Employee Stock Options

The Company maintains an equity incentive plan, (the “Plan”). The Plan was established in 2010 as an incentive plan for officers, employees, non-employee directors, prospective employees and other key persons. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a better alignment of their interests with those of the Company and its stockholders.

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 March 31, 2018.

Transactions involving stock options issued to employees are summarized as follows:

There were zero and 3,000,000 options granted, 1,069,075 and zero options cancelled or expired and zero options exercised during the three months ended March 31, 2018 and 2017, respectively. Total stock-based compensation expense in connection with options granted to employees recognized in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 was $1,531 and $314,686, respectively.

Warrants

The following table summarizes the changes in warrants outstanding and the related prices for the shares of the Company’s common stock issued to non-employees of the Company.  

Transactions involving warrants are summarized as follows:

There were no warrants granted, exercised, cancelled or forfeited during the three months ended March 31, 2018 and 2017, respectively.