Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficiency (Tables)

v3.5.0.2
Stockholders' Deficiency (Tables)
3 Months Ended
Mar. 31, 2016
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  
    March 31,  
    2016     2015  
             
Risk free interest rate     0.74% - 0.81%       0.93% - 1.21%  
Expected term (years)     2.50        3.00 - 3.50  
Expected volatility     102% - 112%       91% - 101%  
Expected dividends     0.00 %     0.00 %

Summary of Options Activity

A summary of the option activity during the three months ended March 31, 2016 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Life     Intrinsic  
    Shares     Price     In Years     Value  
                         
Outstanding, December 31, 2015     7,781,667     $ 1.15                  
Granted     65,000       0.25                  
Exercised     -       -                  
Cancelled/forfeited/expired     (146,667 )     0.75                  
Outstanding, March 31, 2016     7,700,000     $ 1.15       2.3     $ 14,350  
                                 
Exercisable, March 31, 2016     6,542,000     $ 1.21       2.3     $ 14,350  

Schedule of Stock Options

The following table presents information related to stock options at March 31, 2016:

 

    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  
 $0.15 - $0.54   $ 0.45       740,000       3.4       740,000  
 $0.55 - $1.00     0.84       2,193,335       3.7       1,035,335  
 $1.01 - $1.45     1.16       1,431,665       2.3       1,431,665  
 $1.46 - $1.56     1.46       2,585,000       1.7       2,585,000  
 $1.57 - $1.61     1.61       750,000       1.7       750,000  
              7,700,000       2.3       6,542,000  

Summary of Warrants Activity

A summary of the warrant activity during the three months ended March 31, 2016 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Life     Intrinsic  
    Shares     Price     In Years     Value  
                                 
Outstanding, December 31, 2015     61,043,591     $ 1.08                  
Issued     2,142,857       1.00                  
Exercised     -       -                  
Cancelled/forfeited/expired     (5,305,235 )     2.35                  
Outstanding, March 31, 2016     57,881,213     $ 0.96       2.6     $ 126  
                                 
Exercisable, March 31, 2016     57,881,213     $ 0.96       2.6     $ 126  

Schedule of Stock Warrants

The following table presents information related to warrants at March 31, 2016:

 

    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  
                         
 $0.16 - $0.97   $ 0.72       34,332,324       2.9       34,332,324  
 $0.98 - $1.00     1.00       9,477,411       3.3       9,477,411  
 $1.01- $1.28     1.05       4,344,048       1.4       4,344,048  
 $1.29 - $2.25     1.70       9,727,430       1.4       9,727,430  
              57,881,213       2.6       57,881,213