Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.

	For the Three Months Ended
	March 31,
	2016		2015
Numerator:
Net loss	$	(1,099,355)		(729,297)
Preferred stock dividends		19,890		19,891
Net loss attributable to common shareholders	$	(1,119,245)		(749,188)
Denominator:
Weighted average number of common shares outstanding - basic and diluted		46,386,220		39,987,080

Earnings per share:
Basic and diluted	$	(.02)		(.02)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following securities are excluded from the calculation of weighted average dilutive common shares because they are not currently convertible, or because their inclusion would have been anti-dilutive:

	For the Three Months Ended
	March 31,
	2016		2015
Convertible preferred stock, Series A		667,169		667,169
Convertible preferred stock, Series A-1		393,645		393,645
Convertible preferred stock, Series D ^[1]		797,680,000		760,959,600
Convertible preferred stock, Series F ^[1]		388,309,200		-
Warrants		-		797,358
Convertible debt		-		200,000
Total potentially dilutive shares		1,187,050,014		763,017,722

^[1]

The Series D and Series F preferred shares are convertible at a rate of 400 pre-split shares of common stock for each share of preferred stock but not until the Company has effected a sufficient increase in the authorized common shares.