Annual report pursuant to Section 13 and 15(d)

Stock Option Plans (Tables)

v3.7.0.1
Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Activity

A summary of stock option activity is as follows:

 

    Options     Weighted average exercise price     Weighted average remaining contractual term in years     Aggregate intrinsic value  
Outstanding January 1, 2015     27,752,315     $ 0.51       8.02     $ 1,963,523  
Exercisable January 1, 2015     26,156,553     $ 0.50       7.95     $ 1,962,239  
Canceled     -                          
Granted     6,456,890                          
Exercised     (41,851 )                        
Forfeited     -                          
Outstanding December 31, 2015     34,167,354     $ 0.47       6.57     $ 974,066  
Exercisable December 31, 2015     34,167,354     $ 0.47       6.57     $ 974,066  
Canceled     -                          
Granted     6,156,580                          
Exercised     -                          
Forfeited     (3,501,965 )                        
Outstanding December 31, 2016     36,821,969     $ 0.41       5.94     $ 301,273  
Exercisable December 31, 2016     36,771,969     $ 0.41       5.94     $ 299,273  

Schedule of Non-vested Shares Granted Under Stock Option Plan

A summary of the Company’s non-vested options for the year ended December 31, 2016 and 2015, are presented below:

 

Non-vested at January 1, 2015     1,595,762  
Granted     6,456,890  
Vested     (8,052,652 )
Forfeited     -  
Non-vested at December 31, 2015     -  
Granted     6,156,580  
Vested     (6,106,580 )
Forfeited     -  
Non-vested at December 31, 2016     50,000  

Schedule of Fair Value Assumptions

The range of fair value assumptions related to options outstanding were as follows as of December 31:

 

    2016     2015  
Dividend yield     0.0 %     0.0 %
Risk-free rate     0.12% - 1.47 %     0.12% - 1.47 %
Expected volatility     112% - 225  %     112% - 170 %
Expected term     1.1 - 5.5 years       1.1 - 5.5 years