Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

Warrants (Tables)

3 Months Ended

Mar. 31, 2017

The following is a summary of the Company’s warrant activity:

						Weighted average
				Weighted average		remaining contractual		Aggregate intrinsic
	Warrants			exercise price		term in years		value
Outstanding January 1, 2016		47,003,962		$	0.46		3.49	$	2,579,541
Exercisable January 1, 2016		47,003,962		$	0.46		3.49	$	2,579,541
Canceled		-
Granted		42,037,500
Exercised		-
Forfeited		(676,426	)
Outstanding December 31, 2016		88,365,036		$	0.30		3.50	$	543,770
Exercisable December 31, 2016		88,365,036		$	0.30		3.50	$	543,770
Canceled		-
Granted		7,129,166
Exercised		-
Forfeited		(289,145	)
Outstanding March 31, 2017		95,205,057		$	0.28		3.38	$	4,329,366
Exercisable March 31, 2017		95,205,057		$	0.28		3.38	$	4,329,366

Schedule of Fair Value Assumptions Related to Warrants Outstanding

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

	March 31, 2017			December 31, 2016
	(Unaudited)
Dividend yield		0.0	%		0.0	%
Risk-free rate		0.12% - 0.86	%		0.12% - 0.86	%
Expected volatility		102% - 159	%		102% - 159	%
Expected term		1.0 - 2.5 years			1.0 - 2.5 years

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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