Quarterly report pursuant to Section 13 or 15(d)

Stock Options and Restricted Stock Units (Tables)

v3.8.0.1
Stock Options and Restricted Stock Units (Tables)
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Common Stock Options Issued Under Option Plans

A summary of the common stock options issued under the Option Plans and the 2016 Plan for the period from December 31, 2016 through September 30, 2017 follows:

 

    Number
Outstanding 		    Weighted Avg.
Exercise Price 		    Weighted Avg.
Remaining
Contractual
Life (Years) 		 
Balance, December 31, 2016     6,115,480     $ 0.21       6.1  
Options issued     800,000     $ 0.21       9.4  
Options exercised     —       —        —   
Options cancelled     —       —        —   
Balance, September 30, 2017     6,915,480     $ 0.21       5.9  

Schedule of Vested and Exercisable Options at Period End

The vested and exercisable options at period end follows:

 

    Exercisable/
Vested
Options Outstanding 		    Weighted Avg.
Exercise Price 		    Weighted
Avg.
Remaining Contractual
Life (Years) 		 
Balance, September 30, 2017     5,985,480     $ 0.21       5.7

Schedule of Fair Value of New Stock Options Granted Using Following Assumptions

The fair value of new stock options granted using the Black-Scholes option pricing model was calculated using the following assumptions:

 

    Nine Months Ended
September 30, 2017 		 
Risk free interest rate     1.09 %
Expected volatility     101.2 %
Expected dividend yield     0 %
Expected term in years     5.25  
Average value per options   $ 0.12