Equity Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Equity [Abstract] |
|
| Schedule of Common Stock Activity |
The Companys common
stock activity for the nine months ended September 30, 2016 is as follows:
| |
|
Shares |
|
| Outstanding at December 31, 2015 |
|
|
63,859,000 |
|
| Share repurchases |
|
|
(8,311,324 |
) |
| Shares issued to vendors for services |
|
|
3,811,667 |
|
| Shares issued to board of directors for services |
|
|
1,150,000 |
|
| Shares issued from stock subscription |
|
|
32,135,556 |
|
| Outstanding at September 30, 2016 |
|
|
92,644,899 |
|
|
| 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
September 30,
|
|
|
9 Months Ended
September 30,
|
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Risk-free interest rate |
|
|
1.22 |
% |
|
|
1.07 |
% |
|
|
1.22% - 1.24% |
|
|
|
1.07% - 1.65% |
|
| Expected term (years) |
|
|
1 2 years |
|
|
|
2 - 3 years |
|
|
|
1 2 years |
|
|
|
2 - 3 years |
|
| Expected volatility |
|
|
87.18% 153.07% |
|
|
|
81.80 |
% |
|
|
87.19% 153.07% |
|
|
|
81.80 |
% |
| Expected dividend yield |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
| Schedule of Option Activity |
A summary of option activity
for the nine months ended September 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 |
|
|
7,656,250 |
|
|
$ |
0.66 |
|
|
|
4.03 |
|
|
|
|
|
| Granted |
|
|
5,610,000 |
|
|
|
0.09 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Forfeited or expired |
|
|
(1,672,917 |
) |
|
|
0.93 |
|
|
|
|
|
|
|
|
|
| Outstanding at September 30, 2016 |
|
|
11,593,333 |
|
|
$ |
0.34 |
|
|
|
0.90 |
|
|
$ |
1,623,067 |
|
| Vested and expected to vest at September 30, 2016 |
|
|
6,288,669 |
|
|
$ |
0.45 |
|
|
|
|
|
|
$ |
880,414 |
|
| Exercisable at September 30, 2016 |
|
|
5,105,276 |
|
|
$ |
0.49 |
|
|
|
|
|
|
$ |
714,739 |
|
|
| Schedule of Warrants |
The Company has the following
warrants as of September 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 September 30, 2016 |
|
|
|
|
16,449,734 |
|
|
|
|
|
|