Annual report pursuant to Section 13 and 15(d)

Stockholders' (Deficit) (Tables)

v2.4.1.9
Stockholders' (Deficit) (Tables)
 12 Months Ended
Dec. 31, 2014
Summary of the Company's option activity and related information

A summary of the Company's option activity and related information follows:

 

    Number of 
Shares 
Under Options		     Range of 
Option Price 
Per Share		     Weighted 
Average 
Exercise Price		  
Options Outstanding at January 1, 2013     6,232,991     $ 0.02 - 0.85     $ 0.26  
Options Granted     828,568       0.15       0.15  
Options Exercised     -               -  
Options Cancelled     (140,477 )     0.35       0.35  
Options Outstanding at December 31, 2013     6,921,084     $ 0.02 - 0.85     $ 0.24  
Options Granted     -       -       -  
Options Exercised     (462,395 )     -       -  
Options Forfeited     (178,147 )     -       -  
Options Cancelled     -       -       -  
Options Outstanding at December 31, 2014     6,280,560     $ 0.02 - 0.85     $ 0.27  
                         
Options Exercisable at December 31, 2014     5,266,840     $ 0.02 - 0.85     $ 0.24  

 
Weighted average fair value of options

The weighted average fair value of options granted and the assumptions used in the Black-Scholes model during the year ended December 31, 2014 and 2013 are set forth in the table below.

 

          2013  
Weighted average fair value of options granted         $ 0.08  
Risk-free interest rate             2.88 %
Volatility             98.0 %
Expected life (years)             10  
Dividend yield             0.00 %
Warrant [Member]  
Summary of the Company's option activity and related information

    Number of 
Shares Under 
Warrants		     Range of 
Warrants 
Price 
Per Share		     Weighted 
Average 
Exercise Price		  
Warrants Outstanding at January 1, 2013     28,642   $   0.02   $   0.01  
Warrants Granted     133,334       0.01       -  
Warrants Exercised     -       -       0.01  
Warrants Cancelled     28,642       0.02       -0-  
Warrants Outstanding at December 31, 2013     133,334     $ 0.01     $ 0.01  
Warrants Granted     -       -       -  
Warrants Exercised     -       -       -  
Warrants Expired     -       -       -  
Warrants Outstanding at December 31, 2014     133,334     $ 0.01     $ 0.01  
                         
Warrants Exercisable at December 31, 2014     133,334     $ 0.01     $ 0.01  

 
Weighted average fair value of options

The weighted average fair value of warrants granted and the assumptions used in the Black-Scholes model during the year ended December 31, 2014 are set forth in the table below.

 

    2013  
Weighted average fair value of warrants granted     $0.15  
Risk free rate     1.59-1.89%  
Volatility     98%  
Expected life (years)     10  
Dividend yield     $0.00