| Schedule of Option Activity |
A summary of option activity
for the six months ended June 30, 2017 is presented below.
| |
|
Shares |
|
|
Weighted
Average
Exercise Price
|
|
|
Weighted
Average
Remaining
Contractual
Life
(in Years)
|
|
|
Aggregate
Intrinsic
Value
|
|
| Outstanding at December 31, 2016 |
|
|
10,530,953 |
|
|
$ |
0.33 |
|
|
|
4.03 |
|
|
|
|
|
| Granted |
|
|
12,500,000 |
|
|
|
0.17 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Forfeited or expired |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Outstanding at June 30, 2017 |
|
|
23,030,953 |
|
|
$ |
0.26 |
|
|
|
1.97 |
|
|
$ |
1,443,767 |
|
| Vested and expected to vest at June 30, 2017 |
|
|
9,614,625 |
|
|
$ |
0.34 |
|
|
|
|
|
|
$ |
480,923 |
|
| Exercisable at June 30, 2017 |
|
|
6,389,286 |
|
|
$ |
0.46 |
|
|
|
|
|
|
$ |
153,142 |
|
|
| 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, |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Risk-free interest rate |
|
|
1.77% - 1.89 |
% |
|
|
1.22 - 1.24 |
|
|
|
1.22% - 1.93 |
% |
|
|
1.22% - 1.65 |
% |
| Average expected term (years) |
|
|
5 years |
|
|
|
5 years |
|
|
|
5 years |
|
|
|
5 years |
|
| Expected volatility |
|
|
157.09 |
% |
|
|
100.18 – 101.25 |
|
|
|
153.07 – 160 |
% |
|
|
100.18 – 101.25 |
|
|
| Schedule of Warrants Outstanding |
The Company has the following
warrants outstanding as of June 30, 2017 all of which are exercisable:
| |
|
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 |
|
November 30, 2018 |
|
|
9,719,879 |
|
|
$ |
0.07 |
|
| Warrant #5 |
|
April 4, 2016 |
|
April 4, 2019 |
|
|
2,452,325 |
|
|
$ |
0.07 |
|
| Warrant #6 |
|
April 4, 2016 |
|
April 4, 2019 |
|
|
2,429,530 |
|
|
$ |
0.07 |
|
| Warrant #7 |
|
December 15, 2016 |
|
December 14, 2019 |
|
|
176,000 |
|
|
$ |
0.25 |
|
| Warrant #8 |
|
December 30, 2016 |
|
December 29, 2019 |
|
|
2,429,530 |
|
|
$ |
0.08 |
|
| Warrant #9 |
|
May 4, 2017 |
|
May 3, 2020 |
|
|
1,755,192 |
|
|
$ |
0.36 |
|
| Warrant #10 |
|
June 19, 2017 |
|
June 30, 2020 |
|
|
330,000 |
|
|
$ |
0.30 |
|
| Outstanding at June 30, 2017 |
|
|
|
|
|
|
20,540,456 |
|
|
|
|
|
|