Equity Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2016 |
|---|
| Equity [Abstract] |
|
| Schedule of Common Stock Activity |
The Companys common stock
activity for the six months ended June 30, 2016 is as follows:
| |
|
Shares |
|
| Outstanding at December 31, 2015 |
|
|
63,859,000 |
|
| Share adjustment |
|
|
(215,002 |
) |
| Share repurchases |
|
|
(8,311,324 |
) |
| Shares issued to vendors for services |
|
|
2,400,000 |
|
| Shares issued to board of directors for services |
|
|
500,000 |
|
| Shares issued from stock subscription |
|
|
20,422,222 |
|
| Outstanding at June 30, 2016 |
|
|
78,654,896 |
|
|
| Schedule of Fair Value Assumptions Using Black-Scholes Method |
The fair value of each share option
award on the date of grant is estimated using the Black-Scholes method based on the following weighted-average assumptions:
| |
|
3 Months Ended
June 30,
|
|
|
6 Months Ended
June 30,
|
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Risk-free interest rate |
|
|
1.22% - 1.24 |
% |
|
|
0.95 |
% |
|
|
1.22% - 1.24 |
% |
|
|
0.95 |
% |
| Expected term (years) |
|
|
1 2 years |
|
|
|
2 - 3 years |
|
|
|
1 2 years |
|
|
|
2 - 3 years |
|
| Expected volatility |
|
|
87.18% - 87.44 |
% |
|
|
81.80 |
% |
|
|
87.19% 88.68 |
% |
|
|
81.80 |
% |
| Expected dividend yield |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
| Schedule of Option Activity |
A summary of option activity for
the six months ended June 30, 2016 is presented below.
| |
|
Shares |
|
|
Weighted
Average
Exercise Price
|
|
|
Weighted
Average
Remaining
Contractual
Life
(in Years)
|
|
|
Aggregate
Intrinsic
Value
|
|
| Outstanding at December 31, 2015 |
|
|
8,300,000 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
4,400,000 |
|
|
|
0.09 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Forfeited or expired |
|
|
(1,100,000 |
) |
|
|
0.83 |
|
|
|
|
|
|
|
|
|
| Outstanding at June 30, 2016 |
|
|
11,600,000 |
|
|
$ |
0.36 |
|
|
|
1.60 |
|
|
$ |
1,276,000 |
|
| Vested and expected to vest at June 30, 2016 |
|
|
4,329,227 |
|
|
$ |
0.46 |
|
|
|
1.60 |
|
|
$ |
476,215 |
|
| Exercisable at March 31, 2016 |
|
|
4,329,227 |
|
|
$ |
0.46 |
|
|
|
1.60 |
|
|
$ |
476,215 |
|
|
| Schedule of Warrants |
The Company has the following warrants
as of June 30, 2016:
| |
|
|
Issuance Date |
|
Expiration Date |
|
Warrant Shares |
|
|
Exercise Price |
|
| Warrant #1 |
|
|
November 12, 2014 |
|
November 12, 2019 |
|
|
600,000 |
|
|
$ |
0.50 |
|
| Warrant #2 |
|
|
March 21, 2015 |
|
March 20, 2018 |
|
|
48,000 |
|
|
$ |
0.10 |
|
| Warrant #3 |
|
|
October 30, 2015 |
|
October 30, 2020 |
|
|
600,000 |
|
|
$ |
0.50 |
|
| Warrant #4 |
|
|
December 1, 2015 |
|
April 1, 2017 |
|
|
9,719,879 |
|
|
$ |
0.07 |
|
| Warrant #5 |
|
|
April 4, 2016 |
|
October 30, 2020 |
|
|
600,000 |
|
|
$ |
0.50 |
|
| Warrant #6 |
|
|
April 4, 2016 |
|
April 4, 2019 |
|
|
2,452,325 |
|
|
$ |
0.07 |
|
| Warrant #7 |
|
|
April 4, 2016 |
|
April 4, 2019 |
|
|
2,429,530 |
|
|
$ |
0.07 |
|
| Outstanding at June 30, 2016 |
|
|
|
|
16,449,734 |
|
|
|
|
|
|