
Jerry Bratton (1)
  
1,581,100
(5)
  
7.99%
 
Peter L. Dalrymple (1)
  
3,020,609
(6)
  
15.04%
 
All Directors and named executive officers as a group (5 persons)
  
9,344,136
   
45.16%
 
Jeffrey A. Cronk, D.C. (7)
  
-
   
0%
 
 (1) The named individual is one of our executive officers or Directors.  Our businessdirectors.  His address is c/o Spine Injury Solutions, Inc., 5225 Katy Freeway, Suite 600, Houston, Texas 77007.


 (2) Includes 557,486 shares of common stock held indirectly through NorthShore Orthopedics, Assoc. (of which Dr. Donovan is the sole shareholder and has voting and investment control)authority) and 3,066,9413,249,941 shares held directly by Dr. Donovan.  Also includes 100,000550,000 shares of common stock issuable upon exercise of options that are fully vested and exercisable and 50,000 shares of common stock issuable upon exercise of options that become exercisable on June 6, 2012.exercisable.

 (3) Includes 525,000175,000 shares of common stock held by Mr. Talamas and 50,000 shares of common stock issuable upon exercise of options that are fully vested and exercisable and 25,000 shares of common stock issuable upon exercise of options that become exercisable on June 6, 2012.

(4) Includes 150,000 shares of common stock held by Mr. Bergeron and 25,000 shares of common stock issuable upon exercise of options that are fully vested and exercisable.


(4) Includes 160,000 shares of common stock and 225,000 shares of common stock issuable upon exercise of options that are fully vested and exercisable.

 (5) Includes 1,556,100 shares of common stock held by Mr. Bratton, of which Mr. Bratton has sole voting powerand investment authority of 320,000 shares and shared voting powerand investment authority with his spouse of 1,236,100 shares.  Also includes 25,000 shares of common stock issuable upon exercise of options held by Mr. Bratton that are fully vested and exercisable.


 (6) Includes (a) securities held individually by Peter L. Dalrymple, including (i) 700,000 shares of common stock, and (ii) warrants that are exercisable into 333,333 shares of common stock; and (b) 1,987,276 shares of common stock held by LPD Investments Ltd. (“LPD”).  Mr. LawrenceDalrymple is General Partner of LPD and has voting and investment authority over shares held by it. He is also a Director nomineeLimited Partner of LPD with the other Limited Partners being his wife and three trusts, of which he is trustee and his address is 6 Rillwood Place, The Woodlands, Texas 77382.children are beneficiaries.


 (7) Mr. Hamouth’sThe named individual is a nominee for election to our Board of Directors (and is not presently an executive officer or director).  His address is 202-1280 Richards Street, Vancouver, BC, Canada, V6B 2G2.c/o Spine Injury Solutions, Inc., 5225 Katy Freeway, Suite 600, Houston, Texas 77007.


11


Securities Authorized for Issuance under Equity Compensation Plans

The following table summarizes our equity compensation plan information as of December 31, 2011:

Plan Category

 (a)
Common Shares to be
Issued Upon Exercise of
Outstanding Options,
Warrants and Rights
  (b)
Weighted-average
Exercise Price of
Outstanding Options,
Warrants and
Rights ($)
  (c)
Common Shares Available
for Future Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected in
Column (a))
 
Equity compensation plans approved by our stockholders  --   --   -- 
Equity compensation plans not approved by our stockholders  875,000(1)   0.77   -- 
Total  875,000   0.77   -- 
2014:
 
 
Plan Category
  
(a)
Common Shares to be
Issued Upon Exercise of
Outstanding Options,
Warrants and Rights
  
(b)
Weighted-average
Exercise Price of
Outstanding Options,
Warrants and
Rights  ($)
   
(c)
Common Shares Available
for Future Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected in
Column (a))
 
Equity compensation plans approved by our stockholders
  
 
--
   
--
  
  
 
--
 
Equity compensation plans not approved by our stockholders (1)
  
 
550,000
   
 0.77
  
  
  
  
   150,000   1.15     
   550,000   0.54   -- 
Total
  
 
1,250,000
  
  
0.72
  
  
 
--
  

(1)

Consists of common shares to be issued upon exercise of outstanding stock options as follows:

In June 2011, we granted three of our DirectorsCEO stock options to purchase a total of 75,000 shares of common stock at an exercise price of $0.77 per share. The three-year options vested and became exercisable immediately. A total of 50,000 of these options remain unexercised.
  • In June 2011 we granted our CEO and COO stock options to purchase a total of 900,000600,000 shares of common stock at an exercise price of $0.77 per share. The options vest and become exercisable in twelve quarterly periods for the first three years of the five-year life of the options. A total of 825,000550,000 of these options remain unexercised.
  • outstanding and unexercised
      In June 2012, we granted five of our Directors stock options to purchase a total of 150,000 shares of common stock at an exercise price of $1.15 per share. The three-year options vested and became exercisable immediately.
      In November 2012, we granted three of our employees stock options to purchase 600,000 shares of common stock at an exercise price of $.54 per share. The five year options vest every six months at 50,000 options per period. One employee left the company and lost his 50,000 of his options which did not vest.

    PROPOSAL 2 – RATIFICATION OF APPOINTMENTSELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    The Board of Directors has selected Ham, Langston & Brezina, LLP as our independent registered public accounting firm for the current fiscal year.  Ham, Langston & Brezina, LLP has served as our independent registered public accounting firm continuously since September 2010.  The Board of Directors wishes to obtain from the stockholders a ratification of the Board’s action in appointingselecting Ham, Langston & Brezina, LLP for the fiscal year ending December 31, 2012.2015.  Such ratification requires the affirmative vote of a majority of the shares of common stock present or represented by proxy and entitled to vote at the Annual Meeting.  We do not anticipate a representative from Ham, Langston & Brezina, LLP to be present at the meeting.


    Although not required by law or otherwise, the selection is being submitted to the stockholders for their approval as a matter of good corporate practice.  In the event the appointmentselection of Ham, Langston & Brezina, LLP as our independent registered public accounting firm is not ratified by the stockholders, the adverse vote will be considered as a direction to the Board of Directors to reconsider whether or not to retain that firm as independent registered public accounting firm for the fiscal year ending December 31, 2012.2015.  Even if the selection is ratified, the Board of Directors in its discretion may direct the appointmentselection of a different independent accounting firm at any time during or after the year if it determines that such a change would be in the best interests of us and our stockholders.

    OUR BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” RATIFICATION OF THE APPOINTMENTSELECTION OFHAM, LANGSTON & BREZINA, LLPASLLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2012.2015.

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    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

    On September 13, 2010, we dismissed Jewett, Schwartz, Wolfe & Associates (“JSW”) as our independent registered public accounting firm. Our Audit Committee recommended the dismissal to the Board of Directors, and the Board of Directors approved such dismissal. JSW’s reports on our financial statements for the years ended December 31, 2009 and 2008 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to audit scope or accounting principles. However, JSW did include an explanatory paragraph in its audit report relative to going concern uncertainty for the years ending December 31, 2009 and 2008, respectively. During the years ended December 31, 2009 and 2008 and through September 13, 2010, there were no disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to JSW’s satisfaction would have caused JSW to make reference thereto in connection with JSW’s reports on our financial statements for such fiscal years. During the years ended December 31, 2009 and 2008 and through September 13, 2010, we had no reportable events as set forth in paragraph (a)(1)(v) of Item 304 of Regulation S-K.

    On September 13, 2010, we engaged Ham, Langston & Brezina, LLP (“HLB”) as our new independent registered public accounting firm. Prior to September 13, 2010, we (or someone on our behalf) did not consult with HLB regarding (1) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on our financial statements, and either a written report was provided to us or oral advice was provided that the new accountant concluded was an important factor considered by us in reaching a decision as to the accounting, auditing or financial reporting issue; or (2) any matter that was either the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K and the related instructions to Item 304) or a reportable event (as described in paragraph (a)(1)(v) of Item 304 of Regulation S-K).

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    Disclosure about Fees

    The following table sets forth the fees paid or accrued by us for the audit and other services provided or to be provided by our principal independent accountants during the years ended December 31, 20112014 and 2010. 

           
      2011 2010
    Audit Fees(1) $73,559 $68,000
    Audit Related Fees(2)  -  -
    Tax Fees(3)  -  -
    All Other Fees  -  -
           
    Total Fees $73,559 $68,000
    2013.  
     
      2014  2013 
    Audit Fees(1)
     
    $
    56,210
      
    $
    62,317
     
    Audit Related Fees(2)
      
    -
       
    -
     
    Tax Fees(3)
      
    -
       
    -
     
    All Other Fees
      
    -
       
    -
     
    Total Fees
     
    $
    56,210
      
    $
    62,317
     

    (1)Audit Fees: This category represents the aggregate fees billed for professional services rendered by the principal independent accountant for the audit of our annual financial statements and review of financial statements included in our Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal years.


    (2)Audit Related Fees: This category consists of the aggregate fees billed for assurance and related services by the principal independent accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees.”


    (3)Tax Fees: This category consists of the aggregate fees billed for professional services rendered by the principal independent accountant for tax compliance, tax advice, and tax planning.


    Pre-Approval of Audit and Non-Audit Services


    All above audit services, audit-related services and tax services, for the fiscal yearyears ended 2011December 31, 2014 and 20102013, were pre-approved by our Audit Committee, which concluded that the provision of such services was compatible with the maintenance of that firm’s independence in the conduct of its auditing functions. The Audit Committee’s outside auditor independence policy provides for pre-approval of all services performed by the outside auditors.


    INTERESTS OF CERTAIN PERSONS IN OR OPPOSITION TO
    MATTERS TO BE ACTED UPON


    None of the persons who have served as our executive officers or directors since the beginning of our last fiscal year, or any associates of such persons, have any substantial interest, direct or indirect, in any of the proposals set forth herein, other than elections to office.

    OTHER MATTERS WHICH MAY BE PRESENTED FOR ACTION AT THE MEETING

    The Board of Directors does not intend to present for action at this Annual Meeting any matter other than those specifically set forth in the Notice of Annual Meeting. If any other matter is properly presented for action at the Annual Meeting, it is the intention of persons named in the proxy to vote thereon in accordance with their judgment pursuant to the discretionary authority conferred by the proxy.


    PROPOSALS FOR 20132016 ANNUAL MEETING

    Under SEC regulations, any stockholder desiring to make a proposal pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, to be acted upon at the 2013 annual meeting2016 Annual Meeting of stockholdersStockholders must present the proposal to us at our principal executive offices at 5225 Katy Freeway, Suite 600, Houston, Texas, 77007, Attn: William Donovan, M.D, by February 1, 2013June 11, 2016 for the proposal to be eligible for inclusion in our proxy statement.  Notice of a stockholder proposal submitted outside the processes of Rule 14a-8 for the 2013 annual meeting2016 Annual Meeting of stockholdersStockholders will be considered untimely unless received by us no later than 45 days before the date on which we first sent our proxy materials for this year'syear’s Annual Meeting.

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    MISCELLANEOUS


    We file annual, quarterly and current reports, proxy statements, and registration statements with the SEC.  These filings are available to the public over the Internet at the SEC’s website athttp://www.sec.gov. You may also read and copy any document we file with the SEC without charge at the public reference facility maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549.  You may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549.  Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.

     By Order of the Board of Directors,
     graphic
     William F. Donovan, M.D.
     Dated: June 1, 2012October 9, 2015 President, Chief Executive Officer and Director



    14


    PROXY

    SPINE INJURY SOLUTIONS, INC.
    (FORMERLY SPINE PAIN MANAGEMENT, INC.

    )


    THIS PROXY IS SOLICITED ON BEHALF OF THE

    BOARD OF DIRECTORS FOR THE

    ANNUAL MEETING OF STOCKHOLDERS

    TO BE HELD ON JUNE 28, 2012

    NOVEMBER 10, 2015


    The undersigned hereby appoints William F. Donovan, M.D. and John Bergeron, and each of them as the true and lawful attorney, agent and proxy of the undersigned, with full power of substitution, to represent and to vote all shares of common stock of Spine Injury Solutions, Inc. (formerly Spine Pain Management, Inc.) (the “Company”) held of record by the undersigned on May 18, 2012,September 24, 2015, at the Annual Meeting of Stockholders to be held on June 28, 2012,November 10, 2015, at 4:2:00 PM (CST)p.m. (Central Time) at 5225 Katy Freeway, Suite 600, Houston, Texas 77007, and at any adjournments thereof.  Any and all other proxies heretofore given are hereby revoked.


    WHEN PROPERLY EXECUTED, THIS PROXY WILL BE VOTED AS DESIGNATED BY THE UNDERSIGNED.  IF NO CHOICE IS SPECIFIED, THE PROXY WILL BE VOTEDFOR THE NOMINEES LISTED IN NUMBER 1,FOR THE RATIFICATION IN NUMBER 2, ANDFOR THE APPROVAL IN NUMBER 3.


    1.           ELECTION OF DIRECTORS OF THE COMPANY.  (INSTRUCTION:  TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH, OR OTHERWISE STRIKE, THAT NOMINEE'S NAME IN THE LIST BELOW.)

    ¨ 
    oFOR all nominees listed
     ¨WITHHOLD authority to
    below except as marked
    to the contrary.  
    o       WITHHOLD authority to
    vote for all nominees
    to the contrary.
    below.

    William F. Donovan, M.D.

    John A. Talamas

    John Bergeron

    Jerry Bratton

    Franklin

    Peter L. Dalrymple
    Jeffrey A. Rose, M.D.

    William A. Lawrence

    Cronk, D.C.


    2.           PROPOSAL TO RATIFY THE SELECTION OFHam, Langston HAM, LANGSTON & Brezina,BREZINA, LLP AS THE COMPANY'Sindependent registered public accounting firm INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2012.

    2015.


    ¨o   FOR¨o   AGAINST¨o   ABSTAIN


    3.           IN HIS DISCRETION, THE PROXY IS AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING.


    ¨o   FOR¨o   AGAINST¨o   ABSTAIN


    Please sign exactly as name appears below.  When shares are held by joint tenants, both should sign.  When signing as attorney, as executor, administrator, trustee or guardian, please give full title as such.  If a partnership, please sign in partnership name by authorized person.  If a corporation or other business entity, please sign in full corporate name by President or other authorized officer.


    NUMBER OF                                                                SIGNATURE:___________________________________________
    SHARES OWNED                                                       PRINTED NAME:________________________________________
    _______________                                                     DATE: ________________________________________________
    NUMBER OFSIGNATURE:_____________________
    SHARES OWNEDPRINTED NAME:__________________
    ______________________DATE:___________________________  


    THIS PROXY MAY BE REVOKED AT ANY TIME BEFORE IT IS VOTED AT THE MEETING. PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY.


     
    Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders to be held June 28, 2012.November 10, 2015.
     

    The Proxy Statement, form of proxy card and Annual Report are available at:

    www.spinepaininc.com/investor-information.

    www.spinepaininc.com
     

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    15