| 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 |
|
|
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 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 |
|
|
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 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 |
|
|
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 |
|
|