Stockholders' Deficiency (Tables)
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3 Months Ended |
Mar. 31, 2016 |
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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March 31, |
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2016 |
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2015 |
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Risk free interest rate |
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0.74% - 0.81% |
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0.93% - 1.21% |
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Expected term (years) |
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2.50 |
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3.00 - 3.50 |
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Expected volatility |
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102% - 112% |
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91% - 101% |
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Expected dividends |
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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 three months ended March 31, 2016 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, 2015 |
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7,781,667 |
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$ |
1.15 |
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Granted |
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65,000 |
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0.25 |
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Exercised |
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- |
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- |
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Cancelled/forfeited/expired |
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(146,667 |
) |
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0.75 |
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Outstanding, March 31, 2016 |
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7,700,000 |
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$ |
1.15 |
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2.3 |
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$ |
14,350 |
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Exercisable, March 31, 2016 |
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6,542,000 |
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$ |
1.21 |
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2.3 |
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$ |
14,350 |
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Schedule of Stock Options |
The following table presents information
related to stock options at March 31, 2016:
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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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$0.15 - $0.54 |
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$ |
0.45 |
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|
740,000 |
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3.4 |
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740,000 |
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$0.55 - $1.00 |
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0.84 |
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2,193,335 |
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3.7 |
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1,035,335 |
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$1.01 - $1.45 |
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1.16 |
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1,431,665 |
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2.3 |
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1,431,665 |
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$1.46 - $1.56 |
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1.46 |
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2,585,000 |
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1.7 |
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2,585,000 |
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$1.57 - $1.61 |
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1.61 |
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|
750,000 |
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1.7 |
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750,000 |
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7,700,000 |
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2.3 |
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6,542,000 |
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Summary of Warrants Activity |
A summary of the warrant activity during
the three months ended March 31, 2016 is presented below:
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Weighted |
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Weighted |
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Average |
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Average |
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Remaining |
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Aggregate |
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Number of |
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Exercise |
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Life |
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Intrinsic |
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Shares |
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Price |
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In Years |
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Value |
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Outstanding, December 31, 2015 |
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61,043,591 |
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$ |
1.08 |
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Issued |
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2,142,857 |
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|
1.00 |
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Exercised |
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- |
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|
- |
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|
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Cancelled/forfeited/expired |
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(5,305,235 |
) |
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2.35 |
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Outstanding, March 31, 2016 |
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57,881,213 |
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$ |
0.96 |
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|
2.6 |
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$ |
126 |
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Exercisable, March 31, 2016 |
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57,881,213 |
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$ |
0.96 |
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|
2.6 |
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|
$ |
126 |
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Schedule of Stock Warrants |
The following table presents information
related to warrants at March 31, 2016:
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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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|
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|
Range of |
|
Average |
|
|
Outstanding |
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|
Average |
|
|
Exercisable |
|
Exercise |
|
Exercise |
|
|
Number of |
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|
Remaining Life |
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Number of |
|
Price |
|
Price |
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Warrants |
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In Years |
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Warrants |
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$0.16 - $0.97 |
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$ |
0.72 |
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34,332,324 |
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2.9 |
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34,332,324 |
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$0.98 - $1.00 |
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1.00 |
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|
9,477,411 |
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3.3 |
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9,477,411 |
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$1.01- $1.28 |
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1.05 |
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4,344,048 |
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1.4 |
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4,344,048 |
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$1.29 - $2.25 |
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1.70 |
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9,727,430 |
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1.4 |
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9,727,430 |
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57,881,213 |
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2.6 |
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57,881,213 |
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