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Stockholders' Deficiency (Tables)

v3.5.0.2
Stockholders' Deficiency (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Equity [Abstract]    
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:

 

    For the Six Months Ended
June 30, 		 
    2016     2014  
Risk free interest rate     0.73% - 0.90 %     0.63% - 1.21 %
Expected term (years)     2.50       2.50 - 3.50  
Expected volatility     102% - 118 %     87% - 101 %
Expected dividends     0.00 %     0.00 %

In applying the Black-Scholes option pricing model to stock options granted, the Company used the following assumptions:

 

    For the Year Ended
December 31, 		 
    2015     2014  
Risk free interest rate     0.63% - 1.12 %     0.46% - 1.77 %
Expected term (years)     2.50 - 5.00       2.50 - 4.00  
Expected volatility     87% - 128 %     85% - 141 %
Expected dividends     0.00 %     0.00 %

Summary of Options Activity

A summary of the option activity during the six months ended June 30, 2016 is presented below:

 

    Number of
Shares 		    Weighted
Average
Exercise Price 		    Weighted
Average
Remaining
Life In Years 		    Aggregate
Intrinsic
Value 		 
Outstanding, December 31, 2015     7,781,667     $ 1.15                  
Granted     130,000       0.38                  
Exercised     –       –                  
Cancelled/forfeited/expired     (146,667 )     0.75                  
Outstanding, June 30, 2016     7,765,000     $ 1.14       2.3     $ 21,600  
Exercisable, June 30, 2016     6,871,000     $ 1.19       2.2     $ 21,600

A summary of the option activity during the years ended December 31, 2015 and 2014 is presented below:

 

    Number of
Shares 		    Weighted
Average
Exercise Price 		    Weighted
Average
Remaining Life
In Years 		    Aggregate
Intrinsic Value 		 
Outstanding, December 31, 2013     4,943,665     $ 1.43                  
Granted     3,198,000       0.96                  
Exercised     —       —                  
Cancelled/forfeited/expired     (451,000 )     1.33                  
Outstanding, December 31, 2014     7,690,665     $ 1.24                  
Granted     1,190,000       0.60                  
Exercised     —       —                  
Cancelled/forfeited/expired     (1,098,998 )     1.18                  
Outstanding, December 31, 2015     7,781,667     $ 1.15       2.8     $ —  
Exercisable, December 31, 2015     6,460,333     $ 1.22       2.6     $ —

Schedule of Stock Options  

The following table presents information related to stock options at December 31, 2015:

 

      Options Outstanding     Options Exercisable  
Range of
Exercise
Price 		    Weighted
Average
Exercise Price 		    Outstanding
Number of
Options 		    Weighted
Average
Remaining Life
In Years 		    Exercisable
Number of Options 		 
$0.17 - $0.54     $ 0.47       675,000       3.5       675,000  
$0.55 - $1.00       0.84       2,340,002       3.9       1,018,668  
$1.01 - $1.45       1.16       1,431,665       2.5       1,431,665  
$1.46 - $1.56       1.46       2,585,000       2.0       2,585,000  
$1.57 - $1.61       1.61       750,000       2.0       750,000  
                7,781,667       2.6       6,460,333

Summary of Warrants Activity

A summary of the warrant activity during the six months ended June 30, 2016 is presented below:

 

    Number of
Shares 		    Weighted
Average
Exercise Price 		    Weighted
Average
Remaining
Life In Years 		    Aggregate
Intrinsic Value 		 
Outstanding, December 31, 2015     61,043,591     $ 1.08                  
Issued     3,857,143       0.92                  
Exercised     –       –                  
Cancelled/forfeited/expired     (9,516,707 )     2.08                  
Outstanding, June 30, 2016     55,384,027     $ 0.89       2.6     $ 56  
Exercisable, June 30, 2016     55,384,027     $ 0.89       2.6     $ 56

The following table accounts for the Company’s warrant activity for the years ended December 31, 2015 and 2014:

 

      Number of
Shares 		    Weighted
Average
Exercise Price 		    Weighted
Average
Remaining Life
In Years 		    Aggregate
Intrinsic Value 		 
Outstanding, December 31, 2013       37,895,137     $ 1.42                  
Issued       18,825,355       1.00                  
Exercised       (959,000 )     0.69                  
Cancelled/forfeited/expired       (1,673,169 )     1.58                  
Outstanding, December 31, 2014       54,088,323     $ 1.28                  
Issued       8,330,014       0.87                  
Exercised       —       —                  
Cancelled/forfeited/expired       (1,374,746 )     1.55                  
Outstanding, December 31, 2015       61,043,591     $ 1.08 [1]     2.7     $ —  
Exercisable, December 31, 2015       61,043,591     $ 1.08 [1]     2.7     $ —  

 

 

[1] During 2015, the exercise price of warrants to purchase an aggregate of 19,599,999 shares of common stock was reduced to $0.70 per share from exercise prices ranging from $1.05 to $1.00 per share.

Schedule of Stock Warrants  

 The following table presents information related to stock warrants at December 31, 2015:

 

      Warrants Outstanding     Warrants Exercisable  
Range of
Exercise
Price 		    Weighted Average
Exercise
Price 		    Outstanding
Number of
Warrants 		    Weighted Average
Remaining Life
In Years 		    Exercisable
Number of
Warrants 		 
$0.16 - $0.97     $ 0.72       34,493,643       3.2       34,493,643  
$0.98 - $1.01       1.00       7,427,557       4.2       7,427,557  
$1.02 - $1.28       1.05       4,349,961       1.6       4,349,961  
$1.29 - $2.25       1.89       14,722,430       1.2       14,722,430  
$2.26 - $20.00       20.00       50,000       0.0       50,000  
                61,043,591       2.7       61,043,591