Quarterly report pursuant to Section 13 or 15(d)

Restricted Common Shares

Restricted Common Shares

3 Months Ended

Mar. 31, 2015

NOTE 7 – RESTRICTED COMMON SHARES

On May 20, 2014, the Company approved future issuances of performance based restricted common shares to the following employees and outside consultants. The Company accounts the issuances of restricted common shares, as defined by ASC 718, Compensation—Stock Compensation, in accordance with ASC 718. The restricted common shares will be issued upon completion of certain tasks or deliverables and contain certain exercise price with no expiration period.

A summary of the status of the Company’s restricted common shares is presented below:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		-		-
Granted		1,760,000	$	0.17
Exercised		-		-
Forfeited or expired		-		-
Outstanding at December 31, 2014		1,760,000	$	0.17		N/A	$	246,400

Granted		-		-
Exercised		-		-
Forfeited or expired		-		-
Outstanding at March 31, 2015		1,760,000	$	0.17		N/A	$	61,600
Vested at March 31, 2015		1,760,000	$	0.17		N/A	$	61,600

The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based upon the Company’s closing stock price of $0.035 as of March 31, 2015, which would have been received by the share option award holders had all share option award holders exercised their share option awards as of that date.