Annual report pursuant to Section 13 and 15(d)

Stockholders' (Deficit) (Tables)

v3.3.1.900
Stockholders' (Deficit) (Tables)
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
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