Events subsequent to March 31, 2016 have been evaluated through the date these financial statements were issued, to determine whether they should be disclosed to keep the financial statements from being misleading. The following events have occurred since March 31, 2016.

On April 5, 2016, the Board approved grants of the Company's Common Stock under the 2012 Plan, with immediate vesting, as follows: 1,000,000 shares to our Chairman of the Board, Dr. Robin Smith; 500,000 shares to our Director and Chairman of the Audit Committee, Geoffrey Harris; and 250,000 shares to each of our remaining five Directors.

Also on April 5, 2016, the Board granted 1,000,000 shares of the Company’s Common Stock under the 2012 Plan to each of George Carpenter, the Company's President and Chief Executive Officer, and Paul Buck, the Company's Chief Financial Officer. 50% of these shares vested on the date of grant with the remaining 50% vesting pro-rata over 12 months starting on the date of grant, respectively.

Lastly, on April 5, 2016 the Board granted options to purchase 1,450,000 shares of the Company’s Common Stock under the 2012 Plan to staff members and options to purchase 200,000 shares of the Company’s Common Stock to our consultant, DCA. These shares vest pro-rata over 12 months starting on the date of grant.

The abovementioned grants of shares and options to Board members, executive officers, staff and consultant are valued $0.0255 per share, which was the closing price on the OTC.QB of the Company’s Common Stock on April 5, 2016.

Subsequent to March 31, 2016, the Company issued multiple Notes and Note Warrants pursuant to the Second Amended Note and Warrant Purchase Agreement to affiliates of the Company as follows:

In aggregate, since March 31, 2016, the Company has issued Notes totaling $540,000, which also represents gross proceeds to the Company, and has issued Note Warrants to purchase 10,800,000 shares of the Company’s Common Stock at $0.05 per share.