Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

v3.5.0.2
STOCK OPTIONS AND WARRANTS (Tables)
9 Months Ended
Sep. 30, 2016
Warrant [Member]  
Summary of stock option plan and warrants
    Number of
Shares
    Weighted
Average
Exercise
Price Per
Share
 
             
Outstanding at December 31, 2015     2,630,000     $ 0.58  
Issued     -       -  
Exercised     -       -  
Canceled     -       -  
Outstanding at September 30, 2016     2,630,000     $ 0.58  
Transactions involving stock option plan and warrants
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       2.15     $ 0.25       1,475,000       2.44  
  1.00       1,155,000       1.76       1.00       1,155,000       2.01  
$ 0.58       2,630,000       2.00     $ 0.58       2,630,000       2.25  
Stock Options [Member]  
Fair value of options
    September 30,
2016
 
Risk-free interest rate     1.13 %
Dividend yield     0 %
Stock price volatility     163.82 %
Expected life   5.75 years  
Weighted average grant date fair value   $ 0.019  
Summary of stock option plan and warrants
    Shares    

Weighted-Average

Exercise Price

   

Weighted-Average

Remaining

Contractual Term

   

Aggregate

Intrinsic Value

 
Outstanding at January 1, 2016     14,850,000     $ 0.09       4.4     $ -  
Grants     33,000,000       0.2       10.0       -  
Exercised     -                          
Expired     -               -       -  
Outstanding at September 30, 2016     47,850,000     $ 0.04       9.4     $ 623,700  
Exercisable at September 30, 2016     18,975,000     $ 0.08       8.1     $ 77,963  
Transactions involving stock option plan and warrants
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       9.75       4,125,000  
  0.0251-0.05     3,500,000       8.85       3,500,000  
  0.051 and up     11,350,000       7.55       11,350,000  
        47,850,000       9.15       18,975,000  
Stock Options [Member] | Extended options [Member]  
Fair value of options
    September 30,
2016
 
Risk-free interest rate   0.083 % to 1.62 %
Dividend yield     0 %
Stock price volatility     163.82 %
Expected life   3.42 to 9.10 years