Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND WARRANTS

v3.7.0.1
STOCK OPTIONS AND WARRANTS
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Note 13 - STOCK OPTIONS AND WARRANTS

Options

 

The following table summarizes the stock option activity for the three months ended March 31, 2017:

 

    Shares    

Weighted-Average

Exercise Price

   

Weighted-Average

Remaining

Contractual Term

   

Aggregate

Intrinsic Value

 
Outstanding at December 31, 2016     47,850,000     $ 0.04       8.9     $ 326,700  
Grants     -                          
Exercised     -                          
Expired     -               -       -  
Outstanding at March 31, 2017     47,850,000     $ 0.04       8.6     $ 5,070,800  
Exercisable at March 31, 2017     27,225,000     $ 0.06       8.0     $ 2,432,863  

 

The aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on options with an exercise price less than the Company's stock price of $0.148 as of March 31, 2017, which would have been received by the option holders had those option holders exercised their options as of that date.

 

The following table presents information related to stock options at March 31, 2017:

  

Options Outstanding     Options Exercisable  
              Weighted        
              Average     Exercisable  
  Exercise     Number of     Remaining Life     Number of  
  Price     Options     In Years     Options  
                       
 $ 0.01-0.025       33,000,000       9.21       12,375,000  
  0.0251-0.05       3,500,000       8.31       3,500,000  
  0.051       11,350,000       7.09       11,350,000  
          47,850,000       8.64       27,225,000  

 

The stock-based compensation expense related to option grants was $78,535 and $-0- during the three months ended March 31, 2017 and 2016, respectively.

 

As of March 31, 2017, stock-based compensation related to options of $366,498 remains unamortized and is expected to be amortized over the weighted average remaining period of 1.25 years.

 

Warrants:

 

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       1.65     $ 0.25       1,475,000       2.44  
  1.00       1,155,000       1.24       1.00       1,155,000       2.01  
$ 0.58       2,630,000       1.50     $ 0.58       2,630,000       2.25  

 

The following table summarizes the warrant activity for the three months ended March 31, 2017:

 

    Number of
Shares
    Weighted
Average
Exercise
Price Per
Share
 
Outstanding at December 31, 2016     2,630,000     $ 0.58  
Issued     -       -  
Exercised     -       -  
Canceled     -       -  
Outstanding at March 31, 2017     2,630,000     $ 0.58