|
STOCK OPTIONS AND WARRANTS (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Assumptions used in the valuation of stock options |
The assumptions used in the valuation of stock
options granted during the years ended December 31, 2014 and 2013 were as follows:
| |
|
2014 |
|
|
2013 |
|
| Risk-free interest rate |
|
|
1.07% to 1.73 |
% |
|
|
1.39% to 1.75 |
% |
| Expected term of option |
|
|
3.8 to 5.00 years |
|
|
|
4.8 to 5.0 years |
|
| Expected stock price volatility |
|
|
205.83% to 226.04 |
% |
|
|
237.24% to 240.94 |
% |
| Expected dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
| 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 |
|
|
|
3.94 |
|
|
$ |
0.25 |
|
|
|
1,475,000 |
|
|
|
3.94 |
|
| |
1.00 |
|
|
1,155,000 |
|
|
|
3.51 |
|
|
|
1.00 |
|
|
|
1,155,000 |
|
|
|
3.51 |
|
| $ |
0.58 |
|
|
2,630,000 |
|
|
|
3.75 |
|
|
$ |
0.58 |
|
|
|
2,630,000 |
|
|
|
3.75 |
|
|
| 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, 2012 |
|
|
- |
|
|
$ |
- |
|
| Issued |
|
|
2,430,000 |
|
|
|
1.00 |
|
| Exercised |
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2013 |
|
|
2,430,000 |
|
|
$ |
1.00 |
|
| Issued |
|
|
1,475,000 |
|
|
|
0.25 |
|
| Exercised |
|
|
- |
|
|
|
- |
|
| Canceled |
|
|
(1,275,000 |
) |
|
|
(1.00 |
) |
| Outstanding at December 31, 2014 |
|
|
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 |
|
|
15,000,000 |
|
|
|
4.88 |
|
|
$ |
0.10 |
|
|
|
15,000,000 |
|
|
$ |
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, 2012 |
|
|
9,000,000 |
|
|
$ |
0.015 |
|
| Granted |
|
|
9,000,000 |
|
|
|
0.015 |
|
| Exercised |
|
|
(9,000,000 |
) |
|
|
0.015 |
|
| Expired |
|
|
- |
|
|
|
- |
|
| 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 |
|
|
| 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 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 |
|
|
|
3.77 |
|
|
$ |
0.10 |
|
|
|
200,000 |
|
|
$ |
0.10 |
|
| |
0.20 |
|
|
150,000 |
|
|
|
4.19 |
|
|
|
0.20 |
|
|
|
138,000 |
|
|
|
0.20 |
|
| |
|
|
|
350,000 |
|
|
|
3.95 |
|
|
|
0.14 |
|
|
|
338,000 |
|
|
|
|
|
|
| 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, 2012 |
|
|
- |
|
|
$ |
- |
|
| Granted |
|
|
2,750,000 |
|
|
|
0.015 |
|
| Exercised |
|
|
- |
|
|
|
- |
|
| Expired |
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2013 |
|
|
2,750,000 |
|
|
|
0.015 |
|
| Granted |
|
|
150,000 |
|
|
|
0.20 |
|
| Exercised |
|
|
(2,550,000 |
) |
|
|
0.017 |
|
| Expired |
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2014 |
|
|
350,000 |
|
|
$ |
0.14 |
|
|