Quarterly report pursuant to Section 13 or 15(d)

Stock Option Plans (Tables)

v2.4.0.8
Stock Option Plans (Tables)
9 Months Ended
Sep. 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     (4,506 )                      
Forfeited     -                        
Outstanding September 30, 2014     27,752,315     $ 0.51     8.27     $ 2,712,885  
Exercisable September 30, 2014     23,762,946     $ 0.49     8.08     $ 2,712,885  

Schedule of Non-vested Shares Granted Under Stock Option Plan

A summary of the Company’s non-vested options for the nine-month period ended September 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     (23,762,946 )
Exercised     (4,506 )
Forfeited     -  
Non-vested at September 30, 2014     3,989,369  

Schedule of Fair Value Assumptions

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

 

    September 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