Annual report pursuant to Section 13 and 15(d)

Stock Option Plans (Tables)

v3.8.0.1
Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 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     2,161,458                          
Exercised     (770,000 )                        
Forfeited     -                          
Outstanding December 31, 2017     38,213,427     $ 0.41       5.23     $ 562,456  
Exercisable December 31, 2017     36,213,427     $ 0.41       4.98     $ 562,456  

Schedule of Non-vested Shares Granted Under Stock Option Plan

A summary of the Company’s non-vested options for the years ended December 31, 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     2,161,458  
Vested     (211,458 )
Forfeited     -  
Non-vested at December 31, 2017     2,000,000  

Schedule of Fair Value Assumptions

The range of fair value assumptions related to options issued outstanding were as follows for the years ended December 31:

 

    2017     2016  
Dividend yield     0.0 %     0.0 %
Risk-free rate     1.89% - 2.26 %     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:

 

    Years ended December 31  
    2017     2016  
    Number     Amount     Number     Amount  
                         
In lieu of accrued salaries     -     $ -       3,796,385     $ 227,784  
In lieu of accrued fees for outside services     -       -       1,107,417       66,445  
Compensation for outside services     50,000       3,500       50,000       3,500  
Employee compensation (unvested)     2,000,000       33,271       -       -  
Director compensation     161,458       25,000       1,152,778       79,167  
                                 
Total     2,211,458     $ 61,771       6,106,580     $ 376,896