Quarterly report pursuant to Section 13 or 15(d)

Stock Option Plans (Tables)

v3.4.0.3
Stock Option Plans (Tables)
3 Months Ended
Mar. 31, 2016
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, 2015     27,752,315     $ 0.51       8.02     $ 1,963,523  
Exercisable January 1, 2015     26,156,553     $ 0.50       7.95     $ 1,962,239  
Canceled     -                          
Granted     6,456,890                          
Exercised     (41,851 )                        
Forfeited     -                          
Outstanding December 31, 2015     34,167,354     $ 0.47       6.57     $ 974,066  
Exercisable December 31, 2015     34,167,354     $ 0.47       6.57     $ 974,066  
Canceled     -                          
Granted     5,945,469                          
Exercised     -       -                  
Forfeited     -                          
Outstanding March 31, 2016     40,112,823     $ 0.41       6.13     $ 2,222,614  
Exercisable March 31, 2016     40,112,823     $ 0.41       6.13     $ 2,222,614  

Schedule of Non-vested Shares Granted Under Stock Option Plan

A summary of the Company’s non-vested options for the three-months ended March 31, 2016 and year ended December 31, 2015, are presented below:

 

Non-vested at January 1, 2015   1,595,762  
Granted   6,456,890  
Vested   (8,010,801 )
Exercised   (41,851 )
Forfeited   -  
Non-vested at December 31, 2015   -  
Granted   5,945,469  
Vested   (5,945,469 )
Exercised   -  
Forfeited   -  
Non-vested at March 31, 2016   -  

Schedule of Fair Value Assumptions

The range of fair value assumptions related to options outstanding were as follows:

 

    March 31, 2016     December 31, 2015  
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