Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Mar. 25, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | TransBiotec, Inc. | |
Entity Central Index Key | 1,425,627 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 67,751,068 | |
Entity Public Float | $ 876,428 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $ 7,851 | $ 623 |
Total current assets | $ 7,851 | 623 |
Fixed assets - net | 454 | |
Total Assets | $ 7,851 | 1,077 |
Current liabilities | ||
Accounts payable | 622,129 | 484,260 |
Accrued interest payable | 182,678 | 407,684 |
Notes payable - current - related parties | 489,095 | 697,225 |
Notes payable - current, net | $ 157,324 | 871,694 |
Notes payable - derivitive liability payable | 25,456 | |
Stock subscription payable | $ 55,882 | 28,067 |
Related party payables | 412,656 | 296,265 |
Other payables | 242,612 | 241,922 |
Total current liabilities | $ 2,162,376 | 3,052,573 |
Long-Term Liabilities | ||
Notes payable - related parties | 43,298 | |
Total Liabilities | $ 2,162,376 | $ 3,095,871 |
Stockholders' Deficit | ||
Preferred stock, $.00001 par value; 25,000,000 shares authorized; No shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | ||
Series A Convertible Preferred stock, $.00001 par value; 3,000,000 shares authorized; No shares issued and outstandingas of December 31, 2015 and December 31, 2014, respectively | ||
Common stock, $.00001 par value; 100,000,000 shares authorized; 60,251,068 and 58,416,660 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | $ 602 | $ 585 |
Additional paid in capital | 14,353,628 | 12,716,630 |
Accumulated deficit | (16,468,956) | (15,777,222) |
Total Transbiotec, Inc. stockholders' deficit | (2,114,726) | (3,060,007) |
Noncontrolling interest | (39,799) | (34,787) |
Total Stockholders' Deficit | (2,154,525) | (3,094,794) |
Total Liabilities and Stockholders' Deficit | $ 7,851 | $ 1,077 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders' Equity | ||
Preferred stock par value | $ .00001 | $ .00001 |
Preferred stock shares authorized | 25,000,000 | 25,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series A Convertible Preferred stock par value | $ .00001 | $ .00001 |
Series A Convertible Preferred stock shares authorized | 3,000,000 | 3,000,000 |
Series A Convertible Preferred stock shares issued | 0 | 0 |
Series A Convertible Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $ .00001 | $ .00001 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock shares issued | 60,251,068 | 58,416,660 |
Common stock shares outstanding | 60,251,068 | 58,416,660 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Operations | ||
Revenues | ||
Operating expenses: | ||
Amortization & depreciation | $ 454 | $ 776 |
General and administrative | 446,983 | 505,552 |
Total operating expenses | 447,437 | 506,328 |
Loss from operations | (447,437) | (506,328) |
Other income (expense): | ||
Gain/(Loss) on fair value adjustment - derivatives | 25,456 | $ (21,559) |
Gain on debt reversal | 485 | |
Interest expense | (251,500) | $ (188,046) |
Interest expense - beneficial conversion feature | (23,750) | (32,996) |
Total other income (expense) | (249,309) | (242,601) |
Loss before provision for income taxes | $ (696,746) | $ (748,929) |
Provision for income tax | ||
Net loss | $ (696,746) | $ (748,929) |
Less: Net loss attributable to noncontrolling interest | 5,012 | 4,367 |
Net loss attributable to TranBioTec, Inc. | $ (691,734) | $ (744,562) |
Net loss per share | ||
(Basic and fully diluted) | $ (0.01) | $ (0.02) |
Weighted average number of common shares outstanding | 59,261,114 | 39,215,919 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Common Stock [Member] | Additional Paid-In Capital | Accumulated Deficit | Stockholders' Equity - TransBiotec Inc. | Noncontrolling Interest | Total |
Beginning Balance, Shares at Dec. 31, 2013 | 34,146,712 | |||||
Biginning Balance, Amount at Dec. 31, 2013 | $ 342 | $ 12,415,639 | $ (15,032,660) | $ (2,616,679) | $ (30,420) | $ (2,647,099) |
Stock issued for services, Shares | 154,520 | |||||
Stock issued for services, Amount | $ 2 | 3,057 | 3,059 | 3,059 | ||
Stock conversion of note payable , Shares | 24,115,428 | |||||
Stock conversion of note payable, Amount | $ 241 | 66,878 | 67,119 | 67,119 | ||
Paid in capital - beneficial conversion feature | 15,000 | 15,000 | 15,000 | |||
Paid in capital - stock option expense | 69,886 | 69,886 | 69,886 | |||
Paid in capital - Equity obligation settlement at fair value | 146,170 | 146,170 | 146,170 | |||
Share exchange - noncontrolling interest | $ (4,367) | (4,367) | ||||
Net Loss | $ (744,562) | (744,562) | (744,562) | |||
Ending Balance, Shares at Dec. 31, 2014 | 58,416,660 | |||||
Ending Balance, Amount at Dec. 31, 2014 | $ 585 | 12,716,630 | $ (15,777,222) | (3,060,007) | $ (34,787) | (3,094,794) |
Stock issued for cash, Shares | 834,408 | |||||
Stock issued for cash, Amount | $ 7 | 1,495 | 1,502 | 1,502 | ||
Stock conversion of note payable , Shares | 1,000,000 | |||||
Stock conversion of note payable, Amount | $ 10 | 3,890 | 3,900 | 3,900 | ||
Paid in capital - beneficial conversion feature | 25,000 | 25,000 | 25,000 | |||
Paid in capital - stock option expense | 26,229 | 26,229 | 26,229 | |||
Paid in capital - Gain on related party debt conversion | 1,472,384 | 1,472,384 | 1,472,384 | |||
Paid in capital - Gain on related party share issuances | 12,500 | 12,500 | 12,500 | |||
Share exchange - noncontrolling interest | $ (5,012) | (5,012) | ||||
Paid in capital - Gain on related party forgiveness of debt | 108,000 | 108,000 | 108,000 | |||
Net Loss | $ (691,734) | (691,734) | (691,734) | |||
Ending Balance, Shares at Dec. 31, 2015 | 60,251,068 | |||||
Ending Balance, Amount at Dec. 31, 2015 | $ 602 | $ 14,353,628 | $ (16,468,956) | $ (2,114,726) | $ (39,799) | $ (2,154,525) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | ||
Net loss | $ (691,734) | $ (744,562) |
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||
Amortization & depreciation | 454 | 776 |
Change in fair value of derivative liabilities | (25,456) | 21,559 |
Note payable beneficial conversion expense | 23,750 | $ 32,996 |
Stock Options Expense | $ 26,229 | |
Stock based compensation | $ 69,888 | |
Changes in assets and liabilities: | ||
Accounts payable | $ 221,768 | 64,730 |
Stock subscription payable | 27,815 | |
Accrued interest payable | (136,726) | 138,734 |
Related party payable | 116,391 | 105,500 |
Notes payable | 321,172 | |
Other payable | (4,322) | (530) |
Net cash used for operating activities | $ (120,749) | $ (310,909) |
Investing Activities: | ||
Net cash used for investing activities | ||
Financing Activities: | ||
Proceeds from share issuances | $ 1,502 | |
Net proceeds from notes payable | 154,315 | $ 347,266 |
Net payments from notes payable | (27,840) | (35,734) |
Net cash provided by financing activities | 127,977 | 311,532 |
Net Change In Cash | 7,228 | $ 623 |
Cash At The Beginning Of The Period | 623 | |
Cash At The End Of The Period | 7,851 | $ 623 |
Schedule Of Non-Cash Investing And Financing Activities | ||
Debt converted to capital | 1,472,384 | $ 96,470 |
Issuances of shares to settle accrued interest | 3,900 | |
Gain on forgiveness of debt - related party | 108,000 | |
Supplemental Disclosure | ||
Cash paid for interest | $ 13,825 | $ 9,000 |
Cash paid for income taxes |
NOTE 1. ORGANIZATION, OPERATION
NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | TransBiotec, Inc. ("TransBiotec DE"), formerly Imagine Media LTD., was incorporated August, 2007 in the State of Delaware. A corporation also named TransBiotec, Inc. ("TransBiotec CA") was formed in the state of California July 4, 2004. Effective September 19, 2011 TransBiotec - DE was acquired by TransBiotec - CA in a transaction classified as a reverse acquisition as the shareholders of TransBiotec - CA retained the majority of the outstanding common stock of TransBiotec - DE after the share exchange. The financial statements represent the activity of TransBiotec - CA from July 4, 2004 forward, and the consolidated activity of TransBiotec - DE and TransBiotec - CA from September 19, 2011 forward. TransBiotec - DE and TransBiotec - CA are hereinafter referred to collectively as the "Company". The Company has developed and plans to market and sell a non-invasive alcohol sensing system which includes an ignition interlock. The Company has not generated any revenues from its operations. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") as promulgated in the United States of America. Principles of consolidation The accompanying consolidated financial statements include the amounts of the Company and its majority owned subsidiary, Transbiotec-CA. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Specifically, such estimates were made by the Company for the valuation of derivative liability, stock compensation and beneficial conversion feature expenses. Actual results could differ from those estimates. Cash The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. The Company does not have any cash equivalents as of December 31, 2015 and December 31, 2014. Property and equipment Property and equipment are recorded at cost and depreciated under straight line methods over each item's estimated useful life. Income tax The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Net loss per share The net loss per share is computed by dividing the net loss by the weighted average number of shares of common outstanding. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. The Company has 30,038,041 stock options that can be converted to common stock if exercised. Financial Instruments SC Topic 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying value of cash, accounts payable, accrued expenses, notes payable, related party payables, and other payable approximates their fair values due to their short-term maturities. Long-Lived Assets In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value. Beneficial Conversion Features From time to time, the Company may issue convertible notes that may contain an embedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. Derivative Instruments The fair value of derivative instruments is recorded and shown separately under current liabilities. Changes in fair value are recorded in the consolidated statement of income under other income (expenses). The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instruments is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, the Company uses a weighted average Black-Sholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. Stock based compensation The Company has share-based compensation plans under which employees, consultants, suppliers and directors may be granted restricted stock, as well as options and warrants to purchase shares of Company common stock at the fair market value at the time of the grant. Stock-based compensation cost to employees is measured by the Company at the grant date, based on the fair value of the award, over the requisite service period under ASC718. For options issued to employees, the Company recognizes stock compensation costs utilizing the fair value methodology over the related period of benefit. Grants of stock to non-employees and other parties are accounted for in accordance with the ASC 505. Recent accounting pronouncement In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders' equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915. In August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 "Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). In connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management's evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity's ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. When management identifies conditions or events that raise substantial doubt about an entity's ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. The mitigating effect of management's plans should be considered only to the extent that (1) it is probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. If conditions or events raise substantial doubt about an entity's ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management's plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): a. Principal conditions or events that raised substantial doubt about the entity's ability to continue as a going concern (before consideration of management's plans). b. Management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations. c. Management's plans that alleviated substantial doubt about the entity's ability to continue as a going concern. If conditions or events raise substantial doubt about an entity's ability to continue as a going concern, but the substantial doubt is not alleviated after consideration of management's plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information that enables users of the financial statements to understand all of the following: a. Principal conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. b. Management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations. c. Management's plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for the annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of the adoptions of ASU 2014-15 on its consolidated financial statements. Minority interest (Noncontrolling interest) A subsidiary of the Company has minority members, representing ownership interests of 1.38% at December 31, 2015 and December 31, 2014. The Company accounts for these minority, or noncontrolling interests pursuant to ASC 810-10-65 whereby gains and losses in a subsidiary with a noncontrolling interest are allocated to the noncontrolling interest based on the ownership percentage of the noncontrolling interest, even if that allocation results in a deficit noncontrolling interest balance. |
NOTE 2. RELATED PARTY TRANSACTI
NOTE 2. RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 2. RELATED PARTY TRANSACTIONS | As of December 31, 2015 and December 31, 2014, the Company had payables due to officers, for accrued compensation and services of $412,656 and $296,265 respectively. The Company amended a note payable agreement with Lanphere Law Group, the company's largest shareholder, which forgave $108,000 of the principal balance. The original principal balance on the note was $214,334.50 and the new principal balance on the note after the debt forgiveness is $106,334.50. The Company entered into a lease agreement with Lanphere Law Group, whereas the Company is the tenant and is paying monthly rent of $4,100. |
NOTE 3. PROPERTY & EQUIPMENT
NOTE 3. PROPERTY & EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 3. PROPERTY & EQUIPMENT | Property and equipment values recorded at cost are as follows: Dec. 31, 2015 Dec. 31, 2014 Office and Lab Equipment $ 32,127 $ 32,127 Furniture and fixtures 11,556 11,556 43,683 43,683 Less accumulated depreciation (43,683 ) (43,229 ) Property & Equipment, Net $ - $ 454 Depreciation expense for the years ended December 31, 2015 and 2014 was $454 and $776, respectively. |
NOTE 4. NOTES PAYABLE
NOTE 4. NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 4. NOTES PAYABLE | December 31, 2015 December 31, 2014 Note payable to related party, unsecured, due 8/3/2012, interest rate 0%. Currently in default. $ 1,950 $ 1,950 Notes payable to related party, unsecured, due 12/31/2012, interest rate 0%. Currently in default. $ 11,810 $ 11,810 Note payable to related party, unsecured, $731,763, 5-years at 0% simple interest, due 7/1/2016, payment amounts vary each month, various late penalties. $ 180,001 $ 726,763 Note payable to non-related party, unsecured, due 2/8/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 10,000 $ 10,000 Note payable to non-related party, unsecured, due 2/8/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 25,000 $ 25,000 Note payable to non-related party, unsecured, due 2/17/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 25,000 $ 25,000 Note payable to non-related party, unsecured, due 2/18/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 10,000 $ 10,000 Note payable to non-related party, unsecured, due 2/18/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 750 $ 750 Note payable to non-related party, unsecured, due 2/18/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 6,875 $ 6,875 Note payable to non-related party, unsecured, due 2/15/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 2,500 $ 2,500 Note payable to non-related party, unsecured, due 2/20/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 3,750 $ 3,750 Note payable to non-related party, unsecured, due 2/21/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE. share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 2,625 $ 2,625 Note payable to non-related party, unsecured, due 3/20/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 5,433 $ 5,433 Note payable to non-related party, unsecured, due 3/22/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 3,203 $ 3,203 Note payable to non-related party, unsecured, due 4/19/13, annual interest due, convertible at holder's option at 51% of market as defined, interest rate 8%, conversion limited to total beneficial ownership of 4.99%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue and/or the continued conversion of the company's stock. $ - $ 6,605 Note payable to non-related party, unsecured, due 08/29/2013, simple interest 8% convertible at holder's option at $.249 per TBT-CA share. $ 15,000 $ 15,000 Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Note payable to related party, unsecured, due 03/01/2013, simple interest 9%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 5,000 $ 5,000 Note payable to non-related party, unsecured, due 12/13/2013, simple interest 7%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,342 Note payable to non-related party, unsecured, due 01/31/2013, simple interest 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 3,938 $ 3,938 Note payable to non-related party, unsecured, due 01/07/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 15,000 Note payable to non-related party, unsecured, due 01/15/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,000 Note payable to non-related party, unsecured, due 01/20/2014, simple interest 7%, default interest 10%, $ - $ 65,272 Stock option issued as an additional transaction cost for receipt of funds from note payable. Note payable to related party, unsecured, due 01/23/2014, simple interest 9%. Currently in default. $ 50,000 $ 50,000 Note payable to non-related party, unsecured, due 03/28/2013, $13,000 in interest (1 month). $ - $ 17,000 Note payable to non-related party, unsecured, due 04/28/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 9,440 Note payable to non-related party, unsecured, due 05/05/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 50,060 Note payable to related party, unsecured, due 07/02/2014, simple interest 9%. $ 15,000 $ 15,000 Note payable to non-related party, unsecured, due 09/19/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 10,000 Note payable to non-related party, unsecured, due 07/29/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 1,900 Note payable to non-related party, unsecured, due 07/25/2013, simple interest 18%. Currently in default. $ 2,000 $ 2,000 Note payable to non-related party, unsecured, due 09/19/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 65,000 Note payable to non-related party, unsecured, due 12/27/2013, simple interest 9% quarterly, Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 15,000 $ 15,000 Note payable to non-related party, unsecured, due 09/29/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 20,000 Note payable to non-related party, unsecured, due 10/28/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 2,500 Note payable to non-related party, unsecured, due 10/29/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 10,000 Note payable to non-related party, unsecured, due 11/10/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,000 Note payable to related party, unsecured, due 11/12/2014, simple interest 9%, Convertible at $0.04 per share, currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 11,000 $ 11,000 Note payable to non-related party, unsecured, due 11/20/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 20,000 Note payable to non-related party, unsecured, due 12/02/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,000 Note payable to non-related party, unsecured, due 1/27/2014, simple interest 10%, $ - $ 4,235 Note payable to non-related party, unsecured, due 1/07/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 25,000 Note payable to non-related party, unsecured, due 1/28/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 1,253 Note payable to non-related party, unsecured, due 1/29/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 3,500 Note payable to non-related party, unsecured, due 2/10/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 990 Note payable to non-related party, unsecured, due 2/17/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 4,500 Note payable to non-related party, unsecured, due 2/20/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,000 Note payable to non-related party, unsecured, due 3/10/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 2,500 Note payable to non-related party, unsecured, due 3/31/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 2,500 Note payable to non-related party, unsecured, due 4/03/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,890 Note payable to related party, unsecured, due 4/08/2015, simple interest 7%, Convertible at $0.0072 per share. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 15,000 $ 15,000 Note payable to non-related party, unsecured, due 4/10/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 4,331 Note payable to non-related party, unsecured, due 4/27/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 2,500 Note payable to non-related party, unsecured, due 5/13/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,360 Note payable to non-related party, unsecured, due 5/26/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 895 Note payable to non-related party, unsecured, due 9/11/2014, simple interest 10%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ 5,000 $ 5,000 Note payable to non-related party, unsecured, due 6/10/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 3,207 Note payable to non-related party, unsecured, due 6/17/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 600 Note payable to related party, unsecured, due 8/05/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ 10,000 $ 10,000 Note payable to non-related party, unsecured, due 7/09/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 3,750 Note payable to non-related party, unsecured, due 9/03/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 1,000 Note payable to non-related party, unsecured, due 10/19/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 1,486 Note payable to non-related party, unsecured, due 10/22/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 3,500 Note payable to non-related party, unsecured, due 10/28/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 4,360 Note payable to non-related party, unsecured, due 11/11/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,810 Note payable to non-related party, unsecured, due 11/19/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 15,000 Note payable to related party unsecured, due 12/02/2015, simple interest 7%, default interest 10%. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Currently in default. $ 106,334 $ 214,334 Note payable to non-related party, unsecured, due 3/26/2016, simple interest 8%, convertible at $0.0017 per share. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Currently in default. $ 25,000 $ - Note payable to related party, unsecured, due 4/11/2016, simple interest 10%. $ 13,000 $ - Note payable to related party, unsecured, due 11/11/2015, simple interest 10%. Currently in default. $ 45,000 $ - Note payable to non-related party, unsecured, due 11/11/2015, simple interest 10%. Currently in default. $ 2,500 $ - Note payable to related party, unsecured, due 12/26/2015, simple interest 10%. Currently in default. $ 25,000 $ - $ 652,669 $ 1,617,217 Less note discounts (6,250 ) (5,000 ) Less current - related parties (489,095 ) (697,225 ) Less current non-related parties (157,324 ) (871,694 ) Long-term related parties $ - $ 43.298 Required principal payments from December 31, 2015 forward are as follows: 2016 $ 652,669 2017 $ - 2018 $ - 2019 $ - 2020 $ - $ 652,669 Interest expense under notes payable for the years ended December 31, 2014 and December 31, 2015 was $188,046 and $198,327, respectively. During the years ended December 31, 2014 and December 31, 2015 the Company recognized a beneficial conversion feature expense on borrowing from convertible notes of $32,996 and $23,750, respectively. During the years ended December 31, 2014 and December 31, 2015 the unamortized note discount from the beneficial conversion feature was $5,000 and $6,250, respectively. In 2012 the company borrowed $110,000 under convertible notes with a variable conversion price based on a percentage of market price. Notes converted at December 31, 2014 and December 31, 2015 were $103,395 and $103,395, respectively. The Company determined that these notes have an embedded derivative and are therefore accounted for at fair value. The Company recorded fair market value adjustments for the years ended ended December 31, 2014 and December 31, 2015 of $21,559 and $(25,456), respectively. The fair market value adjustments were based on the Black-Sholes method using the following assumptions: risk free rates ranging between 0.10% - 0.21%, dividend yield of 0%, expected life of 1 year, volatility between 128% - 354%. The fair value derivative liability under the notes as of December 31, 2014 and December 31, 2015 was $25,456 and none, respectively. |
NOTE 5. INCOME TAXES
NOTE 5. INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 5. INCOME TAXES | Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur. At December 31, 2014 and 2015 the Company had net operating loss carry forwards of approximately $6,383,000 and $7,048,000 respectively, that may be offset against future taxable income, if any, ratably through 2035. These carry-forwards are subject to review by the Internal Revenue Service. The deferred tax asset of at each date of $1,277,000 and $1,410,000 created by the net operating losses has been offset by a 100% valuation allowance because the likelihood of realization of the tax benefit cannot be determined. The change in the valuation allowance in 2014 and 2015 was $123,000 and $133,000. The effects of temporary differences that gives rise to significant portions of deferred tax assets at December 31, 2015 and 2014 are as follows: Dec. 31, 2015 Dec. 31, 2014 Deferred tax asset Federal $ 1,057,000 $ 958,000 State 353,000 319,000 Valuation allowance (1,410,000 ) (1,277,000 ) Net deferred tax asset $ - $ - There is no current or deferred tax expense for the years ended December 31, 2015 and 2014. The Company has not filed tax returns however management believes there are no taxes due as of December 31, 2014 and 2015. There was no Federal income tax expense for the years ended December 31, 2015 and 2014 due to the Company's net losses. For the years ended December 31, 2015 and 2014 state income tax expense was zero. The company includes interest and penalties arising from the underpayment of income taxes in the consolidated statements of operations in general and administrative expenses. The tax years that remain subject to examination by major taxing jurisdictions are those for the tax year of 2015, 2014, and 2013. |
NOTE 6. STOCK OPTIONS AND SUBSC
NOTE 6. STOCK OPTIONS AND SUBSCRIPTIONS PAYABLE | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 6. STOCK OPTIONS AND SUBSCRIPTIONS PAYABLE | The Company accounts for employee and non-employee stock options under ASC 718 and ASC 505, whereby option costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Unless otherwise provided for, the Company covers option exercises by issuing new shares. The Company's stock option activity is described below. Non-employee stock options At the beginning of 2012, the Company had 22,500 options outstanding for shares in Transbiotec CA. The fair value of the option grants was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 2.67%, dividend yield of 0%, expected life of five years, volatility of 100%. During the year ended December 31, 2012 no options were exercised or expired, leaving a December 31, 2012 outstanding balance of 22,500 non-employee stock options, exercisable at prices from $0.10 - $0.15 per share with the option terms expiring from January 2012 through January 2015. All of these options are for the stock of TransBiotec - CA. During the year ended December 31, 2014, 20,000 options were exercised, leaving a December 31, 2014 outstanding balance of 2,500 non-employee stock options, exercisable at $0.10 per share with the option terms expiring in January 2015. During the year ended December 31, 2015, no options were exercised as all outstanding options expired in January 2015 leaving no outstanding balance of non-employee stock options in the stock of Transbiotec-CA at December 31, 2015. During 2012 the Company granted 29,678 stock options for shares in Transbiotec - DE. The fair value of the option grants was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 0.8%, dividend yield of 0%, expected life of five years, volatility of 189%. No options were exercised or expired, leaving a December 31, 2012 outstanding balance of 29,678 options for Transbiotec DE. The Company incurred and recorded compensation expense under these stock option grants of $4,042 in 2012. Vested immediately. During 2013 the Company granted 5,321,735 stock options for shares in Transbiotec - DE. The fair value of the option grants was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rates between 7% - 14%, dividend yield of 0%, expected life of five years, volatility between 179% - 186%. No options were exercised or expired, leaving a December 31, 2013 outstanding balance of 5,351,413 options for Transbiotec DE. The Company incurred and recorded compensation expense under these stock option grants of $145,997 in 2013. Vested immediately. During 2014 the Company granted 8,403,633 stock options for shares in Transbiotec - DE. The fair value of the option grants was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rates between 1.55% - 1.77%, dividend yield of 0%, expected life of five years, volatility between 147% - 178%. No options were exercised or expired, leaving a December 31, 2014 outstanding balance of 13,755,046 options for Transbiotec DE. The Company incurred and recorded compensation expense under these stock option grants of $69,886 in 2014. Vested immediately. During the year ended December 31, 2015, the Company granted 16,282,995 stock options for shares in Transbiotec - DE. The fair value of the option grants was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate between 1.37% - 1.68%, dividend yield of 0%, expected life of five years, a volatility range of 172% - 174%. No options were exercised or expired, leaving a December 31, 2015 outstanding balance of 30,038,041 options for Transbiotec DE. The Company incurred and recorded compensation expense under these stock option grants of $27,731 during the year ended December 31, 2015. Vested immediately. A summary of stock option activity for California is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 2,500 $ .10 Granted - - Exercised - - Forfeited 2,500 .10 Outstanding at December 31, 2015 - $ - A summary of stock option activity for Delaware is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 13,755,046 $ .0295 Granted 16,282,995 .0015 Exercised - - Forfeited - - Outstanding at December 31, 2015 30,038,041 $ .0143 Following is a summary of the status of options for Delaware outstanding at December 31, 2015: Exercise Price Number of Shares Remaining Contractual Life Weighted Average Exercise Price Exercised at December 31, $ 0.0900 29,678 2 years 0.0900 - $ 0.1700 83,333 3 years 0.1700 - $ 0.1700 27,778 3 years 0.1700 - $ 0.1700 362,624 3 years 0.1700 - $ 0.1300 80,914 3 years 0.1300 - $ 0.1300 429,086 3 years 0.1300 - $ 0.0600 38,000 3 years 0.0600 - $ 0.0400 250,000 3 years 0.0400 - $ 0.0400 1,625,000 3 years 0.0400 - $ 0.0500 400,000 3 years 0.0500 - $ 0.0400 75,000 3 years 0.0400 - $ 0.0400 300,000 3 years 0.0400 - $ 0.0200 300,000 3 years 0.0200 - $ 0.0200 1,200,000 3 years 0.0200 - $ 0.0400 150,000 3 years 0.0400 - $ 0.0125 1,200,000 4 years 0.0125 $ 0.0150 50,137 4 years 0.0150 - $ 0.0150 140,000 4 years 0.0150 - $ 0.0190 31,256 4 years 0.0190 - $ 0.0161 167,702 4 years 0.0161 - $ 0.0147 204,082 4 years 0.0147 - $ 0.0200 75,000 4 years 0.0200 - $ 0.0198 75,758 4 years 0.0198 - $ 0.0213 165,915 4 years 0.0213 - $ 0.0195 133,262 4 years 0.0195 - $ 0.0188 79,787 4 years 0.0188 - $ 0.0140 229,714 4 years 0.0140 - $ 0.0190 50,000 4 years 0.0190 - $ 0.0127 42,283 4 years 0.0127 - $ 0.0090 213,833 4 years 0.0090 - $ 0.0074 48,649 4 years 0.0074 - $ 0.0060 375,000 4 years 0.0060 - $ 0.0098 612,245 4 years 0.0098 - $ 0.0098 61,224 4 years 0.0098 - $ 0.2500 25,000 4 years 0.2500 - $ 0.0680 450,000 4 years 0.0680 - $ 0.0072 123,828 4 years 0.0072 - $ 0.0056 375,000 4 years 0.0056 - $ 0.0070 250,000 4 years 0.0070 - $ 0.0070 373,714 4 years 0.0070 - $ 0.0041 850,244 4 years 0.0041 - $ 0.0045 2,000,000 4 years 0.0045 - $ 0.0024 150,000 5 years 0.0024 - $ 0.0010 7,625,544 5 years 0.0010 - $ 0.0024 1,770,000 5 years 0.0024 - $ 0.0023 400,782 5 years 0.0023 - $ 0.0012 275,000 5 years 0.0012 - $ 0.0017 1,764,706 5 years 0.0017 - $ 0.0018 2,463,333 5 years 0.0018 - $ 0.0021 285,714 5 years 0.0021 - $ 0.0018 333,333 5 years 0.0018 - $ 0.0018 1,083,333 5 years 0.0018 - $ 0.0018 131,250 5 years 0.0018 - Total 30,038,041 0.0143 Employee stock options The parent company had no outstanding employee stock options. Stock subscriptions received At December 31, 2015, the Company had stock subscriptions received of $55,868 for 6,049,578 common shares to be issued. At December 31, 2015, the Company had stock subscriptions received of $14 for 1,388,575 preferred shares to be issued. |
NOTE 7. GOING CONCERN
NOTE 7. GOING CONCERN | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 7. GOING CONCERN | The Company has suffered recurring losses from operations and has a working capital deficit and stockholders' deficit, and in all likelihood will be required to make significant future expenditures in connection with continuing marketing efforts along with general administrative expenses. As of December 31, 2015, the accumulated deficit is $16,468,956. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or others. By doing so, the Company hopes to generate revenues from sales of its alcohol sensing and ignition lock systems. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. |
NOTE 8. COMMON STOCK
NOTE 8. COMMON STOCK | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 8. COMMON STOCK | On February 10, 2014, the Company converted a note payable of $4,650 into 1,291,667 shares of its common stock, with a purchase price $0.0036 per share. On April 24, 2014, the Company exchanged 20,000 of TBT-CA shares for 154,520 TBT-Publico shares at an exchange rate of $7.7263 per share. On May 13, 2014, the Company converted a note payable of $9,000 into 1,764,706 shares of its common stock, with a purchase price $0.0051 per share. On May 30, 2014, the Company converted a note payable of $265, including $210 of accrued interest into 50,000 shares of its common stock, with a purchase price $0.0095 per share. On June 3, 2014, the Company converted a note payable of $5,600, including $1,500 in accrued interest into 1,690,476 shares of its common stock, with a purchase price $0.0042 per share. On July 2, 2014, the Company converted a note payable of $6,360 into 1,766,667 shares of its common stock, with a purchase price $0.0036 per share. On August 19, 2014, the Company converted a note payable of $7,135 into 2,038,571 shares of its common stock, with a purchase price $0.0035 per share. On October 21, 2014, the Company converted a note payable of $6,520 into 2,037,500 shares of its common stock, with a purchase price $0.0032 per share. On October 22, 2014, the Company converted a note payable of $6,270 into 1,959,375 shares of its common stock, with a purchase price $0.0032 per share. On October 29, 2014, the Company converted a note payable of $5,780 into 2,140,741 shares of its common stock, with a purchase price $0.0027 per share. On November 20, 2014, the Company converted a note payable of $4,690 into 2,345,000 shares of its common stock, with a purchase price $0.0020 per share. On November 24, 2014, the Company converted a note payable of $3,985 into 2,344,118 shares of its common stock, with a purchase price $0.0017 per share. On December 16, 2014, the Company converted a note payable of $3,280 into 2,342,857 shares of its common stock, with a purchase price $0.0014 per share. On December 30, 2014, the Company converted a note payable of $1,875 into 2,343,750 shares of its common stock, with a purchase price $0.0008 per share. On June 11, 2015, as an inducement for a loan, the Company issued 834,408 shares of its common stock on said date valued at $1,502 with a purchase price of $0.0018 per share. On August 20, 2015, the Company converted accrued interest of $3,900 into 1,000,000 shares of its common stock, with a purchase price $0.0039 per share. |
NOTE 9. COMMITMENTS AND CONTING
NOTE 9. COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 9. COMMITMENTS AND CONTINGENCIES | Operating Leases The Company leases its office space under a long-term operating lease expiring in June 2019. Rent expense under this lease was $24,600 and none for the years ended December 31, 2015 and 2014, respectively. As of December 31, 2015, future minimum annual payments under operating lease agreements for years ending December 31 are as follows. 2016 2017 2018 2019 2020 Total Operating leases 49,200 49,200 49,200 24,600 - 172,200 $ 49,200 $ 49,200 $ 49,200 $ 24,600 $ - $ 172,200 |
NOTE 10. SUBSEQUENT EVENTS
NOTE 10. SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 10. SUBSEQUENT EVENTS | As of April 4, 2016, there were 67,751,068 shares of our common stock outstanding held by 148 holders of record and numerous shares held in brokerage accounts. Of these shares, 48,690,401 shares were held by non-affiliates. |
NOTE 1. ORGANIZATION, OPERATI17
NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Note 1. Organization Operations And Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") as promulgated in the United States of America. |
Principles of Consolidation | The accompanying consolidated financial statements include the amounts of the Company and its majority owned subsidiary, Transbiotec-CA. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Specifically, such estimates were made by the Company for the valuation of derivative liability, stock compensation and beneficial conversion feature expenses. Actual results could differ from those estimates. |
Cash | The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. The Company does not have any cash equivalents as of December 31, 2015 and December 31, 2014. |
Property and equipment | Property and equipment are recorded at cost and depreciated under straight line methods over each item's estimated useful life. |
Income tax | The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Net loss per share | The net loss per share is computed by dividing the net loss by the weighted average number of shares of common outstanding. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. The Company has 30,038,041 stock options that can be converted to common stock if exercised. |
Financial Instruments | SC Topic 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying value of cash, accounts payable, accrued expenses, notes payable, related party payables, and other payable approximates their fair values due to their short-term maturities. |
Long-Lived Assets | In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value. |
Beneficial Conversion Features | From time to time, the Company may issue convertible notes that may contain an embedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. |
Derivative Instruments | The fair value of derivative instruments is recorded and shown separately under current liabilities. Changes in fair value are recorded in the consolidated statement of income under other income (expenses). The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instruments is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative financial instruments, the Company uses a weighted average Black-Sholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. |
Stock based compensation | The Company has share-based compensation plans under which employees, consultants, suppliers and directors may be granted restricted stock, as well as options and warrants to purchase shares of Company common stock at the fair market value at the time of the grant. Stock-based compensation cost to employees is measured by the Company at the grant date, based on the fair value of the award, over the requisite service period under ASC718. For options issued to employees, the Company recognizes stock compensation costs utilizing the fair value methodology over the related period of benefit. Grants of stock to non-employees and other parties are accounted for in accordance with the ASC 505. |
Recent accounting pronouncement | In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders' equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915. In August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 "Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). In connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management's evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity's ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. When management identifies conditions or events that raise substantial doubt about an entity's ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. The mitigating effect of management's plans should be considered only to the extent that (1) it is probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. If conditions or events raise substantial doubt about an entity's ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management's plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): a. Principal conditions or events that raised substantial doubt about the entity's ability to continue as a going concern (before consideration of management's plans). b. Management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations. c. Management's plans that alleviated substantial doubt about the entity's ability to continue as a going concern. If conditions or events raise substantial doubt about an entity's ability to continue as a going concern, but the substantial doubt is not alleviated after consideration of management's plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information that enables users of the financial statements to understand all of the following: a. Principal conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. b. Management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations. c. Management's plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for the annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of the adoptions of ASU 2014-15 on its consolidated financial statements. |
Minority Interest (Noncontrolling Interest) | A subsidiary of the Company has minority members, representing ownership interests of 1.38% at December 31, 2015 and December 31, 2014. The Company accounts for these minority, or noncontrolling interests pursuant to ASC 810-10-65 whereby gains and losses in a subsidiary with a noncontrolling interest are allocated to the noncontrolling interest based on the ownership percentage of the noncontrolling interest, even if that allocation results in a deficit noncontrolling interest balance. |
NOTE 3. PROPERTY & EQUIPMENT (T
NOTE 3. PROPERTY & EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 3. Property Equipment Tables | |
Fixed asset values | Property and equipment values recorded at cost are as follows: Dec. 31, 2015 Dec. 31, 2014 Office and Lab Equipment $ 32,127 $ 32,127 Furniture and fixtures 11,556 11,556 43,683 43,683 Less accumulated depreciation (43,683 ) (43,229 ) Property & Equipment, Net $ - $ 454 |
NOTE 4. NOTES PAYABLE (Tables)
NOTE 4. NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 4. Notes Payable Tables | |
Notes Payables | December 31, 2015 December 31, 2014 Note payable to related party, unsecured, due 8/3/2012, interest rate 0%. Currently in default. $ 1,950 $ 1,950 Notes payable to related party, unsecured, due 12/31/2012, interest rate 0%. Currently in default. $ 11,810 $ 11,810 Note payable to related party, unsecured, $731,763, 5-years at 0% simple interest, due 7/1/2016, payment amounts vary each month, various late penalties. $ 180,001 $ 726,763 Note payable to non-related party, unsecured, due 2/8/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 10,000 $ 10,000 Note payable to non-related party, unsecured, due 2/8/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 25,000 $ 25,000 Note payable to non-related party, unsecured, due 2/17/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 25,000 $ 25,000 Note payable to non-related party, unsecured, due 2/18/12, quarterly interest due, convertible at holder's option at $0.3235688 per TBT - DE share, interest rate 30%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 10,000 $ 10,000 Note payable to non-related party, unsecured, due 2/18/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 750 $ 750 Note payable to non-related party, unsecured, due 2/18/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 6,875 $ 6,875 Note payable to non-related party, unsecured, due 2/15/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 2,500 $ 2,500 Note payable to non-related party, unsecured, due 2/20/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 3,750 $ 3,750 Note payable to non-related party, unsecured, due 2/21/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE. share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 2,625 $ 2,625 Note payable to non-related party, unsecured, due 3/20/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 5,433 $ 5,433 Note payable to non-related party, unsecured, due 3/22/13, annual interest due, convertible at holder's option at $0.3235688 per TBT-DE share, interest rate 12%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 3,203 $ 3,203 Note payable to non-related party, unsecured, due 4/19/13, annual interest due, convertible at holder's option at 51% of market as defined, interest rate 8%, conversion limited to total beneficial ownership of 4.99%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue and/or the continued conversion of the company's stock. $ - $ 6,605 Note payable to non-related party, unsecured, due 08/29/2013, simple interest 8% convertible at holder's option at $.249 per TBT-CA share. $ 15,000 $ 15,000 Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Note payable to related party, unsecured, due 03/01/2013, simple interest 9%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 5,000 $ 5,000 Note payable to non-related party, unsecured, due 12/13/2013, simple interest 7%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,342 Note payable to non-related party, unsecured, due 01/31/2013, simple interest 18%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 3,938 $ 3,938 Note payable to non-related party, unsecured, due 01/07/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 15,000 Note payable to non-related party, unsecured, due 01/15/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,000 Note payable to non-related party, unsecured, due 01/20/2014, simple interest 7%, default interest 10%, $ - $ 65,272 Stock option issued as an additional transaction cost for receipt of funds from note payable. Note payable to related party, unsecured, due 01/23/2014, simple interest 9%. Currently in default. $ 50,000 $ 50,000 Note payable to non-related party, unsecured, due 03/28/2013, $13,000 in interest (1 month). $ - $ 17,000 Note payable to non-related party, unsecured, due 04/28/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 9,440 Note payable to non-related party, unsecured, due 05/05/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 50,060 Note payable to related party, unsecured, due 07/02/2014, simple interest 9%. $ 15,000 $ 15,000 Note payable to non-related party, unsecured, due 09/19/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 10,000 Note payable to non-related party, unsecured, due 07/29/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 1,900 Note payable to non-related party, unsecured, due 07/25/2013, simple interest 18%. Currently in default. $ 2,000 $ 2,000 Note payable to non-related party, unsecured, due 09/19/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 65,000 Note payable to non-related party, unsecured, due 12/27/2013, simple interest 9% quarterly, Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 15,000 $ 15,000 Note payable to non-related party, unsecured, due 09/29/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 20,000 Note payable to non-related party, unsecured, due 10/28/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 2,500 Note payable to non-related party, unsecured, due 10/29/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 10,000 Note payable to non-related party, unsecured, due 11/10/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,000 Note payable to related party, unsecured, due 11/12/2014, simple interest 9%, Convertible at $0.04 per share, currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 11,000 $ 11,000 Note payable to non-related party, unsecured, due 11/20/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 20,000 Note payable to non-related party, unsecured, due 12/02/2014, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,000 Note payable to non-related party, unsecured, due 1/27/2014, simple interest 10%, $ - $ 4,235 Note payable to non-related party, unsecured, due 1/07/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 25,000 Note payable to non-related party, unsecured, due 1/28/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 1,253 Note payable to non-related party, unsecured, due 1/29/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 3,500 Note payable to non-related party, unsecured, due 2/10/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 990 Note payable to non-related party, unsecured, due 2/17/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 4,500 Note payable to non-related party, unsecured, due 2/20/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,000 Note payable to non-related party, unsecured, due 3/10/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 2,500 Note payable to non-related party, unsecured, due 3/31/2015, simple interest 7%, default interest 10%, Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 2,500 Note payable to non-related party, unsecured, due 4/03/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,890 Note payable to related party, unsecured, due 4/08/2015, simple interest 7%, Convertible at $0.0072 per share. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. $ 15,000 $ 15,000 Note payable to non-related party, unsecured, due 4/10/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 4,331 Note payable to non-related party, unsecured, due 4/27/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 2,500 Note payable to non-related party, unsecured, due 5/13/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,360 Note payable to non-related party, unsecured, due 5/26/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 895 Note payable to non-related party, unsecured, due 9/11/2014, simple interest 10%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ 5,000 $ 5,000 Note payable to non-related party, unsecured, due 6/10/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 3,207 Note payable to non-related party, unsecured, due 6/17/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 600 Note payable to related party, unsecured, due 8/05/2015, simple interest 7%, default interest 10%. Currently in default. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ 10,000 $ 10,000 Note payable to non-related party, unsecured, due 7/09/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 3,750 Note payable to non-related party, unsecured, due 9/03/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 1,000 Note payable to non-related party, unsecured, due 10/19/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 1,486 Note payable to non-related party, unsecured, due 10/22/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 3,500 Note payable to non-related party, unsecured, due 10/28/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 4,360 Note payable to non-related party, unsecured, due 11/11/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 5,810 Note payable to non-related party, unsecured, due 11/19/2015, simple interest 7%, default interest 10%. Stock option issued as an additional transaction cost for receipt of funds from note payable. $ - $ 15,000 Note payable to related party unsecured, due 12/02/2015, simple interest 7%, default interest 10%. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Currently in default. $ 106,334 $ 214,334 Note payable to non-related party, unsecured, due 3/26/2016, simple interest 8%, convertible at $0.0017 per share. Principal balance including interest to be paid upon the receipt of equity funding and/or sales revenue. Currently in default. $ 25,000 $ - Note payable to related party, unsecured, due 4/11/2016, simple interest 10%. $ 13,000 $ - Note payable to related party, unsecured, due 11/11/2015, simple interest 10%. Currently in default. $ 45,000 $ - Note payable to non-related party, unsecured, due 11/11/2015, simple interest 10%. Currently in default. $ 2,500 $ - Note payable to related party, unsecured, due 12/26/2015, simple interest 10%. Currently in default. $ 25,000 $ - $ 652,669 $ 1,617,217 Less note discounts (6,250 ) (5,000 ) Less current - related parties (489,095 ) (697,225 ) Less current non-related parties (157,324 ) (871,694 ) Long-term related parties $ - $ 43.298 |
Principal payments | Required principal payments from December 31, 2015 forward are as follows: 2016 $ 652,669 2017 $ - 2018 $ - 2019 $ - 2020 $ - $ 652,669 |
NOTE 5. INCOME TAXES (Tables)
NOTE 5. INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 5. Income Taxes Tables | |
Summary of deferred tax assets | The effects of temporary differences that gives rise to significant portions of deferred tax assets at December 31, 2015 and 2014 are as follows: Dec. 31, 2015 Dec. 31, 2014 Deferred tax asset Federal $ 1,057,000 $ 958,000 State 353,000 319,000 Valuation allowance (1,410,000 ) (1,277,000 ) Net deferred tax asset $ - $ - |
NOTE 6. STOCK OPTIONS AND SUB21
NOTE 6. STOCK OPTIONS AND SUBSCRIPTIONS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 6. Stock Options And Subscriptions Payable Tables | |
Summary of stock option activity for California | A summary of stock option activity for California is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 2,500 $ .10 Granted - - Exercised - - Forfeited 2,500 .10 Outstanding at December 31, 2015 - $ - |
Summary of stock option activity for Delaware | A summary of stock option activity for Delaware is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2014 13,755,046 $ .0295 Granted 16,282,995 .0015 Exercised - - Forfeited - - Outstanding at December 31, 2015 30,038,041 $ .0143 |
Schedule of common stock options and warrants Delaware outstanding | Following is a summary of the status of options for Delaware outstanding at December 31, 2015: Exercise Price Number of Shares Remaining Contractual Life Weighted Average Exercise Price Exercised at December 31, $ 0.0900 29,678 2 years 0.0900 - $ 0.1700 83,333 3 years 0.1700 - $ 0.1700 27,778 3 years 0.1700 - $ 0.1700 362,624 3 years 0.1700 - $ 0.1300 80,914 3 years 0.1300 - $ 0.1300 429,086 3 years 0.1300 - $ 0.0600 38,000 3 years 0.0600 - $ 0.0400 250,000 3 years 0.0400 - $ 0.0400 1,625,000 3 years 0.0400 - $ 0.0500 400,000 3 years 0.0500 - $ 0.0400 75,000 3 years 0.0400 - $ 0.0400 300,000 3 years 0.0400 - $ 0.0200 300,000 3 years 0.0200 - $ 0.0200 1,200,000 3 years 0.0200 - $ 0.0400 150,000 3 years 0.0400 - $ 0.0125 1,200,000 4 years 0.0125 $ 0.0150 50,137 4 years 0.0150 - $ 0.0150 140,000 4 years 0.0150 - $ 0.0190 31,256 4 years 0.0190 - $ 0.0161 167,702 4 years 0.0161 - $ 0.0147 204,082 4 years 0.0147 - $ 0.0200 75,000 4 years 0.0200 - $ 0.0198 75,758 4 years 0.0198 - $ 0.0213 165,915 4 years 0.0213 - $ 0.0195 133,262 4 years 0.0195 - $ 0.0188 79,787 4 years 0.0188 - $ 0.0140 229,714 4 years 0.0140 - $ 0.0190 50,000 4 years 0.0190 - $ 0.0127 42,283 4 years 0.0127 - $ 0.0090 213,833 4 years 0.0090 - $ 0.0074 48,649 4 years 0.0074 - $ 0.0060 375,000 4 years 0.0060 - $ 0.0098 612,245 4 years 0.0098 - $ 0.0098 61,224 4 years 0.0098 - $ 0.2500 25,000 4 years 0.2500 - $ 0.0680 450,000 4 years 0.0680 - $ 0.0072 123,828 4 years 0.0072 - $ 0.0056 375,000 4 years 0.0056 - $ 0.0070 250,000 4 years 0.0070 - $ 0.0070 373,714 4 years 0.0070 - $ 0.0041 850,244 4 years 0.0041 - $ 0.0045 2,000,000 4 years 0.0045 - $ 0.0024 150,000 5 years 0.0024 - $ 0.0010 7,625,544 5 years 0.0010 - $ 0.0024 1,770,000 5 years 0.0024 - $ 0.0023 400,782 5 years 0.0023 - $ 0.0012 275,000 5 years 0.0012 - $ 0.0017 1,764,706 5 years 0.0017 - $ 0.0018 2,463,333 5 years 0.0018 - $ 0.0021 285,714 5 years 0.0021 - $ 0.0018 333,333 5 years 0.0018 - $ 0.0018 1,083,333 5 years 0.0018 - $ 0.0018 131,250 5 years 0.0018 - Total 30,038,041 0.0143 |
NOTE 9. COMMITMENTS AND CONTI22
NOTE 9. COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 9. Commitments And Contingencies Tables | |
Schedule of future minimum annual payments | As of December 31, 2015, future minimum annual payments under operating lease agreements for years ending December 31 are as follows. 2016 2017 2018 2019 2020 Total Operating leases 49,200 49,200 49,200 24,600 - 172,200 $ 49,200 $ 49,200 $ 49,200 $ 24,600 $ - $ 172,200 |
NOTE 1. ORGANIZATION, OPERATI23
NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 1. Organization Operations And Summary Of Significant Accounting Policies Details Narrative | ||
Ownership interests | 1.38% | 1.38% |
NOTE 2. RELATED PARTY TRANSAC24
NOTE 2. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 2. Related Party Transactions Details Narrative | ||
Payables due to officers, shareholders and former management | $ 412,656 | $ 296,265 |
NOTE 3. PROPERTY & EQUIPMENT (D
NOTE 3. PROPERTY & EQUIPMENT (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 3. Property Equipment Details | ||
Office and Lab Equipment | $ 32,127 | $ 32,127 |
Furniture and fixtures | 11,556 | 11,556 |
Gross Fixed Assets | 43,683 | 43,683 |
Less accumulated depreciation | $ (43,683) | (43,229) |
Property & Equipment, Net | $ 454 |
NOTE 3. PROPERTY & EQUIPMENT 26
NOTE 3. PROPERTY & EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 3. Property Equipment Details Narrative | ||
Depreciation expense | $ 454 | $ 776 |
NOTE 4. NOTES PAYABLE (Details)
NOTE 4. NOTES PAYABLE (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Notes Payable | $ 652,669 | $ 1,617,217 |
Less note discounts | (6,250) | (5,000) |
Less current - related parties | (489,095) | (697,225) |
Less current non-related parties | $ (157,324) | (871,694) |
Long-term related parties | 43,298 | |
Note payable 1 [Member] | ||
Notes Payable | $ 1,950 | 1,950 |
Note payable 2 [Member] | ||
Notes Payable | 11,810 | 11,810 |
Note payable 3 [Member] | ||
Notes Payable | 180,001 | 726,763 |
Note payable 4 [Member] | ||
Notes Payable | 10,000 | 10,000 |
Note payable 5 [Member] | ||
Notes Payable | 25,000 | 25,000 |
Note payable 6 [Member] | ||
Notes Payable | 25,000 | 25,000 |
Note payable 7 [Member] | ||
Notes Payable | 10,000 | 10,000 |
Note payable 8 [Member] | ||
Notes Payable | 750 | 750 |
Note payable 9 [Member] | ||
Notes Payable | 6,875 | 6,875 |
Note payable 10 [Member] | ||
Notes Payable | 2,500 | 2,500 |
Note payable 11 [Member] | ||
Notes Payable | 3,750 | 3,750 |
Note payable 12 [Member] | ||
Notes Payable | 2,625 | 2,625 |
Note payable 13 [Member] | ||
Notes Payable | 5,433 | 5,433 |
Note payable 14 [Member] | ||
Notes Payable | $ 3,203 | 3,203 |
Note payable 15 [Member] | ||
Notes Payable | 6,605 | |
Note payable 16 [Member] | ||
Notes Payable | $ 15,000 | 15,000 |
Note payable 17 [Member] | ||
Notes Payable | $ 5,000 | 5,000 |
Note payable 18 [Member] | ||
Notes Payable | 5,342 | |
Note payable 19 [Member] | ||
Notes Payable | $ 3,938 | 3,938 |
Note payable 20 [Member] | ||
Notes Payable | 15,000 | |
Note payable 21 [Member] | ||
Notes Payable | 5,000 | |
Note payable 22 [Member] | ||
Notes Payable | 65,272 | |
Note payable 23 [Member] | ||
Notes Payable | $ 50,000 | 50,000 |
Note payable 24 [Member] | ||
Notes Payable | 17,000 | |
Note payable 25 [Member] | ||
Notes Payable | 9,440 | |
Note payable 26 [Member] | ||
Notes Payable | 50,060 | |
Note payable 27 [Member] | ||
Notes Payable | $ 15,000 | 15,000 |
Note payable 28 [Member] | ||
Notes Payable | 10,000 | |
Note payable 29 [Member] | ||
Notes Payable | 1,900 | |
Note payable 30 [Member] | ||
Notes Payable | $ 2,000 | 2,000 |
Note payable 31 [Member] | ||
Notes Payable | 65,000 | |
Note payable 32 [Member] | ||
Notes Payable | $ 15,000 | 15,000 |
Note payable 33 [Member] | ||
Notes Payable | 20,000 | |
Note payable 34 [Member] | ||
Notes Payable | 2,500 | |
Note payable 35 [Member] | ||
Notes Payable | 10,000 | |
Note payable 36 [Member] | ||
Notes Payable | 5,000 | |
Note payable 37 [Member] | ||
Notes Payable | $ 11,000 | 11,000 |
Note payable 38 [Member] | ||
Notes Payable | 20,000 | |
Note payable 39 [Member] | ||
Notes Payable | 5,000 | |
Note payable 40 [Member] | ||
Notes Payable | 4,235 | |
Note payable 41 [Member] | ||
Notes Payable | 25,000 | |
Note payable 42 [Member] | ||
Notes Payable | 1,253 | |
Note payable 43 [Member] | ||
Notes Payable | 3,500 | |
Note payable 44 [Member] | ||
Notes Payable | 990 | |
Note payable 45 [Member] | ||
Notes Payable | 4,500 | |
Note payable 46 [Member] | ||
Notes Payable | 5,000 | |
Note payable 47 [Member] | ||
Notes Payable | 2,500 | |
Note payable 48 [Member] | ||
Notes Payable | 2,500 | |
Note payable 49 [Member] | ||
Notes Payable | 5,890 | |
Note payable 50 [Member] | ||
Notes Payable | $ 15,000 | 15,000 |
Note payable 51 [Member] | ||
Notes Payable | 4,331 | |
Note payable 52 [Member] | ||
Notes Payable | 2,500 | |
Note payable 53 [Member] | ||
Notes Payable | 5,360 | |
Note payable 54 [Member] | ||
Notes Payable | 895 | |
Note payable 55 [Member] | ||
Notes Payable | $ 5,000 | 5,000 |
Note payable 56 [Member] | ||
Notes Payable | 3,207 | |
Note payable 57 [Member] | ||
Notes Payable | 600 | |
Note payable 58 [Member] | ||
Notes Payable | $ 10,000 | 10,000 |
Note payable 59 [Member] | ||
Notes Payable | 3,750 | |
Note payable 60 [Member] | ||
Notes Payable | 1,000 | |
Note payable 61 [Member] | ||
Notes Payable | 1,486 | |
Note payable 62 [Member] | ||
Notes Payable | 3,500 | |
Note payable 63 [Member] | ||
Notes Payable | 4,360 | |
Note payable 64 [Member] | ||
Notes Payable | 5,810 | |
Note payable 65 [Member] | ||
Notes Payable | 15,000 | |
Note payable 66 [Member] | ||
Notes Payable | $ 106,334 | $ 214,334 |
Note payable 67 [Member] | ||
Notes Payable | 25,000 | |
Note payable 68 [Member] | ||
Notes Payable | 13,000 | |
Note payable 69 [Member] | ||
Notes Payable | 45,000 | |
Note payable 70 [Member] | ||
Notes Payable | 2,500 | |
Note payable 71 [Member] | ||
Notes Payable | $ 25,000 |
NOTE 4. NOTES PAYABLE (Details
NOTE 4. NOTES PAYABLE (Details 1) | Dec. 31, 2015USD ($) |
Note 4. Notes Payable Details 1 | |
2,016 | $ 652,669 |
2,017 | |
2,018 | |
2,019 | |
2,020 | |
Total principal payment | $ 652,669 |
NOTE 4. NOTES PAYABLE (Detail29
NOTE 4. NOTES PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest expense | $ 198,327 | $ 188,046 |
Beneficial Conversion Feature Interest Expense | 23,750 | 32,996 |
Note discount | 6,250 | 5,000 |
Borrowing under convertible notes | 110,000 | |
Convertible Notes | 103,395 | 103,395 |
Fair value adjustments - equity obligation | $ (25,456) | 21,559 |
Dividend yield | 0.00% | |
Expected life | 1 year | |
Fair value derivative liability | $ 0 | $ 25,456 |
Minimum [Member] | ||
Risk free interest rate | 0.10% | |
Volatility | 128.00% | |
Maximum [Member] | ||
Risk free interest rate | 0.21% | |
Volatility | 354.00% |
NOTE 5. INCOME TAXES (Details)
NOTE 5. INCOME TAXES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax asset | ||
Federal | $ 1,057,000 | $ 958,000 |
State | 353,000 | 319,000 |
Valuation allowance | $ (1,410,000) | $ (1,277,000) |
Net deferred tax asset |
NOTE 5. INCOME TAXES (Details N
NOTE 5. INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 5. Income Taxes Details Narrative | ||
Net operating loss carry forwards | $ 7,048,000 | $ 6,383,000 |
Carryforward expiration year | 2,035 | 2,035 |
Deferred tax asset | $ 1,410,000 | $ 1,277,000 |
Rate of net operating losses offset by valuation allowance | 100.00% | 100.00% |
Change in the valuation allowance | $ 133,000 | $ 123,000 |
NOTE 6. STOCK OPTIONS AND SUB32
NOTE 6. STOCK OPTIONS AND SUBSCRIPTIONS PAYABLE (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Weighted Average Exercise Price | |
Outstanding at end of period | $ 0.0143 |
California | |
Number of Shares | |
Outstanding at beginning of period | shares | 2,500 |
Granted | shares | |
Exercised | shares | |
Forfeited | shares | 2,500 |
Outstanding at end of period | shares | |
Weighted Average Exercise Price | |
Outstanding at beginning of period | $ 0.1 |
Granted | |
Exercised | |
Forfeited | $ 0.1 |
Outstanding at end of period | |
Delaware | |
Number of Shares | |
Outstanding at beginning of period | shares | 13,755,046 |
Granted | shares | 16,282,995 |
Exercised | shares | |
Forfeited | shares | |
Outstanding at end of period | shares | 30,038,041 |
Weighted Average Exercise Price | |
Outstanding at beginning of period | $ 0.0295 |
Granted | $ 0.0015 |
Exercised | |
Forfeited | |
Outstanding at end of period | $ 0.0143 |
NOTE 6. STOCK OPTIONS AND SUB33
NOTE 6. STOCK OPTIONS AND SUBSCRIPTIONS PAYABLE (Details 1) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Shares | shares | 30,038,041 |
Weighted Average Exercise Price | $ 0.0143 |
0.0900 Delaware | |
Exercise Price | $ 0.0900 |
Number of Shares | shares | 29,678 |
Weighted Average Remaining Contractual Life (Years) | 2 years |
Weighted Average Exercise Price | $ 0.0900 |
Exercised at December 31, 2014 | shares | |
0.1700 Delaware | |
Exercise Price | $ 0.1700 |
Number of Shares | shares | 83,333 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.1700 |
Exercised at December 31, 2014 | shares | |
0.1700 Delaware | |
Exercise Price | $ 0.1700 |
Number of Shares | shares | 27,778 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.1700 |
Exercised at December 31, 2014 | shares | |
0.1700 Delaware | |
Exercise Price | $ 0.1700 |
Number of Shares | shares | 362,624 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.1700 |
Exercised at December 31, 2014 | shares | |
0.1300 Delaware | |
Exercise Price | $ 0.1300 |
Number of Shares | shares | 80,914 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.1300 |
Exercised at December 31, 2014 | shares | |
0.1300 Delaware | |
Exercise Price | $ 0.1300 |
Number of Shares | shares | 429,086 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.1300 |
Exercised at December 31, 2014 | shares | |
0.0600 Delaware | |
Exercise Price | $ 0.0600 |
Number of Shares | shares | 38,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0600 |
Exercised at December 31, 2014 | shares | |
0.0400 Delaware | |
Exercise Price | $ 0.0400 |
Number of Shares | shares | 250,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0400 |
Exercised at December 31, 2014 | shares | |
0.0400 Delaware | |
Exercise Price | $ 0.0400 |
Number of Shares | shares | 1,625,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0400 |
Exercised at December 31, 2014 | shares | |
0.0500 Delaware | |
Exercise Price | $ 0.0500 |
Number of Shares | shares | 400,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0500 |
Exercised at December 31, 2014 | shares | |
0.0400 Delaware | |
Exercise Price | $ 0.0400 |
Number of Shares | shares | 75,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0400 |
Exercised at December 31, 2014 | shares | |
0.0400 Delaware | |
Exercise Price | $ 0.0400 |
Number of Shares | shares | 300,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0400 |
Exercised at December 31, 2014 | shares | |
0.0200 Delaware | |
Exercise Price | $ 0.0200 |
Number of Shares | shares | 300,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0200 |
Exercised at December 31, 2014 | shares | |
0.0200 Delaware | |
Exercise Price | $ 0.0200 |
Number of Shares | shares | 1,200,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0200 |
Exercised at December 31, 2014 | shares | |
0.0400 Delaware | |
Exercise Price | $ 0.0400 |
Number of Shares | shares | 150,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $ 0.0400 |
Exercised at December 31, 2014 | shares | |
0.0125 Delaware | |
Exercise Price | $ 0.0125 |
Number of Shares | shares | 1,200,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0125 |
0.0150 Delaware | |
Exercise Price | $ 0.0150 |
Number of Shares | shares | 50,137 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0150 |
Exercised at December 31, 2014 | shares | |
0.0150 Delaware | |
Exercise Price | $ 0.0150 |
Number of Shares | shares | 140,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0150 |
Exercised at December 31, 2014 | shares | |
0.0190 Delaware | |
Exercise Price | $ 0.0190 |
Number of Shares | shares | 31,256 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0190 |
Exercised at December 31, 2014 | shares | |
0.0161 Delaware | |
Exercise Price | $ 0.0161 |
Number of Shares | shares | 167,702 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0161 |
Exercised at December 31, 2014 | shares | |
0.0147 Delaware | |
Exercise Price | $ 0.0147 |
Number of Shares | shares | 204,082 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0147 |
Exercised at December 31, 2014 | shares | |
0.0200 Delaware | |
Exercise Price | $ 0.0200 |
Number of Shares | shares | 75,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0200 |
Exercised at December 31, 2014 | shares | |
0.0198 Delaware | |
Exercise Price | $ 0.0198 |
Number of Shares | shares | 75,758 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0198 |
Exercised at December 31, 2014 | shares | |
0.0213 Delaware | |
Exercise Price | $ 0.0213 |
Number of Shares | shares | 165,915 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0213 |
Exercised at December 31, 2014 | shares | |
0.0195 Delaware | |
Exercise Price | $ 0.0195 |
Number of Shares | shares | 133,262 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0195 |
Exercised at December 31, 2014 | shares | |
0.0188 Delaware | |
Exercise Price | $ 0.0188 |
Number of Shares | shares | 79,787 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0188 |
Exercised at December 31, 2014 | shares | |
0.0140 Delaware | |
Exercise Price | $ 0.0140 |
Number of Shares | shares | 229,714 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0140 |
Exercised at December 31, 2014 | shares | |
0.0190 Delaware | |
Exercise Price | $ 0.0190 |
Number of Shares | shares | 50,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0190 |
Exercised at December 31, 2014 | shares | |
0.0127 Delaware | |
Exercise Price | $ 0.0127 |
Number of Shares | shares | 42,283 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0127 |
Exercised at December 31, 2014 | shares | |
0.0090 Delaware | |
Exercise Price | $ 0.0090 |
Number of Shares | shares | 213,833 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0090 |
Exercised at December 31, 2014 | shares | |
0.0074 Delaware | |
Exercise Price | $ 0.0074 |
Number of Shares | shares | 48,649 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0074 |
Exercised at December 31, 2014 | shares | |
0.0060 Delaware | |
Exercise Price | $ 0.0060 |
Number of Shares | shares | 375,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0060 |
Exercised at December 31, 2014 | shares | |
0.0098 Delaware | |
Exercise Price | $ 0.0098 |
Number of Shares | shares | 612,245 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0098 |
Exercised at December 31, 2014 | shares | |
0.0098 Delaware | |
Exercise Price | $ 0.0098 |
Number of Shares | shares | 61,224 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0098 |
Exercised at December 31, 2014 | shares | |
0.2500 Delaware | |
Exercise Price | $ 0.2500 |
Number of Shares | shares | 25,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.2500 |
Exercised at December 31, 2014 | shares | |
0.0680 Delaware | |
Exercise Price | $ 0.0680 |
Number of Shares | shares | 450,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0680 |
Exercised at December 31, 2014 | shares | |
0.0072 Delaware | |
Exercise Price | $ 0.0072 |
Number of Shares | shares | 123,828 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0072 |
Exercised at December 31, 2014 | shares | |
0.0056 Delaware | |
Exercise Price | $ 0.0056 |
Number of Shares | shares | 375,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0056 |
Exercised at December 31, 2014 | shares | |
0.0070 Delaware | |
Exercise Price | $ 0.0070 |
Number of Shares | shares | 250,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0070 |
Exercised at December 31, 2014 | shares | |
0.0070 Delaware | |
Exercise Price | $ 0.0070 |
Number of Shares | shares | 373,714 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0070 |
Exercised at December 31, 2014 | shares | |
0.0041 Delaware | |
Exercise Price | $ 0.0041 |
Number of Shares | shares | 850,244 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0041 |
Exercised at December 31, 2014 | shares | |
0.0045 Delaware | |
Exercise Price | $ 0.0045 |
Number of Shares | shares | 2,000,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Weighted Average Exercise Price | $ 0.0045 |
Exercised at December 31, 2014 | shares | |
0.0024 Delaware | |
Exercise Price | $ 0.0024 |
Number of Shares | shares | 150,000 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0024 |
Exercised at December 31, 2014 | shares | |
0.0010 Delaware | |
Exercise Price | $ 0.0010 |
Number of Shares | shares | 7,625,544 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0010 |
Exercised at December 31, 2014 | shares | |
0.0024 Delaware | |
Exercise Price | $ 0.0024 |
Number of Shares | shares | 1,770,000 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0024 |
Exercised at December 31, 2014 | shares | |
0.0023 Delaware | |
Exercise Price | $ 0.0023 |
Number of Shares | shares | 400,782 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0023 |
Exercised at December 31, 2014 | shares | |
0.0012 Delaware | |
Exercise Price | $ 0.0012 |
Number of Shares | shares | 275,000 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0012 |
Exercised at December 31, 2014 | shares | |
0.0017 Delaware | |
Exercise Price | $ 0.0017 |
Number of Shares | shares | 1,764,706 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0017 |
Exercised at December 31, 2014 | shares | |
0.0018 Delaware | |
Exercise Price | $ 0.0018 |
Number of Shares | shares | 2,463,333 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0018 |
Exercised at December 31, 2014 | shares | |
0.0021 Delaware | |
Exercise Price | $ 0.0021 |
Number of Shares | shares | 285,714 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0021 |
Exercised at December 31, 2014 | shares | |
0.0018 Delaware | |
Exercise Price | $ 0.0018 |
Number of Shares | shares | 333,333 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0018 |
Exercised at December 31, 2014 | shares | |
0.0018 Delaware | |
Exercise Price | $ 0.0018 |
Number of Shares | shares | 1,083,333 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0018 |
Exercised at December 31, 2014 | shares | |
0.0018 Delaware | |
Exercise Price | $ 0.0018 |
Number of Shares | shares | 131,250 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $ 0.0018 |
Exercised at December 31, 2014 | shares |
NOTE 6. STOCK OPTIONS AND SUB34
NOTE 6. STOCK OPTIONS AND SUBSCRIPTIONS PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock subscription payable - current | $ 55,882 | $ 28,067 |
Non employee stock options [Member] | ||
Stock option exercised | 20,000 | |
Outstanding balance | $ 2,500 | |
Option terms expiration | January 2,015 | January 2,015 |
Options exercisable exercise price | $ 0.10 | |
Option expired | 30,038,041 | 13,755,046 |
Option granted | 16,282,995 | 8,403,633 |
Dividend yield | 0.00% | 0.00% |
Expected lives | 5 years | 5 years |
Compensation expense | $ 27,731 | $ 69,886 |
Non employee stock options [Member] | Minimum [Member] | ||
Risk free interest rate | 1.37% | 1.55% |
Volatility rate | 172.00% | 147.00% |
Non employee stock options [Member] | Maximum [Member] | ||
Risk free interest rate | 1.68% | 1.77% |
Volatility rate | 174.00% | 178.00% |
Common Stock [Member] | ||
Stock subscription payable - current | $ 55,868 | |
Common stock issued for stock subscription payment | 6,049,578 | |
Preferred Stock [Member] | ||
Stock subscription payable - current | $ 14 | |
Common stock issued for stock subscription payment | 1,388,575 |
NOTE 7. GOING CONCERN (Details
NOTE 7. GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 7. Going Concern Details Narrative | ||
Accumulated deficit | $ (16,468,956) | $ (15,777,222) |
NOTE 9. COMMITMENTS AND CONTI36
NOTE 9. COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2015USD ($) |
2,016 | $ 49,200 |
2,017 | 49,200 |
2,018 | 49,200 |
2,019 | $ 24,600 |
2,020 | |
Total | $ 172,200 |
Operating Leases [Member] | |
2,016 | 49,200 |
2,017 | 49,200 |
2,018 | 49,200 |
2,019 | $ 24,600 |
2,020 | |
Total | $ 172,200 |
NOTE 9. COMMITMENTS AND CONTI37
NOTE 9. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 9. Commitments And Contingencies Details Narrative | ||
Rent expense | $ 24,600 | $ 0 |