NOTE 4 – PREPAID EXPENSES

Prepaid expenses amounted to $82,454 and $171,164 at December 31, 2017 and 2016, respectively. Prepaid expenses include prepayments in cash for accounting fees, prepayments in equity instruments and license fees which are being amortized over the terms of their respective agreements, as well as cost associated with certain deferred revenue. The current portion consists of costs paid for future services which will occur within a year.

Prepaid Stock Based Compensation

On February 11, 2016, the Company issued an aggregate of 911 shares of common stock valued at $110 per share, or $100,000 to a consultant as compensation for services. The amortization is included in professional fees, as reflected in the accompanying consolidated statements of operations.

The following table represents the amounts included in the accompanying consolidated financial statements, as summarized: