| 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 |
|
|
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, 2012 |
|
|
17,933,091 |
|
|
$ |
0.07 |
|
|
|
4.17 |
|
|
$ |
358,662 |
|
| Exercisable January 1, 2012 |
|
|
16,602,622 |
|
|
$ |
0.07 |
|
|
|
4.05 |
|
|
$ |
332,052 |
|
| Granted |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(2,642,605 |
) |
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2012 |
|
|
15,290,486 |
|
|
$ |
0.07 |
|
|
|
3.89 |
|
|
$ |
305,810 |
|
| Exercisable December 31, 2012 |
|
|
14,524,861 |
|
|
$ |
0.07 |
|
|
|
3.75 |
|
|
$ |
290,497 |
|
| 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 |
|
|
| Schedule of Nonvested 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 |
|
|
A summary of the Company’s non-vested options
for the years ended December 31, 2013 and 2012, is presented below:
| |
|
2013 |
|
|
2012 |
|
| Non-vested at January 1, |
|
|
765,625 |
|
|
|
1,330,469 |
|
| Granted |
|
|
- |
|
|
|
- |
|
| Vested |
|
|
(765,625 |
) |
|
|
(564,844 |
) |
| Forfeited |
|
|
- |
|
|
|
- |
|
| Non-vested at December 31, |
|
|
- |
|
|
|
765,625 |
|
|
| 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 |
|
|
The range of fair value assumptions
related to options outstanding as of December 31, 2013 and 2012, were as follows:
| |
|
2013 |
|
|
2012 |
|
| Dividend yield |
|
|
0.0% |
|
|
|
0.0% |
|
| Risk-free rate |
|
|
0.92% - 5.15% |
|
|
|
0.92% - 5.15% |
|
| Expected volatility |
|
|
116% - 170% |
|
|
|
116% - 170% |
|
| Expected term |
|
|
2.5 - 7.5 years |
|
|
|
2.5 - 7.5 years |
|
|