Quarterly report pursuant to Section 13 or 15(d)

NOTE 8: EQUITY TRANSACTIONS (Tables)

NOTE 8: EQUITY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activity for the nine months ended September 30, 2014 is as follows:

				Weighted
				Average
	Options			Exercise Price
Outstanding - December 31, 2013		942,857		$	5.24
Granted		-			-
Forfeited/canceled		(228,571	)		7.00
Exercised		-			-
Outstanding – September 30, 2014		714,286		$	4.68

Exercisable – September 30, 2014		714,286		$	4.68

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

The following table presents the stock warrant activity during the three months ended September 30, 2014:

			Weighted
			Average
	Warrants		Exercise Price
Outstanding - December 31, 2013		349,434	$	1.75
Granted		4,180,000		0.50
Forfeited/canceled		-		-
Exercised		-		-
Outstanding – September 30, 2014		4,529,434	$	0.60

Exercisable – September 30, 2014		4,529,434	$	0.60

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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