STOCK OPTIONS AND WARRANTS (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Warrant Liability [Member] |
|
| Summary of the changes in options outstanding and the related prices |
The following table summarizes the changes
in warrants outstanding and the related prices for the shares of the Company's common stock:
| Warrants Outstanding |
|
|
Warrants Exercisable |
|
Exercise
Prices
|
|
|
Number
Outstanding
|
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Number
Exercisable
|
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
| $ |
0.25 |
|
|
|
1,475,000 |
|
|
|
2.94 |
|
|
$ |
0.25 |
|
|
|
1,475,000 |
|
|
|
3.19 |
|
| |
1.00 |
|
|
|
1,155,000 |
|
|
|
2.51 |
|
|
|
1.00 |
|
|
|
1,155,000 |
|
|
|
3.76 |
|
| $ |
0.58 |
|
|
|
2,630,000 |
|
|
|
2.75 |
|
|
$ |
0.58 |
|
|
|
2,630,000 |
|
|
|
3.00 |
|
|
| Transactions involving stock options issued to employees, Employee Options |
Transactions involving warrants are summarized
as follows:
| |
|
Number
of Shares
|
|
|
Weighted
Average
Exercise
Price Per
Share
|
|
| Outstanding at December 31, 2013 |
|
|
2,430,000 |
|
|
$ |
1.00 |
|
| Issued |
|
|
1,475,000 |
|
|
|
0.25 |
|
| Exercised |
|
|
- |
|
|
|
- |
|
| Expired |
|
|
(1,275,000 |
) |
|
|
(1.00 |
) |
| Outstanding at December 31, 2014 |
|
|
2,630,000 |
|
|
$ |
0.58 |
|
| Issued |
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
| Canceled |
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2015 |
|
|
2,630,000 |
|
|
$ |
0.58 |
|
|
| Employee Options [Member] |
|
| Summary of the changes in options outstanding and the related prices |
The following table summarizes the changes
in employee options outstanding and the related prices for the shares of the Company's common stock issued to employees of the
Company under the 2014 Stock Option Plan:
| Options Outstanding |
|
|
Options Exercisable |
|
Exercise
Prices
|
|
|
Number
Outstanding
|
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Number
Exercisable
|
|
|
Weighted
Average
Exercise
Price
|
|
| $ |
0.10 |
|
|
|
10,000,000 |
|
|
|
3.88 |
|
|
$ |
0.10 |
|
|
|
10,000,000 |
|
|
$ |
0.10 |
|
|
| Transactions involving stock options issued to employees, Employee Options |
Transactions involving stock options issued
to employees are summarized as follows:
| |
|
Number
of Shares
|
|
|
Weighted
Average
Exercise
Price Per
Share
|
|
| Outstanding at December 31, 2013 |
|
|
9,000,000 |
|
|
$ |
0.015 |
|
| Granted |
|
|
15,000,000 |
|
|
|
0.100 |
|
| Exercised |
|
|
(9,000,000 |
) |
|
|
0.015 |
|
| Expired |
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2014 |
|
|
15,000,000 |
|
|
$ |
0.100 |
|
| Granted |
|
|
- |
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
|
|
| Canceled |
|
|
(5,000,000 |
) |
|
|
0.10 |
|
| Outstanding at December 31, 2015 |
|
|
10,000,000 |
|
|
$ |
0.100 |
|
|
| Non Employee Options [Member] |
|
| Summary of the changes in options outstanding and the related prices |
The following table summarizes the changes
in non-employee options outstanding and the related prices for the shares of the Company's common stock issued to non-employees
of the Company under the 2013 and 2014 Stock Option Plans:
| Options Outstanding |
|
|
Options Exercisable |
|
Exercise
Prices
|
|
|
Number
Outstanding
|
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Number
Exercisable
|
|
|
Weighted
Average
Exercise
Price
|
|
| $ |
0.045 |
|
|
|
3,500,000 |
|
|
|
4.56 |
|
|
$ |
0.045 |
|
|
|
3,500,000 |
|
|
$ |
0.045 |
|
| $ |
0.10 |
|
|
|
200,000 |
|
|
|
3.02 |
|
|
$ |
0.10 |
|
|
|
200,000 |
|
|
$ |
0.10 |
|
| $ |
0.15 |
|
|
|
1,000,000 |
|
|
|
4.53 |
|
|
$ |
0.15 |
|
|
|
1,000,000 |
|
|
$ |
0.15 |
|
| $ |
0.20 |
|
|
|
150,000 |
|
|
|
3.19 |
|
|
$ |
0.20 |
|
|
|
150,000 |
|
|
$ |
0.20 |
|
| |
|
|
|
|
4,850,000 |
|
|
|
4.45 |
|
|
$ |
0.07 |
|
|
|
4,850,000 |
|
|
|
|
|
|
| Transactions involving stock options issued to employees, Employee Options |
Transactions involving stock options issued
to non-employees are summarized as follows:
| |
|
Number
of Shares
|
|
|
Weighted
Average
Exercise
Price Per
Share
|
|
| Outstanding at December 31, 2013 |
|
|
2,750,000 |
|
|
$ |
0.015 |
|
| Granted |
|
|
150,000 |
|
|
|
0.200 |
|
| Exercised |
|
|
(2,550,000 |
) |
|
|
0.017 |
|
| Expired |
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2014 |
|
|
350,000 |
|
|
|
0.140 |
|
| Granted |
|
|
4,500,000 |
|
|
|
0.07 |
|
| Exercised |
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2015 |
|
|
4,850,000 |
|
|
$ |
0.07 |
|
|
| Assumptions used in the valuation of stock options |
The assumptions used in the valuation of stock
options granted during the years ended December 31, 2015 and 2014 were as follows:
| |
|
2015 |
|
|
2014 |
|
| Risk-free interest rate |
|
|
0.89% to 1.73% |
|
|
|
1.07% to 1.73% |
|
| Expected term of option |
|
|
3.95 to 5.00 years |
|
|
|
3.8 to 5.0 years |
|
| Expected stock price volatility |
|
|
145.90% to 226.04% |
|
|
|
205.83% to 226.04% |
|
| Expected dividend yield |
|
|
0.0% |
|
|
|
0.0% |
|
|