Stock Option Plans (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| 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, 2016 |
|
|
34,167,354 |
|
|
$ |
0.47 |
|
|
|
6.57 |
|
|
$ |
974,066 |
|
| Exercisable January 1, 2016 |
|
|
34,167,354 |
|
|
$ |
0.47 |
|
|
|
6.57 |
|
|
$ |
974,066 |
|
| Canceled |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
6,156,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(3,501,965 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2016 |
|
|
36,821,969 |
|
|
$ |
0.41 |
|
|
|
5.94 |
|
|
$ |
301,273 |
|
| Exercisable December 31, 2016 |
|
|
36,771,969 |
|
|
$ |
0.41 |
|
|
|
5.94 |
|
|
$ |
299,273 |
|
| Canceled |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
961,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(145,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding September 30, 2017 |
|
|
37,638,427 |
|
|
$ |
0.41 |
|
|
|
5.30 |
|
|
$ |
5,168,809 |
|
| Exercisable September 30, 2017 |
|
|
36,838,427 |
|
|
$ |
0.41 |
|
|
|
5.20 |
|
|
$ |
5,168,809 |
|
|
| Schedule of Non-vested Shares Granted Under Stock Option Plan |
A summary of the Company’s
non-vested options for the nine-months ended September 30, 2017 and year ended December 31, 2016 are presented below:
| Non-vested at January 1, 2016 |
|
- |
|
| Granted |
|
|
6,156,580 |
|
| Vested |
|
|
(6,106,580 |
) |
| Forfeited |
|
|
- |
|
| Non-vested at December 31, 2016 |
|
|
50,000 |
|
| Granted |
|
|
961,458 |
|
| Vested |
|
|
(161,458 |
) |
| Forfeited |
|
|
- |
|
| Non-vested at September 30, 2017 |
|
|
800,000 |
|
|
| Schedule of Fair Value Assumptions |
The range of fair value assumptions
related to options issued were as follows for the periods ended:
| |
|
September 30, 2017 |
|
|
December 31, 2016 |
|
| |
|
(Unaudited) |
|
|
|
|
| Dividend yield |
|
|
0.0% |
|
|
|
0.0% |
|
| Risk-free rate |
|
|
1.89% - 2.07% |
|
|
|
0.80% - 1.03% |
|
| Expected volatility |
|
|
221% - 232% |
|
|
|
141% - 225% |
|
| Expected term |
|
|
5 - 7 years |
|
|
|
5 years |
|
|
| Schedule of Recognized Stock Based Compensation Expense |
The Company recognized stock
based compensation expense related to options during the:
| |
|
Three-months ended September 30 |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
Number |
|
|
Amount |
|
|
Number |
|
|
Amount |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| In lieu of accrued salaries |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
| In lieu of accrued fees for services |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Compensation for services |
|
|
- |
|
|
|
- |
|
|
|
25,000 |
|
|
|
1,750 |
|
| Director compensation |
|
|
- |
|
|
|
- |
|
|
|
27,778 |
|
|
|
4,167 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
- |
|
|
$ |
- |
|
|
|
52,778 |
|
|
$ |
5,917 |
|
| |
|
Nine-months ended September 30 |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
Number |
|
|
Amount |
|
|
Number |
|
|
Amount |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| In lieu of accrued salaries |
|
|
- |
|
|
$ |
- |
|
|
|
3,796,385 |
|
|
$ |
227,784 |
|
| In lieu of accrued fees for services |
|
|
- |
|
|
|
- |
|
|
|
1,107,417 |
|
|
|
66,445 |
|
| Compensation for services |
|
|
50,000 |
|
|
|
3,500 |
|
|
|
25,000 |
|
|
|
1,750 |
|
| Director compensation |
|
|
161,458 |
|
|
|
25,000 |
|
|
|
1,069,445 |
|
|
|
66,667 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
211,458 |
|
|
$ |
28,500 |
|
|
|
5,998,247 |
|
|
$ |
362,646 |
|
|