Quarterly report pursuant to Section 13 or 15(d)

Stock Option Plans (Tables)

v3.5.0.2
Stock Option Plans (Tables)
9 Months Ended
Sep. 30, 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     6,073,247                          
Exercised     -       -                  
Forfeited     (3,501,965 )                        
Outstanding September 30, 2016     36,738,636     $ 0.41       6.19     $ 89,682  
Exercisable September 30, 2016     36,663,636     $ 0.41       6.20     $ 89,307  

Schedule of Non-vested Shares Granted Under Stock Option Plan

A summary of the Company’s non-vested options for the nine-months ended September 30, 2016 and year ended December 31, 2015, are presented below:

 

Non-vested at January 1, 2015     1,595,762  
Granted     6,456,890  
Vested     (8,010,801 )
Exercised     (41,851 )
Forfeited     -  
Non-vested at December 31, 2015     -  
Granted     6,073,247  
Vested     (5,998,247 )
Exercised     -  
Forfeited     -  
Non-vested at September 30, 2016     75,000  

Schedule of Fair Value Assumptions

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

 

    September 30, 2016     December 31, 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