Stockholders' Deficiency (Tables)
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9 Months Ended |
Sep. 30, 2015 |
Equity [Abstract] |
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Summary of Black-Scholes Option Pricing Model to Stock Options Granted Assumption |
In applying the Black-Scholes option
pricing model to stock options granted, the Company used the following assumptions:
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, |
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September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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Risk free interest rate |
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0.66 |
% |
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0.66 |
% |
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0.63% - 1.21 |
% |
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0.66% - 1.77 |
% |
Expected term (years) |
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2.50 |
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2.50 |
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2.50 - 3.50 |
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2.50 - 5.00 |
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Expected volatility |
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89 |
% |
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94 |
% |
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87% - 101 |
% |
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94% - 141 |
% |
Expected dividends |
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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Summary of Options Activity |
A summary of the option activity during
the nine months ended September 30, 2015 is presented below:
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Weighted |
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Weighted |
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Average |
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Average |
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Remaining |
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Aggregate |
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Number of |
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Exercise |
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Life |
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Intrinsic |
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Shares |
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Price |
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In Years |
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Value |
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Outstanding, December 31, 2014 |
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7,690,665 |
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$ |
1.24 |
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Granted |
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95,000 |
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0.36 |
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Exercised |
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- |
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- |
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Cancelled/forfeited |
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(367,665 |
) |
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1.11 |
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Outstanding, September 30, 2015 |
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7,418,000 |
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$ |
1.23 |
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2.8 |
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$ |
- |
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Exercisable, September 30, 2015 |
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5,182,000 |
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$ |
1.22 |
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2.7 |
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$ |
- |
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Schedule of Stock Options |
The following table presents information
related to stock options at September 30, 2015:
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Options Outstanding |
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Options Exercisable |
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Weighted |
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Weighted |
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Range of |
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Average |
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Outstanding |
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Average |
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Exercisable |
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Exercise |
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Exercise |
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Number of |
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Remaining Life |
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Number of |
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Price |
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Price |
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Options |
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In Years |
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Options |
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$0.27 - $0.54 |
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$ |
0.49 |
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625,000 |
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3.6 |
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625,000 |
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$0.55 - $1.00 |
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1.00 |
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1,711,335 |
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3.7 |
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745,335 |
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$1.01 - $1.45 |
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1.17 |
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1,406,665 |
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2.7 |
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1,266,665 |
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$1.46 - $1.56 |
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1.46 |
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2,925,000 |
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2.2 |
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2,045,000 |
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$1.57 - $1.72 |
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1.61 |
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750,000 |
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2.2 |
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500,000 |
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7,418,000 |
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2.7 |
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5,182,000 |
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Summary of Warrants Activity |
A summary of the warrant activity during
the nine months ended September 30, 2015 is presented below:
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Weighted |
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Weighted |
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Average |
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Average |
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Remaining |
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Aggregate |
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Number of |
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Exercise |
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Life |
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Intrinsic |
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Shares |
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Price |
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In Years |
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Value |
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Outstanding, December 31, 2014 |
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54,088,323 |
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$ |
1.28 |
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Issued |
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5,410,073 |
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|
0.80 |
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Exercised |
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- |
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- |
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Cancelled/forfeited |
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(718,043 |
) |
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1.06 |
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Outstanding, September 30, 2015 |
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58,780,353 |
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$ |
1.09 |
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2.8 |
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$ |
- |
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Exercisable, September 30, 2015 |
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58,780,353 |
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$ |
1.09 |
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2.8 |
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$ |
- |
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Schedule of Stock Warrants |
The following table presents information
related to stock warrants at September 30, 2015:
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Warrants Outstanding |
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Warrants Exercisable |
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Weighted |
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Weighted |
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Range of |
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Average |
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Outstanding |
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Average |
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Exercisable |
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Exercise |
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Exercise |
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Number of |
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Remaining Life |
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Number of |
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Price |
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Price |
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Warrants |
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In Years |
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Warrants |
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$0.27 - $0.97 |
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$ |
0.72 |
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34,501,972 |
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3.4 |
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34,501,972 |
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$0.98 - $1.01 |
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1.00 |
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4,530,944 |
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4.0 |
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4,530,944 |
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$1.02 - $1.28 |
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1.05 |
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4,350,007 |
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1.9 |
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4,350,007 |
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$1.29 - $2.25 |
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1.90 |
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15,347,430 |
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1.4 |
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15,347,430 |
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$2.26 - $30.00 |
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20.00 |
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50,000 |
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0.3 |
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50,000 |
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58,780,353 |
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2.80 |
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58,780,353 |
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