| Schedule of Assumption Used |
In connection with
the Series K Warrants, we calculated the fair value of the warrants received as described above using the Black- Scholes formula
with the below assumptions:
| Assumptions |
|
Series K
Warrants
December 12, 2013 |
|
|
Series K
Warrants
January 29, 2014 |
|
|
Series K
Warrants
February 28, 2014 |
|
|
Series K
Warrants
June 30, 2014 |
|
|
Series K
Warrants
November 12, 2014 |
|
| Contractual life (in months) |
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
| Expected volatility |
|
|
136.1 |
|
|
|
152.4 |
|
|
|
152.7 |
|
|
|
153.9 |
|
|
|
153.9 |
|
| Risk-free interest rate |
|
|
0.39 |
% |
|
|
0.39 |
% |
|
|
0.39 |
% |
|
|
0.90 |
% |
|
|
0.90 |
% |
| Exercise price |
|
$ |
0.3125 |
|
|
$ |
0.3125 |
|
|
$ |
0.425 |
|
|
$ |
0.375 |
|
|
$ |
0.3125 |
|
| Fair value per warrant |
|
$ |
0.20 |
|
|
$ |
0.30 |
|
|
$ |
0.37 |
|
|
$ |
0.29 |
|
|
$ |
0.23 |
|
|
| Schedule of Concerning Options and Warrants Outstanding and Exercisable |
The following tables
summarize information concerning options and warrants outstanding and exercisable:
| |
|
Stock Options |
|
|
Warrants |
|
|
Total |
|
| |
|
Shares |
|
|
Weighted Average price per share |
|
|
Shares |
|
|
Weighted Average price per share |
|
|
Shares |
|
|
Exercisable |
|
| Balance outstanding, January 1, 2014 |
|
|
1,771,708 |
|
|
$ |
0.71 |
|
|
|
15,012,327 |
|
|
$ |
0.57 |
|
|
|
16,784,035 |
|
|
|
16,611,528 |
|
| Granted |
|
|
1,675,500 |
|
|
|
0.30 |
|
|
|
8,903,000 |
|
|
|
0.38 |
|
|
|
10,578,500 |
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
(4,208,658 |
) |
|
|
0.25 |
|
|
|
(4,208,658 |
) |
|
|
|
|
| Expired |
|
|
(10,000 |
) |
|
|
1.00 |
|
|
|
(524,468 |
) |
|
|
0.74 |
|
|
|
(534,468 |
) |
|
|
|
|
| Forfeited |
|
|
(30,958 |
) |
|
|
0.71 |
|
|
|
- |
|
|
|
- |
|
|
|
(30,958 |
) |
|
|
|
|
| Balance outstanding, December 31, 2014 |
|
|
3,406,250 |
|
|
$ |
0.51 |
|
|
|
19,182,201 |
|
|
$ |
0.49 |
|
|
|
22,588,451 |
|
|
|
20,858,111 |
|
| Granted |
|
|
2,500,000 |
|
|
|
0.40 |
|
|
|
10,837,141 |
|
|
|
0.40 |
|
|
|
13,401,426 |
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
| Expired |
|
|
(205,000 |
) |
|
|
1.00 |
|
|
|
(791,678 |
) |
|
|
0.31 |
|
|
|
(996,678 |
) |
|
|
|
|
| Forfeited |
|
|
(130,000 |
) |
|
|
0.70 |
|
|
|
- |
|
|
|
- |
|
|
|
(130,000 |
) |
|
|
|
|
| Balance outstanding, December 31, 2015 |
|
|
5,571,250 |
|
|
$ |
0.44 |
|
|
|
29,227,664 |
|
|
$ |
0.44 |
|
|
|
34,863,199 |
|
|
|
31,664,469 |
|
|
| Schedule of Share-based Compensation Stock Option Plans by Exercise Price Range |
The weighted average
fair value of options issued on their grant dates was $0.27 for the year ended December 31, 2015.
| |
|
Options Outstanding |
|
|
Options Exercisable |
|
| |
|
|
|
|
Weighted Average |
|
|
|
|
|
Weighted Average |
|
| Range of Exercise Prices |
|
Number of Options |
|
|
Remaining Contractual Life (Years) |
|
|
Exercise Price |
|
|
Number of Options |
|
|
Remaining Contractual Life (Years) |
|
|
Exercise Price |
|
| $0.30 - $0.39 |
|
|
1,675,500 |
|
|
|
8.7 |
|
|
$ |
0.30 |
|
|
|
986,612 |
|
|
|
8.7 |
|
|
$ |
0.30 |
|
| 0.40 - 0.49 |
|
|
2,811,000 |
|
|
|
9.7 |
|
|
|
0.40 |
|
|
|
311,000 |
|
|
|
7.4 |
|
|
|
0.40 |
|
| 0.50 - 0.59 |
|
|
226,250 |
|
|
|
6.6 |
|
|
|
0.50 |
|
|
|
226,250 |
|
|
|
6.6 |
|
|
|
0.50 |
|
| 0.60 - 0.69 |
|
|
402,500 |
|
|
|
4.1 |
|
|
|
0.60 |
|
|
|
392,658 |
|
|
|
4.1 |
|
|
|
0.60 |
|
| 0.70 - 1.25 |
|
|
456,000 |
|
|
|
2.1 |
|
|
|
1.00 |
|
|
|
456,000 |
|
|
|
2.1 |
|
|
|
1.00 |
|
| $0.30 - $1.25 |
|
|
5,571,250 |
|
|
|
8.3 |
|
|
$ |
0.44 |
|
|
|
2,372,520 |
|
|
|
6.3 |
|
|
$ |
0.52 |
|
|