Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficiency (Tables)

v3.5.0.2
Stockholders' Deficiency (Tables)
9 Months Ended
Sep. 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 Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
                         
Risk free interest rate     N/A       0.66 %     0.73% - 0.90 %     0.63% - 1.21 %
Expected term (years)     N/A       2.50       2.50        2.50 - 3.50  
Expected volatility     N/A       89 %     102% - 118 %     87% - 101 %
Expected dividends     N/A       0.00 %     0.00 %     0.00 %

Summary of Options Activity

A summary of the option activity during the nine months ended September 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     (988,332 )     1.11                  
Outstanding, September 30, 2016     6,923,335     $ 1.14       2.3     $ 27,900  
                                 
Exercisable, September 30, 2016     6,041,001     $ 1.19       2.1     $ 27,900  

Summary of Warrants Activity

A summary of the warrant activity during the nine months ended September 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     6,255,048       0.86                  
Exercised     -       -                  
Cancelled/forfeited/expired     (11,815,042 )     1.84                  
Outstanding, September 30, 2016     55,483,597     $ 0.89       2.7     $ 134  
                                 
Exercisable, September 30, 2016     55,483,597     $ 0.89       2.7     $ 134