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Note 5 - Bridge Loan Payable - Stockholder
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Debt Disclosure [Text Block]
NOTE
5
– BRIDGE LOAN PAYABLE – STOCKHOLDER
 
During
January
1,
2015
through
February
12,
2016,
the Company had entered into a series of bridge loan arrangements for total borrowings received and interest accrued of
$425,265
($399,103
at
December
31,
2015)
with a major Stockholder and Chairman. The proceeds were used to fund research, development and the general operating activity of the Company. The Company has guaranteed the payment of all principal and interest in the form of the Company’s common stock at a purchase price of
$1.25
per share. The loan bears interest at a rate of
10%
per annum. The Company recorded interest expense of
$7,162
and
$11,473
for the years ended
December
31,
2016
and
2015,
respectively. On
February
12,
2016,
the Company settled
$350,000
of principal and interest by issuing shares of Series B Preferred Stock in the Private Offering at a price of
$1.25
per share as part of its private offering. On
June
17,
2016,
the Company settled the remaining
$75,265
in principal and accrued interest by issuing shares of Common Stock at a price of
$1.25
per share.