STOCK OPTIONS AND WARRANTS (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Warrant [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 |
|
|
|
3.19 |
|
|
$ |
0.25 |
|
|
|
1,475,000 |
|
|
|
3.19 |
|
| |
1.00 |
|
|
1,155,000 |
|
|
|
2.76 |
|
|
|
1.00 |
|
|
|
1,155,000 |
|
|
|
3.76 |
|
| $ |
0.58 |
|
|
2,630,000 |
|
|
|
3.00 |
|
|
$ |
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 September 30, 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 non-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 |
|
|
|
4.13 |
|
|
$ |
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 September 30, 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 |
|
|
|
4.81 |
|
|
$ |
0.045 |
|
|
|
3,500,000 |
|
|
$ |
0.045 |
|
| $ |
0.10 |
|
|
200,000 |
|
|
|
3.02 |
|
|
$ |
0.10 |
|
|
|
200,000 |
|
|
$ |
0.10 |
|
| $ |
0.20 |
|
|
150,000 |
|
|
|
3.44 |
|
|
$ |
0.20 |
|
|
|
150,000 |
|
|
$ |
0.20 |
|
| |
|
|
|
3,850,000 |
|
|
|
4.66 |
|
|
$ |
0.10 |
|
|
|
3,850,000 |
|
|
|
|
|
|
| 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 |
|
|
3,500,000 |
|
|
|
0.045 |
|
| Exercised |
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
| Outstanding at September 30, 2015 |
|
|
3,850,000 |
|
|
$ |
0.14 |
|
|
| Assumptions used in the valuation of stock options |
The assumptions used in the valuation of stock
options vesting during the nine months ended September 30, 2015 and 2014 were as follows:
| |
|
2015 |
|
|
2014 |
|
| Risk-free interest rate |
|
0.89% to 1.72 |
% |
|
1.07% to 1.73 |
% |
| Expected term of option |
|
3.95 to 5.00 years |
|
|
4.27 to 4.70 years |
|
| Expected stock price volatility |
|
151.39% to 164.63 |
% |
|
205.83% to 226.04 |
% |
| Expected dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|