Quarterly report pursuant to Section 13 or 15(d)

Stock Options and Warrants (Tables)

v3.7.0.1
Stock Options and Warrants (Tables)
3 Months Ended
Mar. 31, 2017
Summary of Stock Options Activity

The stock option activity for the three months ended March 31, 2017 is as follows: 

 

    Number of Options     Weighted Average
Exercise Price
    Weighted Average
Remaining Contractual
Term
 
Balance outstanding, December 31, 2016     900,000     $ 0.17       4.67  
Granted     5,000,000       0.05       9.88  
Exercised     -       -       -  
Forfeited/expired     (750,000 )     0.15       -  
Balance outstanding, March 31, 2017     5,150,000     $ 0.06       9.83  
Exercisable, March 31, 2017     1,113,332     $ 0.07       9.68  

Schedule of Warrant Activity

A summary of the Company’s warrant activity during the three months ended March 31, 2017 is presented below:

 

    Number of Warrants     Weighted Average
Exercise Price
    Weighted Average
Remaining Contractual
Term
 
Balance outstanding, December 31, 2016     46,958,072     $ 0.11       2.13  
Granted     350,000       0.01       2.81  
Exercised     -       -       -  
Forfeited/expired     (589,991 )     0.09       -  
Balance outstanding, March 31, 2017     46,718,081       0.10       1.92  
Exercisable, March 31, 2017     46,718,081     $ 0.10       1.92  

Warrant [Member]  
Schedule of Fair Value Assumptions

For the three months ending March 31, 2017 and 2016, the fair value of warrant awards was estimated using the Black-Scholes-Merton option-pricing model with the following assumptions:

 

    March 31, 2017     March 31, 2016  
Expected volatility     171 %     121 %
Risk-free interest rate     1.5 %     1.08 %
Expected dividend yield     0 %     0 %
Expected life     2.5 years       3 years  

Stock Option [Member]  
Schedule of Fair Value Assumptions

 

    February 14, 2017  
Expected volatility     173 %
Risk-free interest rate     2.47 %
Expected dividend yield     0 %
Expected life     10 years