Quarterly report pursuant to Section 13 or 15(d)

Stock Options and Warrants (Tables)

v3.5.0.2
Stock Options and Warrants (Tables)
9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Options Activity

The stock option activity for the nine months ended September 30, 2016 is as follows:

 

    Number of Options     Weighted Average
Exercise Price
    Weighted Average
Remaining Contractual
Term
 
Balance outstanding, December 31, 2015     970,000     $ 0.17       6.71  
Granted     -       -       -  
Exercised     -       -       -  
Forfeited/expired     (63,334)     $ 0.25       -  
Balance outstanding, September 30, 2016     906,666     $ 0.17       5.15  
Exercisable, September 30, 2016     113,330     $ 0.25       8.27  

Schedule of Warrants Assumptions

For the nine months ending September 30, 2016 and 2015, the fair value of warrant awards was estimated using the Black-Scholes-Merton option-pricing model with the following assumptions:

 

    September 30, 2016     September 30, 2015  
Expected volatility     121 %     254 %
Risk-free interest rate     1.08 %     1.5 %
Expected dividend yield     0 %     0 %
Expected life     3 years       5 years  

Schedule of Warrant Activity

A summary of the Company’s warrant activity during the nine months ended September 30, 2016 is presented below:

 

    Number of Warrants     Weighted Average
Exercise Price
    Weighted Average
Remaining Contractual
Term
 
Balance outstanding, December 31, 2015     35,310,140     $ 0.09       3.21  
Granted     18,500,000       0.12       2.41  
Exercised     (6,580,000 )     0.01       2,98  
Forfeited/expired     (181,250 )     0.09       -  
Balance outstanding, September 30, 2016     47,048,890     $ 0.11       2.38  
Exercisable, September 30, 2016     46,048,890     $ 0.11       4,73