Quarterly report pursuant to Section 13 or 15(d)

Stock Option Plans (Tables)

v2.4.0.8
Stock Option Plans (Tables)
6 Months Ended
Jun. 30, 2014
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, 2013       15,290,486     $ 0.07       3.89     $ 358,662  
Exercisable January 1, 2013       14,524,861     $ 0.07       3.75     $ 332,052  
Granted       -                          
Exercised       -                          
Forfeited       -                          
Outstanding December 31, 2013       15,290,486     $ 0.07       3.89     $ 305,810  
Exercisable December 31, 2013       15,290,486     $ 0.07       3.89     $ 305,810  
Canceled       (15,290,486 )                        
Granted       27,756,821                          
Exercised       -                          
Forfeited       -                          
Outstanding June 30, 2014       27,756,821     $ 0.51       8.52     $ 2,710,564  
Exercisable June 30, 2014       21,373,845     $ 0.47       6.31     $ 2,710,564  

Schedule of Non-vested Shares Granted Under Stock Option Plan

A summary of the Company’s non-vested options for the six-month period ended June 30, 2014, and for the year ended December 31, 2013, is presented below:

 

Non-vested at January 1, 2013       765,625  
Granted       -  
Vested       (765,625 )
Forfeited       -  
Non-vested at December 31, 2013       -  
Granted       27,756,821  
Vested       (21,373,845 )
Forfeited       -  
Non-vested at June 30, 2014       6,382,976  

Schedule of Fair Value Assumptions

The range of fair value assumptions related to options outstanding as of June 30, 2014, and December 31, 2013, were as follows:

 

    June 30, 2014     December 31, 2013  
Dividend yield     0.0%       0.0%  
Risk-free rate       0.12% - 1.47%       0.92% - 5.15%  
Expected volatility        116% - 170%       116% - 170%  
Expected term     1.1  - 5.5 years       2.5  - 7.5 years