Note 15 - STOCK OPTIONS AND WARRANTS |
Employee
Options
The
following table summarizes the changes in employee options outstanding and the related prices for the shares of the Companys
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 |
|
|
15,000,000 |
|
|
|
4.38 |
|
|
$ |
0.10 |
|
|
|
15,000,000 |
|
|
$ |
0.10 |
|
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 |
|
|
- |
|
|
|
|
|
Expired |
|
|
- |
|
|
|
- |
|
Outstanding at
June 30, 2015 |
|
|
15,000,000 |
|
|
$ |
0.100 |
|
The
intrinsic value of the vested employee stock options as of June 30, 2015 was $-0- based on the Companys stock price of
$0.044 per share at June 30, 2015.
Non-employee
options
The
following table summarizes the changes in non-employee options outstanding and the related prices for the shares of the Companys
common stock issued to non-employees of the Company under the 2013 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 |
|
|
200,000 |
|
|
|
3.27 |
|
|
$ |
0.10 |
|
|
|
200,000 |
|
|
$ |
0.10 |
|
|
0.20 |
|
|
150,000 |
|
|
|
3.69 |
|
|
|
0.20 |
|
|
|
150,000 |
|
|
|
0.20 |
|
|
|
|
|
350,000 |
|
|
|
3.45 |
|
|
|
0.14 |
|
|
|
350,000 |
|
|
|
|
|
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 |
|
|
|
0.0140 |
|
Granted |
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
Expired |
|
|
- |
|
|
|
- |
|
Outstanding at
June 30, 2015 |
|
|
350,000 |
|
|
$ |
0.14 |
|
The
assumptions used in the valuation of stock options vesting during the six months ended June 30, 2015 and 2014 were as follows:
|
|
2015 |
|
|
2014 |
|
Risk-free
interest rate |
|
|
0.89 |
% |
|
|
1.62% to 1.73 |
% |
Expected term
of option |
|
|
3.95 years |
|
|
|
4.27 to 4.70 years |
|
Expected stock
price volatility |
|
|
164.63 |
% |
|
|
205.83% to 226.04 |
% |
Expected dividend
yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
The
risk-free interest rate is based on the yield of Daily U.S. Treasury Yield Curve Rates with terms equal to the expected term of
the options as of the grant date.
The
intrinsic value of the vested non- employee stock options as of June 30, 2015 was $-0- based on the Companys stock price
of $0.044 per share at June 30, 2015.
Warrants:
The
following table summarizes the changes in warrants outstanding and the related prices for the shares of the Companys 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 |
|
|
|
3.44 |
|
|
$ |
0.25 |
|
|
|
1,475,000 |
|
|
|
3.94 |
|
|
1.00 |
|
|
1,155,000 |
|
|
|
3.01 |
|
|
|
1.00 |
|
|
|
1,155,000 |
|
|
|
3.51 |
|
$ |
0.58 |
|
|
2,630,000 |
|
|
|
3.25 |
|
|
$ |
0.58 |
|
|
|
2,630,000 |
|
|
|
3.75 |
|
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
June 30, 2015 |
|
|
2,630,000 |
|
|
$ |
0.58 |
|
|