Annual report pursuant to Section 13 and 15(d)

Stock Options and Restricted Stock Units (Tables)

v3.8.0.1
Stock Options and Restricted Stock Units (Tables)
 12 Months Ended
Dec. 31, 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, 2015 through December 31, 2017 follows:

 

    Number Outstanding     Weighted Avg. Exercise Price     Weighted Avg. Remaining Contractual Life (Years)  
Balance, December 31, 2015     1,745,480     $ 0.30       7.1  
Options issued     4,410,000       0.21       3.5  
Options exercised     —       —       —  
Options cancelled     (40,000 )     0.30       5.1  
Balance, December 31, 2016     6,115,480     $ 0.21       7.1  
                         
Options issued     800,000       0.21       9.2  
Options exercised     —       —       —  
Options cancelled     —       —       —  
Balance, December 31, 2017     6,915,480     $ 0.21       5.6  

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, December 31, 2017     6,828,813     $ 0.21       5.6  

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

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

 

    Year Ended
December 31, 2017 		 
Risk free interest rate     1.28-1.84 %
Expected volatility     101.2-125.0 %
Expected dividend yield     0 %
Expected term in years     2.08-5.25  
Average value per options   $ 0.04-0.08