NOTE 11 - SUBSEQUENT EVENTS

Entry into a Collaboration Agreement

On April 20, 2017, the Company entered into a Limited License Agreement with NutriQuest, LLC ("NutriQuest"), as disclosed in an 8-K filed on April 26, 2017. Pursuant to the agreement, the Company will issue NutriQuest 687,227 common stock warrants valued at $39,189. The warrants are exercisable at $.08 per share and expire five (5) years from the date of issuance.

Algae Biomass Production Agreement

On April 3, 2017, the Company entered into a production agreement with a third party for producing algae biomass. The agreement is for the period April 2017 to December 2017. The agreement calls for minimum payments of $365,000 in exchange for algal production by the vendor that must meet certain requirements and standards defined by the Company.

Change of Control Provisions

Effective as of April 21, 2017, the Board of Directors extended to December 31, 2017 the Change in Control Agreements (the “Agreements”) with both of its executive officers. The Agreements with each of the executive officers provide that if a Change of Control (as defined in the Agreements) occurs and the participant is not offered substantially equivalent employment with the successor corporation or the participant’s employment is terminated without Cause (as defined in the Agreements) during the three month period prior to the Change of Control or the 24 month period following the Change of Control, then 100% of such participant’s unvested options will be fully vested and the restrictions on his restricted shares will lapse. The Agreements also provide for severance payments of 500% of base salary and target bonus in such event. The Agreements terminate on December 31, 2017, with the provision that if a Change of Control occurs prior to the termination date, the obligations of the Agreements will remain in effect until they are satisfied or have expired.