J. STOCK OPTIONS AND WARRANTS (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of options outstanding and exercisable |
The
following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common
stock issued to employees of the Company under the Plan as of December 31, 2017.
| Options
Outstanding |
|
Options
Exercisable |
|
| Exercise
Prices |
|
Number
Outstanding |
|
|
Weighted
Average
Remaining
Contractual Life
(Years) |
|
|
Weighted
Average
Exercise Price |
|
|
Number
Exercisable |
|
|
Weighted
Average
Exercise Price |
|
| $ |
0.01 -
$0.15 |
|
|
|
3,050,000 |
|
|
|
5.99 |
|
|
$ |
0.14 |
|
|
|
3,050,000 |
|
|
$ |
0.14 |
|
| $ |
0.16
- $1.00 |
|
|
|
1,326,474 |
|
|
|
5.51 |
|
|
|
0.20 |
|
|
|
1,116,474 |
|
|
|
0.20 |
|
| |
|
|
|
|
4,376,474 |
|
|
|
5.85 |
|
|
$ |
0.16 |
|
|
|
4,166,474 |
|
|
$ |
0.16 |
|
|
| Schedule of option activity |
Transactions
involving stock options issued to employees are summarized as follows:
| |
|
Number
of
Shares |
|
|
Weighted
Average Exercise
Price Per Share |
|
| Outstanding at January 1,
2016 |
|
|
1,825,225 |
|
|
$ |
0.28 |
|
| Granted |
|
|
1,300,000 |
|
|
|
0.17 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Cancelled
or expired |
|
|
(292,500 |
) |
|
|
0.69 |
|
| Outstanding at December 31, 2016 |
|
|
2,832,725 |
|
|
$ |
0.18 |
|
| Granted |
|
|
3,000,000 |
|
|
|
0.14 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Cancelled
or expired |
|
|
(1,456,251 |
) |
|
|
0.17 |
|
| Outstanding at
December 31, 2017 |
|
|
4,376,474 |
|
|
$ |
0.16 |
|
|
| Schedule of valuation assumptions |
The
following table summarizes the assumptions used to estimate the fair value of options granted during the years ended December
2017 and 2016, using the Black-Scholes option-pricing model:
| |
|
2017 |
|
|
2016 |
| Expected
life of option (years) |
|
|
7 |
|
|
|
3 |
| Risk-free interest rate |
|
|
1.22% |
|
|
|
0.96% |
| Assumed volatility |
|
|
81% |
|
|
|
83% |
| Expected dividend rate |
|
|
0 |
|
|
|
0 |
| Expected forfeiture
rate |
|
|
10% |
|
|
|
25% |
|
| Schedule of warrants outstanding and exercisable |
The
following table summarizes the changes in warrants outstanding and the related exercise prices for the warrants issued to non-employees
of the Company.
| |
|
|
|
Warrants Outstanding |
|
|
Warrants
Exercisable |
|
| |
Exercise
Prices |
|
|
Number
Outstanding |
|
|
Weighted
Average
Remaining
Contractual
Life
(Years)
|
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Number
Exercisable |
|
|
Weighted
Average
Exercise
Price
|
|
| $ |
0.20 |
|
|
250,000 |
|
|
3.77 |
|
|
$ |
0.20 |
|
|
250,000 |
|
|
0.20 |
|
|
| Schedule of warrant activity |
Transactions
involving warrants are summarized as follows:
| |
|
Number
of
Shares |
|
|
Weighted
Average Exercise
Price Per Share |
|
| Outstanding at January 1,
2016 |
|
|
5,638,410 |
|
|
$ |
0.20 |
|
| Issued |
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
(5,211,542 |
) |
|
|
0.13 |
|
| Cancelled
or expired |
|
|
(126,868 |
) |
|
|
3.00 |
|
| Outstanding at December 31, 2016 |
|
|
300,000 |
|
|
|
0.20 |
|
| Issued |
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Cancelled
or expired |
|
|
(50,000 |
) |
|
|
0.18 |
|
| Outstanding at
December 31, 2017 |
|
|
250,000 |
|
|
$ |
0.20 |
|
|