Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficiency (Tables)

v3.4.0.3
Stockholders' Deficiency (Tables)
9 Months Ended
Sep. 30, 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 Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2015     2014     2015     2014  
                         
Risk free interest rate     0.66 %     0.66 %     0.63% - 1.21 %     0.66% - 1.77 %
Expected term (years)     2.50       2.50        2.50 - 3.50       2.50 - 5.00  
Expected volatility     89 %     94 %     87% - 101 %     94% - 141 %
Expected dividends     0.00 %     0.00 %     0.00 %     0.00 %

Summary of Options Activity

A summary of the option activity during the nine months ended September 30, 2015 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Life     Intrinsic  
    Shares     Price     In Years     Value  
                                 
Outstanding, December 31, 2014     7,690,665     $ 1.24                  
Granted     95,000       0.36                  
Exercised     -       -                  
Cancelled/forfeited     (367,665 )     1.11                  
Outstanding, September 30, 2015     7,418,000     $ 1.23       2.8     $ -  
                                 
Exercisable, September 30, 2015     5,182,000     $ 1.22       2.7     $ -  

Schedule of Stock Options

The following table presents information related to stock options at September 30, 2015:

 

      Options Outstanding     Options Exercisable  
      Weighted           Weighted        
Range of     Average     Outstanding     Average     Exercisable  
Exercise     Exercise     Number of     Remaining Life     Number of  
Price     Price     Options     In Years     Options  
   $0.27 - $0.54     $ 0.49       625,000       3.6       625,000  
   $0.55 - $1.00       1.00       1,711,335       3.7       745,335  
   $1.01 - $1.45       1.17       1,406,665       2.7       1,266,665  
   $1.46 - $1.56       1.46       2,925,000       2.2       2,045,000  
   $1.57 - $1.72       1.61       750,000       2.2       500,000  
                  7,418,000       2.7       5,182,000  

Summary of Warrants Activity

A summary of the warrant activity during the nine months ended September 30, 2015 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Life     Intrinsic  
    Shares     Price     In Years     Value  
                                 
Outstanding, December 31, 2014     54,088,323     $ 1.28                  
Issued     5,410,073       0.80                  
Exercised     -       -                  
Cancelled/forfeited     (718,043 )     1.06                  
Outstanding, September 30, 2015     58,780,353     $ 1.09       2.8     $ -  
                                 
Exercisable, September 30, 2015     58,780,353     $ 1.09       2.8     $ -  

Schedule of Stock Warrants

The following table presents information related to stock warrants at September 30, 2015:

 

      Warrants Outstanding     Warrants Exercisable  
      Weighted           Weighted        
Range of     Average     Outstanding     Average     Exercisable  
Exercise     Exercise     Number of     Remaining Life     Number of  
Price     Price     Warrants     In Years     Warrants  
                                     
   $0.27 - $0.97     $ 0.72       34,501,972       3.4       34,501,972  
   $0.98 - $1.01       1.00       4,530,944       4.0       4,530,944  
   $1.02 - $1.28       1.05       4,350,007       1.9       4,350,007  
   $1.29 - $2.25       1.90       15,347,430       1.4       15,347,430  
   $2.26 - $30.00       20.00       50,000       0.3       50,000  
                  58,780,353       2.80       58,780,353