| 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, 2014 |
|
|
|
15,290,486 |
|
|
$ |
0.07 |
|
|
|
3.89 |
|
|
$ |
358,662 |
|
| Exercisable January 1, 2014 |
|
|
|
15,290,486 |
|
|
$ |
0.07 |
|
|
|
3.89 |
|
|
$ |
305,810 |
|
| Canceled |
|
|
|
(15,290,486 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
|
27,756,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
|
(4,506 ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2014 |
|
|
|
27,752,315 |
|
|
$ |
0.51 |
|
|
|
8.02 |
|
|
$ |
1,963,523 |
|
| Exercisable December 31, 2014 |
|
|
|
26,156,553 |
|
|
$ |
0.50 |
|
|
|
7.95 |
|
|
$ |
1,962,239 |
|
| Canceled |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
|
4,652,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding June 30, 2015 |
|
|
|
32,404,391 |
|
|
$ |
0.47 |
|
|
|
7.16 |
|
|
$ |
309,827 |
|
| Exercisable June 30, 2015 |
|
|
|
32,404,391 |
|
|
$ |
0.47 |
|
|
|
7.16 |
|
|
$ |
309,827 |
|
|
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 December 31, 2014 |
|
|
27,752,315 |
|
|
$ |
0.51 |
|
|
|
8.02 |
|
|
$ |
1,963,523 |
|
| Exercisable December 31, 2014 |
|
|
26,156,553 |
|
|
$ |
0.50 |
|
|
|
7.95 |
|
|
$ |
1,962,239 |
|
|
| Schedule of Non-vested Shares Granted Under Stock Option Plan |
A summary of the Company’s
non-vested options for the six-months ended June 30, 2015 and year ended December 31, 2014, is presented below:
| Non-vested at January 1, 2014 |
|
|
|
- |
|
| Granted |
|
|
|
27,756,821 |
|
| Vested |
|
|
|
(26,156,553 |
) |
| Exercised |
|
|
|
(4,506 |
) |
| Forfeited |
|
|
|
- |
|
| Non-vested at December 31, 2014 |
|
|
|
1,595,762 |
|
| Granted |
|
|
|
4,652,076 |
|
| Vested |
|
|
|
(6,247,838 |
) |
| Exercised |
|
|
|
- |
|
| Forfeited |
|
|
|
- |
|
| Non-vested at June 30, 2015 |
|
|
|
- |
|
|
A summary of the Company’s
non-vested options for the years ended December 31, 2014 and 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 |
|
|
(26,156,553 |
) |
| Exercised |
|
|
(4,506 |
) |
| Forfeited |
|
|
- |
|
| Non-vested at December 31, 2014 |
|
|
1,595,762 |
|
|
| Schedule of Fair Value Assumptions |
The range of fair value assumptions
related to options outstanding as of June 30, 2015 and December 31, 2014, were as follows:
| |
|
June 30, 2015 |
|
|
December 31, 2014 |
|
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Risk-free rate |
|
|
0.12% - 1.47% |
|
|
|
0.12% - 1.47% |
|
| Expected volatility |
|
|
112% - 170% |
|
|
|
112% - 170% |
|
| Expected term |
|
|
1.1 - 5.5 years |
|
|
|
1.1 - 5.5 years |
|
|
The range of fair value assumptions
related to options outstanding as of December 31, 2014 and 2013, were as follows:
| |
|
December 31, 2014 |
|
|
December 31, 2013 |
|
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Risk-free rate |
|
|
0.12% - 1.47 |
% |
|
|
0.92% - 5.15 |
% |
| Expected volatility |
|
|
112% - 170 |
% |
|
|
116% - 170 |
% |
| Expected term |
|
|
1.1 - 5.5 years |
|
|
|
2.5 - 7.5 years |
|
|