Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficiency (Tables)

v3.5.0.2
Stockholders' Deficiency (Tables)
6 Months Ended
Jun. 30, 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     For the Six Months Ended  
    June 30,     June 30,  
    2016     2015     2016     2014  
                         
Risk free interest rate     0.73% - 0.90%       0.63% - 1.00%       0.73% - 0.90%       0.63% - 1.21%  
Expected term (years)     2.50        2.50 - 3.00       2.50       2.50 - 3.50  
Expected volatility     112% - 118%       87% - 91%       102% - 118%       87% - 101%  
Expected dividends     0.00%       0.00%       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:

 

                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     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  

Summary of Warrants Activity

A summary of the warrant activity during the six months ended June 30, 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     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